Netcredit

By now every consumer seems to know about the existence of FICO Scores...but what are they really? FICO Scores are essentially indicators of risk, that is, how likely you are to pay your mortgage on time and not go into default. The best way around the score game is if you qualify for FHA or VA or another government initiative designed for entry level homeowners. Naturally there are government caveats on these loans...subject of another blog. There are many factors that affect your interest rate: FICO Scores affect rates and your borrowing power! If you apply for a home loan with a FICO credit score of 720+ you will most often be offered the current lowest interest rate if you are able to fully doccument your income and assets and own or are refinancing a solid property. As a 'stated income' applicant with limited or no documentation, the required FICO scores have been raised in 2007 to 700 or better to qualify for decent rates, depending on the specific lender's guideli

The Federal Trade Commission is allowing the Credit Reporting Bureaus: Equifax, Experian, Innovis, and TransUnion, to re-sell your credit report information. Here's What Happens: You go to a bank or mortgage company to discuss your financial situation and they pull a credit report to qualify you for a loan. This triggers an alert in the system that you are in the market for credit. The bureau then compiles lists of consumer reports and re-sells them to other lenders on 'trigger lists'. They are re-selling not just your contact details but may be sharing your actual credit report. Buyers of the lists target the top FICO score clients first. You may start getting unsolicited calls. Lots of calls. The callers may even imply they are calling from your bank or processor. We have heard of fantastic offers and ridiculous teaser rates for huge sums of money. It doesn't seem to matter if you have an unlisted number --the calls just keep coming. To stop this cold, egister y

"Soft Hits" to your FICO score at the Bureau level add up...here's a quick way to end the junk mail and save your shredder! Did you know all those "Pre Approved" credit card offers you get in the mail are actually hurting your FICO score? Of course the disclaimers suggest this is not the case...however my lenders beg to differ. We have seen examples of real live human beings who experienced an improvement in their FICO scores after using this simple method of 'Opting Out'. By the way, when you open any credit or bank account, you should be offered this option but it's not actually something every banker remembers to do. So, to end the weekly mail deluge and OPT OUT of unwanted credit offers. Click this link: www.optoutprescreen.com . You can choose to opt IN if you want these offers, opt out for 5 years or opt out forever. By removing your name from these lists you are eliminating ‘soft hits’ to your file….which do add up and lower your credit s

How to make the most of sharing your credit: Are you recently married or about to become half of a couple? Your personal FICO score and that of your significant other’s could affect how you move forward as a team in the financial world. Buying a home and trading in your wheels for something more exciting (or less?) often requires a joint application once you are sharing a life and the associated joys. Your FICO ® scores will figure highly in the kind of loan and terms you will be offered so here are a few pointers: You both have individual FICO scores based on previous history You do NOT have a joint FICO score As you open Joint Accounts, like credit cards and mortgages, the new history you create together will affect both your individual scores When applying for loans, lenders usually look at both of your FICO scores when evaluating your loan application Joint applicants will be tied to the lower of the two applicant’s FICO Score Which means: If one of you has stellar credi