subject: Free Credit Report – Why you need! [print this page] Free Credit Report Why you need! Free Credit Report Why you need!
What is my credit score and why is it important?
If you're like most people probably do not even think about your credit score until it's time to apply for a credit card, mortgages or car loans. A little known fact is that people with "good" or "excellent credit" may be paid a rate significantly lower than if you lend money in. This wonderful news could mean a savings of hundreds or even thousands of dollars more thanthe life of a loan. Because banks and credit unions to grant preferential treatment if you have a good credit rating is because it shows that they are reliable in managing money, paying bills on time and are responsible to repay the loan.
What is a credit relationship, and how can I get one?
A credit report is a list of how much the price of credit) (in bank, equity in your home, ie the amount of debt(balance of unpaid credit card, auto loan, the balance of the loan is not paid), she and a record of you, how to pay your bills on time. With the adoption of fair and accurate credit transactions (FACT) Act, may obtain a credit report every year from one of the 3 credit agencies. You can contact Equifax at http://www. equifax.com or 800-685-111. You can contact Experian or 888-397-3742 http://www.experian.com. Or you can getTransUnion 800-916-8800 or http://www.transunion.com.
What is my FICO score?
Good to know the first step to improving your credit score is, what your FICO (Fair, Isaac, the name of the company that created it) Evaluation. Your FICO score number tells the lender can repay the loan on time. Your FICO score can range from 300 to 850, the higher the score, the better. Your FICO score is not in your credit report for free, but can be acquired by another3 banks most important problems mentioned above that have less than $ 10. Know your FICO score is worth $ 10? Absolutely. Or, if you want to request a loan, the lender can say that your guests.
What practical difference is really my FICO score?
Suppose you found your dream home and applying for a mortgage. If you have a "FICO rating OK 'to 620, you get an interest rate of 7.5%. Well, if you have a"Excellent" FICO score of 775, perhaps a lower interest rate of 5.9%. Big deal you say? And if I told you I was more than $ 3,500 (savings per year!) For a loan at a fixed rate of 30 years, a loan of 220,000 $. It 'a great thing! The average value of 723 Fico. Want to sell is even bigger than that and you start to save money on every loan you have.
OK, I have my credit report, what should I do?
Check your credit report with aMagnifier for errors and inaccuracies. You will be surprised given the credit card found in his report that I no longer use, incorrect or late payment by credit card indicates that it is never used. In my next lesson we will discuss what to do if your FICO score is below what might be and how the errors and inaccuracies in credit report.
