Equifax
P.O. Box 740241
Atlanta, GA 30374
800-685-1111
www.equifax.com
Trans Union
P.O. Box 1000
Chester, PA 19016
800-888-4213
www.transunion.com
Experian
P.O. Box 2002
Allen, TX 75013
888-397-3742
www.experian.com
other helpful credit websites
www.optoutprescreen.com
www.annualcreditreport.com
877-322-8228
www.donotcall.gov
888-382-1222
Tuesday, June 13, 2017
Is credit reporting unfair to minorities?
Is credit reporting unfair to minorities?
According to MyFICO.com scoring considers only credit - related information. Factors such as race, gender, nationality and marital status are not included. The Equal Credit Opportunity Act prohibits lenders from considering this type of information when issuing credit.
According to MyFICO.com scoring considers only credit - related information. Factors such as race, gender, nationality and marital status are not included. The Equal Credit Opportunity Act prohibits lenders from considering this type of information when issuing credit.
Can I get a mortgage loan after a bankruptcy?
Can I get a mortgage loan after a bankruptcy?
Yes you can! Each individual circumstance must be evaluated, but lenders do allow a mortgage loan after a bankruptcy as long as the bankruptcy is discharged a minimum of two years and the circumstance causing the bankruptcy are not likely to occur again. There are contingencies in some cases including an extended waiting period of four years, third party documentation of the cause of credit problems and reestablished credit. You should call a mortgage professional to discuss your individual situation. I am happy to recommend one. Call DebbieSmall, GRI 727-599-4958 or email debbiesmall.net@gmail.com
Yes you can! Each individual circumstance must be evaluated, but lenders do allow a mortgage loan after a bankruptcy as long as the bankruptcy is discharged a minimum of two years and the circumstance causing the bankruptcy are not likely to occur again. There are contingencies in some cases including an extended waiting period of four years, third party documentation of the cause of credit problems and reestablished credit. You should call a mortgage professional to discuss your individual situation. I am happy to recommend one. Call DebbieSmall, GRI 727-599-4958 or email debbiesmall.net@gmail.com
Will a poor credit score ever go away?
Will a poor credit score ever go away?
Your credit score will change gradually as a result of how you handle your credit. A score is just a snap shot and will change gradually with time and as you open and close accounts. Bankruptcies, collections, charge offs and tax liens do eventually fall off in 8-15 years of absolutely no contact with you. If there is contact or the debt is sold the process can start over based on the new date of last activity.
Your credit score will change gradually as a result of how you handle your credit. A score is just a snap shot and will change gradually with time and as you open and close accounts. Bankruptcies, collections, charge offs and tax liens do eventually fall off in 8-15 years of absolutely no contact with you. If there is contact or the debt is sold the process can start over based on the new date of last activity.
Will my credit score drop if I apply for a new loan?
Will my credit score drop if I apply for a new loan?
According to MyFICO.com credit inquiries make up 10% of your credit score. Everything is relative in credit scoring. So, if you are already struggling with a lower score, inquiries will have more of an impact. If your credit history is shorter, inquiries will have more of an impact. Most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically these are treated as a single inquiry and will have little impact on the score, if done within 30 days.
According to MyFICO.com credit inquiries make up 10% of your credit score. Everything is relative in credit scoring. So, if you are already struggling with a lower score, inquiries will have more of an impact. If your credit history is shorter, inquiries will have more of an impact. Most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically these are treated as a single inquiry and will have little impact on the score, if done within 30 days.
Does my credit score determine whether or not I get a loan?
Does my credit score determine whether or not I get a loan?
A variety of facts determine the lending decision. Your income, employment history, prior housing experience and assets play a vital role in credit approval. Also considered are current lending policies and the type of loan applied for.
A variety of facts determine the lending decision. Your income, employment history, prior housing experience and assets play a vital role in credit approval. Also considered are current lending policies and the type of loan applied for.
CREDIT SCORE
collections remain 7 years from date of initial missed payment that led to collection. paid collections are simply marked as such on report.
charge-off remain 7 years from initial missed payment that led to charge-off even if parameters are later made on the charged off account.
closed accounts are no longer available for further use. they may r may not have a $0 balance. Those with delinquencies remain 7 years from date closed, whether by consumer or creditor. positive closed accounts remain 10 years.
lost credit card: if no delinquencies, those reported lost will continue to be listed for 2 years from date card reported lost. Delinquent payments that occurred before the card wast lost will report for 7 years.
bankruptcy: chapter 7, 11 and 12 remain 10 years from filing date. Accounts included will also remain 7 years.
city, county, state and federal tax liens: unpaid tax liens will remain 15 years from filing date. Paid tax liens will remain 7 years from the paid date of lien.
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