Having found errors in your credit score and credit risk rating by obtaining a credit rating report from TransUnion (www.transunion.com), Experian (www.experian.com), or Equifax (www.equifax.com) and you have requested the credit bureaus to correct the errors and they are not listening or not doing anything, you can do the following:
Write a brief, factual letter explaining […]
First, find out your credit score and credit risk rating by obtaining a credit rating report from TransUnion (www.transunion.com), Experian (www.experian.com), or Equifax (www.equifax.com). Ascertain whether all the entries are correct and fair.
The most common causes of a low credit score (600 and below) or a high credit risk rating (R5 or higher) are:
a […]
First, you have to find out where you are: your credit score (is it lower than 600?) and credit risk rating (is it higher than R or I 5?). The commonly used credit bureaus which supply credit information to financial institutions and from which you can get a credit rating report are TransUnion, […]
The best way to handle a credit card and maintain a high FICO score and a low credit risk rating is to pay off the whole amount in your billing statement.
In the first place, this practice prevents your credit card balances from bloating to an amount that you will have a difficult time in covering […]
Credit card applicants or holders who have a credit (or FICO) score below 600 or a credit risk rating of R5 & higher are given subprime credit cards.
There are major and small issuers and financial institutions who specialize in subprime credit cards, some of whom are predators, do not make full disclosures, and even drop […]
In addition to the credit score (or FICO score) where a score below 600 will drop you into the subprime category, financial institutions also do a credit risk rating where a borrower is evaluated according to a scale of 1 to 9, the lower scale being the better risk and deserving of lower interest.
To the […]
Credit Scores generated by the financial institution’s credit rating system range from 300 to 850, where the higher score denotes a better risk. A score below 600 is subprime. Although credit bureaus estimate that more than half of US residents have credit scores higher than 700 and will qualify for normal market rates […]
With all the global concern and anxiety churned up by the collapse of the subprime market, it is important to understand from a personal point of view what the noise is all about. We are thus starting a series of posts on personal subprime loans.
While the spotlight is on mortgages, subprime refers to […]
Even if you do not need to borrow to cover Expenses (especially if you are generating a Cash surplus), it is good financial strategy to borrow anyway and pay on time. Borrowing –when you know you can pay on time– establishes your credit rating and improves your credit standing. With a […]
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