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Jason Hall's Advice
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1 Best Answers
Jason Hall wrote:
what is a rapid rescore? Thanks,
asigars,Your credit cards effect your scores in 2 ways, each individual balance and the sum total of all balances in proportion to their limits. It's always best for your scores to reduce all revolving accounts below 30% of their limits, but if you only need a small amount of points then you probably can get away with reducing a couple balances.But if it were me, I'd first call that collection company and try for that deletion letter. That will most likely be the biggest increase for your scores should you obtain that letter. If it's a recently "re-aged" collection then it's the biggest weight on your scores, more than high CC balances.If you need more information you can contact me direct through my profile here on Zillow.Thanks,Jason Hall
Credit score confusion
While FICO is the most famous, there are, in fact, several other versions and providers of credit scores. VantageScore, NextGen, BEACON, and EMPIRICA are a few of the other popular sources used in the financial services industry. Some scores are directly developed by credit bureaus while others, like FICO and CreditXpert, are developed by outside companies.Most alternatives to FICO are still modeled after the same statistical method in terms of the output number, but the major difference for most lenders and other agencies that need to buy credit scores is cost. Companies like FICO charge the reporting agencies a licensing fee for each score generated so the agencies, in turn, have created competing scores in an attempt to provide a lower-cost option to their customers. Basically, the cost savings of buying and using non-FICO scores is tempting to some banks and credit card companies because they need accurate risk assessment of millions of accounts.Is there a "Best Score?"In order to protect revenues, credit reporting agencies will often position their scores as the best or most predictive. In reality, all scores must adhere to similar guidelines to be truly predictive, regardless of the final output number. All credit scores are built from the same base set of data and statistical procedures.Like many products and services in the marketplace, there are a plethora of different options for you (and the businesses that serve you) to choose from, simply because every buyer is different. Based on cost and effectiveness in each buying situation, there are credit scores for sale to satisfy each customer.Score RangesJust as a point of reference, it may be important for you to know what the score ranges are for each of the major reporting agencies. While each agency uses internal predictors of certain events (for example: how likely you are to file bankruptcy), the final credit score is not meant as a probability-meter for any specific event. In any case, the higher your score the better, as it is a general gauge of your overall credit worthiness in the eyes of lenders.FICO: traditionally between 300 and 850Experian: 330 - 830Equifax: 300 - 850TransUnion: 300 - 850VantageScore: 501 - 990 (often assigned a letter grade, A - F)Note: Because there are now dozens of credit scores that measure many different probabilities, consumers should not be overly concerned with the type of score but rather monitor changes within a single score.
I have a 597 middle credit score. Can I get a mortgage in Vermont?
Regarding the collections, you need to find out when they were last reported. All accounts have a "date open" and a "date last reported". If it was last reported recently, then paying the collection won't drop your scores. If it's not been "re-reported" in some time, then it will lower your scores if paid.But I would recommend calling the collection companies and asking (nicely) if they'll give you a "deletion letter" if you pay the account. If so, then go for it! With that deletion letter you can have it removed in a matter of days with a "rapid rescore". With the collection gone, your scores will go up, significantly in some cases.Contact me through my profile if you'd like more info.
how do I go about clearing my credit
If it's a number of years ago and the scores are still low, then you should probably review his report and work towards adding as much positive credit as possible. Here's a formula for success that I encourage my clients to work towards:3-5 revolving accounts (credit cards/dept store cards)1+ installment account1+ mortgage accountOn revolving accounts:Keep open and activePay off monthlyPay off BEFORE statement date (this is when the balances are reported to the bureaus)
Loan officers needed to refer clients to.
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Hi Income...low credit score
If you're not using credit , then you won't have a good credit score. And only limited credit will only get you so far.Here's what you need to work towards:3-5 revolving accounts (credit cards or dept. store charge cards)1+ installment accounts (cars, student, signature loans)On the credit cards, keep payments on time and pay off monthly.Good luck...
Can i get a loan for a home with a 610 credit score
With what you're telling us, your score should be higher. Sounds like you have some negative credit on your report. My guess is paid collections?
Can a person with a low credit score get a home loan?
As you settle your bad debts, you need to make sure you have good open accounts as well. If you don't know where to start, go to Capital One Secured credit card and Open Sky Secured. Pretty much guaranteed approvals.
Need Help! Second opinioin for improving credit score.
A big misconception when paying down credit cards, per FICO (scoring model that banks use) states to reduce balances below either 30% or 10% (best) for your scores. When dealing with collection accounts, you need to know when the last reporting date was. On the credit report there is a section on the account called "DLA" (date last active). This date is different from the date it was first reported. IF the DLA is last month, then paying the collection won't hurt your scores. When paying the account, request a "deletion letter" in exchange for payment. This is the only time you'll have this opportunity. If they get you a deletion letter, then you can "rapid rescore" the collection off of your credit which can take a few days.I hope this helps, if you need more advice on what you can do to raise your credit scores, contact me through my profile here on Zillow. I troubleshoot credit issues for a living. Also feel free to read the reviews given by other Zillow users...nothing but 5 stars across the board.
My credit score is a 611 and I need a 640 to get a loan. Any advice?
Pay off all credit cards and leave them there until your loan is completed. Also need to take action on collections. Be careful though, paying off the wrong ones may drop your credit scores.Contact me through my profile if you'd like me to analyze your collections to guide you on which to pay and how you may possibly be able to get them removed.
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