Credit Transformation

10/06/2021

Now is the time to refinance before interest rates start climbing back up. Is your credit strong enough to refinance at a lower rate? This goes for homes, cars, and recreation vehicles.
Make sure to be checking your credit!!!

09/30/2021

Bad credit is expensive! The cost to improve your credit is noting compared to how much you can save in interest. As well you can get approvals in place of denials.

09/28/2021

How important is your credit score? Is it only important when you want to buy something? It is free for you to get updates on your credit by email. Just sign up! It is important to know!

CreditKarma.com

Experian.com

09/24/2021

Do you know how many open revolving credit accounts you are "suppose" to have on your credit report based on what the credit bureaus want you to have?

Answer: 3-5

Do you know what revolving credit is?

Answer: It is a credit card or line of credit that you can borrow against then pay and borrow again then pay....ect....

THE MORE YOU KNOW:
If you have less than 3 or more than 5 revolving accounts the credit bureaus dock your points for your credit score to be lowered and/or put you into the high risk category.

09/15/2021

Let's talk about inquiries.....

Do you know how much they affect your credit score when applying for a new loan or credit card? Each one can bring down your score anywhere between 1-5 points.

Interesting facts.....

#1 The more credit history you have (opened and closed accounts) the less points the inquiry is.

#2 Inquiries only stay on your file for 2 years

#3 If you have 6 or more inquiries, the credit algorithms usually calculate that you have too many and are considered in the high risk category.

09/14/2021

Did you know that the credit bureaus are only regulated from the government on the information that is on your credit reports.......... but they can use any math algorithm to calculate out your credit score???

Example.......This means that no matter where a TransUnion credit report is pulled from (bank, car dealership, mortgage lender, ect.) that the information has to be the same. (open accounts, closed accounts, collections, public records, to name a few), however the company can generate "your score" by the calculations of percentages which SAID company put into their system to give you a score.

Can we say credit discrimination anyone???

09/13/2021

Have you checked your credit reports lately? Did you know that you can get free reports from all three bureaus at no cost to you? You don't even put in a card number!!!

To obtain that Equifax and TransUnion reports go to www.creditkarma.com
To obtain Experian go to www.experian.com

See your free credit scores, reports and personalized tips and tools to help you achieve your financial goals. Join over 100 million members making financial progress.

09/10/2021