Your credit score defines you financially. Establishing and maintaining good credit will make your life infinitely easier. To establish a good credit score you must make your payments on time and in full every month. You can also improve your credit score by minimizing your debt. Learn more here about your credit score and what it means for you.
Should Senior Citizen Cancel Credit Cards?
Does a senior citizen need to worry as much about having a high credit score? Unless a senior plans to buy a home or a car on credit, having a credit score might not be as important.
Mortgage Interest Rates Reflect Loan Risk
Studies have shown that consumers pay too much for their mortgages. Learn how mortgages are priced and why some borrowers get mortgage loans with higher interest rates than others. Mortgage loan interest rates take the riskiness of the loan into account.
Credit Scores Matter More And More
Like it of no, your credit score matters. A few bad financial mistakes made in your early 20s can haunt you for the next decade or more. Credit score has become the key driver in the financial world. Creditors will decide whether to grant you credit and how much you'll be charged based on your credit score. And, insurance companies will decide whether to allow you to purchase various forms of insurance, and how much you'll be charged, based on your score.
Ilyce Glink on WSB Radio – August 13, 2006
In a special version of the Ilyce Glink Show, Ilyce talks with David Rubinger, vice president of communications for Equifax, about the latest trends in credit histories and credit scoring. Then, she and syndicated home improvement writer Al Heavens discuss things you can do to your house to make it worth more.
I’m On Vacation This Week
I may post once or twice from Colorado, but for the most part, I'll be taking in the mountain air, hiking, biking and doing non-technical things. Whe...
Quit Claim Deed But Name On Mortgage Means Ruined Credit
What happens if you quit claimed the deed for your home to an ex, but did not refinance the loan? Even though you quit claimed the home to your ex, your name is still on the mortgage. If they are late on payments your credit rating will be ruined. Ilyce explains how your credit rating will remain bad until the mortgage is put in the name of your ex.
Raising Your Credit Score
When you're trying to raise your credit score you should not close credit card accounts. Having credit card accounts open for a long time (even with no balance) looks good on your credit report. On the other hand, having too many lines of credit open can also be a negative on your credit score. If you want to close some of your credit accounts, make sure it is the newer ones that you close.
Paying Off Home Equity Loan
A homeowner was unable to contact her home equity lender to get a final pay off amount, so she stopped paying on the loan. She stopped making payments assuming that the company would contact her. This method only hurts her, and she will end up ruining her credit history or going into foreclosure without any warning from the mortgage lender. She needs to try harder to get the contact information, and resume making her payments.