Credit Builders - What will work to raise my credit score

Credit Builders that can help raise my fico score. If your credit score is low, you may want to know some of the best ways to increase your credit score. The simplest way to increase your credit score is to pay your bills down to 30% of the available credit on them. Once you go over 30% of the available credit balance, you start to show up on the credit bureaus screen and they penalize your score. Pay your bills on time. Late payments are a killer to your credit score. One late payment can drop your score up to 100 points or more. Besides you don't want to start getting hit for late fees.

Tip to improve my credit score

When is my mortgage payment due?

When is my mortgage payment due? Your mortgage payment most likely due on the 1st of each month. Most lenders do their accounting with mortgage payments being due on the first. There are a few lenders like World Savings can have their due date on a different day of the month. My old World Savings loan was due on the 15th of the month. Like I said earlier, your payment will most likely be due on the first of the month. It will be late after the 15th of the month and will show up as late on your credit report once you go over 30 days. So the late that is going to be bad for your credit report will show up after 30 days from the due date have passed.

To be on the safe side, just get your payment in on the 1st of each month.

When is my mortgage payment due?

E Loans Free Credit Score Offer - Useful For A Mortgage?

E Loans Free Credit Score offer does not give you your real credit scores. To get them, like so many other free credit report and credit scores you have to pay for them. On FreeCreditReport.com you will get a free credit report, but you will also be enrolled in a credit protection program to get the free credit report. The credit protection program cost money. So it's not really free. Just be sure to read the fine print before you sign on the dotted line for a free credit report. (Free Credit Report Information update)

GetPrequalified.com

Credit Report companies do not allow Affiliate Marketing with credit repair companies

If you are a website owner and offer credit repair content on your website, credit reporting companies such as transunion, equifax and experion will not allow you to sell a credit pulling product on your website. Seems odd that the credit reporting agencies do not want you to get information that might help you improve your credit score. I saw this information on commission junction. I was interested in offereing people the ability to pull their tri merge credit report on my website.

GetPrequalified.com

Debt Negotiation by an Attorney

I would be wary of using a third party debt negotiator to settle your debt for you. I would really advise to seek the services of an attorney to settle your old bills. An attorney is held to a higher standard. You always have the option of going to the state bar to complain about poor service. They are also accountable for monies that are deposited in their trust account. The best reason might be that a third party debt negotiator and an attorney will end up about the same in fees.

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Hey don't pull my credit

I have been in the mortgage business for nearly 7 years. One of the biggest misconceptions that I run into is that pulling your credit report numerous times will hurt a credit score. I find that sometimes new borrowers are reluctant to have their scores pulled because of this belief. They believe that their scores will drop considerably if everyone is pulling it. The reality is that you can pull your mortgage credit report unlimited times in a 14 day period from the first pull and it will count as one pull.

It is a known fact that borrowers will talk to a couple of different lenders prior to selecting a company to go with. It is just part of the research and fact finding process. It is a ploy by some lenders to tell their clients not to have other brokers pull their report. To a broker that has already pulled credit, this improves their chance of securing the loan instead of another broker. They scare the potential borrower into believing that their credit will be ruined if they have other people obtain reports, thus potentially risking the homebuyer’s ability to obtain a loan that serves the consumer versus one that serves the mortgage originator.

The problem with this is that a borrower may miss out on better loan terms and lower closing costs. If a lender tells you not to have anyone else pull your credit for these reasons, you may want to talk to someone else. They are not being honest with you. The end result is that it could cost you thousands of dollars over the term of your loan. An honest lender will give you this information. They are confident in their services and don’t have to rely of sleezy scare tactics to earn your business.

If you want to know what your score is, you can pull it yourself. If you pull it on your own it does not count as a pull. Be sure that you pull a mortgage credit report. This will be more accurate for assessing your ability to get a loan and the types of rates that you will be able to get. Most of the free credit reports online are consumer credit reports. They are similar but are not accepted as a valid report in the mortgage industry. You can go to GetPrequalified.com to order a free credit report. You will also find other useful services to get started on the home buying process.

Dave Mason
Mortgage Broker

Suze Orman visits Larry King, Credit Card Information

I just saw Suze Orman on the Larry King Show talking about credit cards. One of the questions from a caller was about canceling a credit card that was 10 years old and had a zero balance on it. The kicker on this is that the credit card company was charging the client $39 dollars a year on a credit card that they were not using anymore. You need to realize that 10% of your credit score comes from your credit history, so canceling the card will cancel the history with it. She recommended getting a new card and canceling the old one, making sure the new one was a no fee card. You would also want to make sure that the new credit limit was the same or higher than the old card. Doing this should have little or no effect on the credit score.

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Credit Report Shame

When dealing with your credit report and fico score, there is one important thing to keep in mind. The system is broken and there is no plan to fix it. Why wont they fix it? The credit report companies are tied into the financial institutions. The financial institution make more money off of lower fico score borrowers than higher. This doesn't mean that you have to sit back and take it. You can go to www.getprequalified.com for more information on how to fix your credit report. Over 90% of credit reports have at least one error on them.

It is also smart to take a look at your credit report a couple of times a year. When dealing with your credit card company or financial institution, get everything in writing. If you have errors on your credit report in the future, it will be much harder to remove them from your report versus have documentation from them for what they promised to do. They don't keep track of what they promise you. You must be vigilant for your own credit affairs. To get a free credit report go to www.getprequalified.com.

www.optoutprescreen.com

You can improve your credit score by as much as 20 points just by opting out of receiving credit card offers. Visit www.optoutprescreen.com.

Donna Gamaly
Mortgage Broker