Personal Finance

How to Score Big! The Truth Behind Credit Reports and Your Credit Score.

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As interest rates continue to plummet millions of Americans will flock to their lender to refinance and many of those will find that their credit scores prevent them from taking any real advantage of those new low rates. Borrowers that financed when rates were low previously, and their credit scores higher, were able to get [...] View the full article: How to Score Big! The Truth Behind Credit Reports and Your Credit Score. on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.

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    Free Annual Credit Report
    Replied over 11 years ago
    Its important to note that the Annual Credit Report provided by the ftc (at annualcreditreport.com) does not include your FICO score/breakdown which a lot of lenders use as a basis when deciding whether to approve you and, if so, what line of credit you will get. There are tons of third part services out there that will offer you your full credit breakdown, however you need to make sure to cancel the Trial offer for credit monitoring/ID theft that the majority of them bundle with your report. Nick
    Lake Michigan Beach Builders
    Replied over 11 years ago
    very informative post! Thanks!
    mieszkania
    Replied over 11 years ago
    This recession is a real tragedy for families in the US. Hopefully some will read the article and learn a thing or 2.
    Anonymous
    Replied over 11 years ago
    Although the free credit report at annualcreditreport.com doesn’t have your Fico you can still see how you stand. If you see tons of derogatory remarks on the reports you know you can still improve your credit. After you fix as many as possible then you can go with the trial or paid versions. There’s a company TrueCredit.com they are run by I believe TransUnion and give you your FICO and you can dispute everything and do everything online.
    creativestrokes
    Replied over 11 years ago
    well i consider my self lucky i have good credit rating till now .but ur information is very useful.
    creativestrokes
    Replied over 11 years ago
    well i consider my self lucky i have good credit rating till now .but ur information is very useful. Reply Report comment
    creativestrokes
    Replied over 11 years ago
    well i consider my self lucky i have good credit rating till now .but ur information is very useful.
    John
    Replied over 11 years ago
    People will feel so much happier when they clean up their credit and start paying off debt and pay bills on time. It just opens up so many doors as a real estate investor. I think the key is staying on top of your bills, keeping credit lines open but paying them off as soon as you use the money to build good history.
    gary
    Replied over 11 years ago
    I am sure more and more people are becoming aware of this, but the better your credit score the less you pay for auto and home insurance – everything being equal. If you were able to calculate the savings on car loans, home loans and insurance, someone with better credit saves alot of money than those who don’t.
    Michael Creel
    Replied over 11 years ago
    What many don’t know that even while making your home payments on time on a negatvie ARM loan, your credit score can decrease as the debt grows.
    Michael Creel
    Replied over 11 years ago
    What many don’t know that even while making your home payments on time on a negatvie ARM loan, your credit score can decrease as the debt grows. Reply Report comment
    Detective
    Replied over 11 years ago
    Very interesting post. I think it must be read all people who receive rejection. Especially interesting details about credit scores calculating.
    Rick Jones
    Replied over 11 years ago
    Be wary of contacting the IRS about tax liens when they show up on your credit file. You can inadvertently wake a sleeping giant that will wreak havoc on your financial life. Get professional help. It’s worth the investment.
    Little Rock Divorce Lawyers
    Replied about 11 years ago
    Great article about credit scores and how they are calculated. I’m a pass this one around to a lot of my friends.
    Michael Creel
    Replied about 11 years ago
    There really should be college courses available just on the credit score system. Almost no one understands it. I spent two hours talking to a rep from Trans Union and he couldn’t even explain it very well.
    San Jose Criminal Defense Attorney
    Replied about 11 years ago
    Great article. I wish i knew about this before paying crazy amount to get my credit score. this ones def. printed and filed. Thank you.
    Michael Creel
    Replied about 11 years ago
    Glad it helped. I think for many years to come a persons credit score will be the most important factor in their financial profile. It even hurts the wealthy if they don’t stay on top of it.
    David Taylor
    Replied about 10 years ago
    Yes protecting your FICO score is the most important thing you can do to save money in the long term. The higher your score more more you save on almost everything. Car loans,mortgages,insurance,lines of credit etc. are all based in your FICO
    Jeff
    Replied about 5 years ago
    This is a great article. It covers all the basics and really does’nt leave anything out. If you want all the info you need to investigate your credit score and find out what is wrong and how to improve your credit, you are definitely in the right place.