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    How Your Fico Score Is Determined

    It isn’t that hard set up and keep good credit, especially when you’re just commencing. Follow these simple rules, and your own will sparkle. Let me know advertising are still interested.
    Credit scores are important components of our financial life. The difference between having a high score and a low score can mean a huge difference when it comes to getting credit, from the interest rate you pay to whether you are able to secure the loan at all.

    The best time to increase your credit limits is when you don’t need to. That way, when an emergency arises, you’ll be able to get the credit you need without going into desperation mode.

    Even though credit scores are critical, few people really know what is important when it comes to a determining a credit score. It is much more than just paying your bills on time.

    Credit Inquiries: By avoiding having your credit checked, scores will remain higher. Having credit checked often will lower the score. Too many new accounts and lots of credit inquiries cost points. Points are also lost when credit is shopped. For example when purchasing an automobile–a bank will probably only do one credit check but an auto dealership might shop the credit and many points could be lost.

    This one may seem like a no-brainer, but paying your bills on time what is the difference between an installment loan and a revolving credit a great way to improve and maintain your credit. I was looking for what is the difference between an installment loan and a revolving credit on the web and a list of payday loans - JohnThomasFinancial and hundreds of others popped up. Depending on the amount of debt you’re in, try to pay more than just the minimum on your credit card and loan balances.

    Do you have a good mixture of both installment loans and revolving credit?The credit score likes to see both installment loans and credit cards so that it can grade you on how responsible you’ve been compared to other people with similar credit. Parents may want to co-sign on a small installment loan to help build credit for their kids. Always stress to them the importance of making those payments on time. Department store cards or secured credit cards are a good way to begin with the revolving credit and over time, other companies will begin to send offers your way.

    If you don’t know what is in your credit report, it is difficult to know the exact steps to take to improve your score by a specific point value. So how do you decide what to do about your score?

    First, you might want to know where your credit rating stands. You can get free credit reports once a year, but usually have to pay for your FICO score.

    No-doc or NINA (no income/no asset verification) mortgages are for creditworthy people who want maximum privacy and can afford to pay for it. Expect to pay 1% – 2.5% premium over full doc loans.

    And of course, if you find out “who” and you’re not familiar with the company, you need to file a protest immediately. You could be looking at a case of stolen identity. Consider requesting a fraud alert or even freezing your credit report.