Feb 28 2010
Don’t let your credit keep you in bondage. You are more than your credit score. Do not let a three digit number stop you from realizing you financial dream. This is an open forum where we invite listeners to call in with their questions. http://www.blogtalkradio.com/victoriafinch
Feb 24 2010
Past delinquencies make up 35% of your credit score. Obviously paying your bills in full and on time will have the greatest positive affect on your credit score. The credit scoring model looks at the level of delinquency. For example a judgment will have a greater negative impact on your score than a collection. Always try to avoid public records such as bankruptcy, tax liens, and judgments.
Also, activity in the last 24 months has the greatest affect on your score. When looking a credit repair strategies concentrate on activity in the last 24 months first. Pay off collections in Escrow NOT before. By paying an old collection you will make it new again because the date of last activity will change.
If you would like to learn more about credit scoring and how past delinquencies affect your credit score, please contact us at info@intcredit.net.
Feb 16 2010
There is a lot of misinformation out there about what a credit score really is. Simply put – a credit score is a 3 digit number that seeks to quantify how likely a borrower is going to be 90 days late on a payment. Why 90 days? At 90 days, lenders spend more to maintain the account. Calls increase, increased notices go out, the lender may turn the file over to another department or collection company.
Each score is specific to each bureau. The score is generated by analyzing the information in the consumer’s credit report at THAT particular point in time. The higher the score the less the odds of default. For instance statistically, a consumer with a credit score of 800 and above has a 1292 t0 1 chance of becoming 90 days late while a consumer with a credit score between 620 to 659 has a 38 to 1 chance of being 90 days late.
Your credit score is more important than ever. When it comes to credit what you do not know can cost you big. Stay tuned for more Credit 101.
Feb 12 2010
In this lively ninety minute workshop participants will learn the elements of a good business plan, as well as tips and strategies on how to get started, and make planning an integral part of your business operation. For more information click here.
Feb 12 2010
In this lively ninety minute workshop participants will learn the elements of a good business plan, as well as tips and strategies on how to get started, and make planning an integral part of your business operation. For more information click here.
Feb 11 2010
Victoria Finch will share her expertise in credit at the U3 Westside Powerhour event. Learn important aspects of credit scoring. Learn how to transform credit from good to great!
Feb 08 2010
Home ownership is part of the American dream. Many of us grew up with the notion that we would grow up, get married, and find the perfect home to raise our children. For some the dream of home ownership is a seamless process. But, for others it can be a nightmare. Many potential homeowners seek out a Realtor prior to checking their credit and getting a loan approval. That is a backwards approach to home buying.
Case study: Jane is a small business owner. She has always paid her bills on time and maintains relatively low balances on her credit cards. Knowing she had “good” credit, Jane sought out a Realtor to help her find her dream home. Jane found a home and made an offer. After finding a home, Jane’s Realtor referred her to a Mortgage Loan Officer. Jane’s credit score came back in the low 700′s, but her loan officer told Jane she has been denied for a home loan. Three years prior, Jane had an issue with a vendor for her business and her account was sent to a collection agency. Jane had settled the debt with the original vendor, but somehow it had gotten transferred to a collection agency. It took Jane months to straighten out the account with the vendor and the collection company. The sellers would not agree to keep the home off the market. The house sold to someone else.
Jane’s story is not unusual. I see it everyday. I cannot stress enough that lending is not just about your credit score. You must be proactive regarding your credit. In today’s economic climate the people making decisions to approve or disapprove financing are being very cautious. Follow this order when considering buying a home: 1. Check your credit. 2.Get mortgage approval. 3. Seek out a Realtor.
