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Credit Report Scoring

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Cody Said:

Where can I pay for an accurate credit report score?

We Answered:

Keep this in mind.
Most lenders do not use your credit score to make their decision.

Ex: FHA mortgage companies do not even look at your score. Neither do most dealership places for buying a new car.

Why?
They look at your full report, along with your employment history and salary. They want to see if you are paying your bills on time and how long you have had credit.

Very best thing you can do is never pay a bill late and never carry a credit card balance. Some old ladies think that carrying a balance increases credit, when exactly the opposite is true.

What is important is that you KNOW what is in your report and make sure its accurate.
The only free website is ANNUALCREDITREPORT.COM
all others are scams that will charge your credit card a huge fee for something that is free. The feds are after them.
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Florence Said:

Where can i find a free credit report or score check site?

We Answered:

if you are looking for the free credit score and report usa national site, check out this site

http://free-credit-score-national.com/

Here you can check your 3-in-1 Report from all three credit reporting agencies and your credit score rating.

Bill Said:

Can your current credit card company make a hard inquiry on your credit report/score whenever they want?

We Answered:

They will only do soft pulls after you are customer with them. They don't need to do hard pulls periodically, they have your credit file on information. They will however do soft pulls periodically to see if they need to adjust your rates, increase your balance, or change your terms. They can do this without your permission, especially if they are a "universal default" lender, which means they can change your terms, raise your rates, lower your limit or close your account completely....if you are negligent on a completely different account from a totally different lender.

Suzanne Said:

credit report scoring???

We Answered:

it all depends on what it was and it will go up just don't how much

Alicia Said:

What is the scoring range on a credit report from low to high?

We Answered:

A rating [Credit score 720 or higher] -- You can easily obtain financing at the best rate; you can get approved for a credit card online in a few seconds. Note that a score above 750 means you have extremely good credit.
typical debt- to- income ratio: Below 35%
Mortgage: You have not been late with a payment in the last 24 months
Installment loan: You have been 30 days late making payments 0 or 1 time within the last 12 to 24 months
Revolving credit: You have been 30 or 60 days late with a payment 0 or 1 time in the last 12 to 24 months
Additional requirements: Good/excellent credit during the last 2 to 5 years; no bankruptcy within the last 2 to 10 years


B rating [Minimum credit score 620] You can get approved, but not at lowest rate. You can get credit cards and such, but at a higher rate than someone with an A rating
Typical debt-to-income ratio: Around 50%
Mortgage: You have been 30 days late with a payment 2 or 3 times in the last 12 months
Installment Loan: You have been 30 days late with a payment 2 to 4 times during the last 12 months
Revolving credit: You have been 30 days late with a payment 0 to 2 times in the last 12 months
Additional requirements: You have no 60-day late mortgage payments; if filed bankruptcy, it must be discharged 2 to 4 years ago


C rating [Minimum credit score 580] Have trouble getting approved. Very high rates. The lender might ask you to get someone to co-sign for you.
Typical debt-to-income ratio: 55% or higher
Mortgage: You have been 30 days late with a payment 3 or 4 times in the last 12 months
Installment Loan: You have been 30 days late with a payment 4 to 6 times during the last 12 months
Revolving credit: You have been 60 days late with a payment 2 to 4 times in the last 12 months
Additional requirements: If you filed bankruptcy, it was discharged 1 or 2 years ago

D rating [Minimum credit score 550] Serious trouble getting approved. Co-signor required.
Typical debt-to-income ratio: Around 60%
Mortgage: You have been 30 days late with a payment 2 to 6 times in the last 12 months; and 60 days late 1 to 2 times during the last 12 months
Installment Loan: You have a few 90 and 120 day late payments during the last 12 months
Revolving credit: You have a few 90 and 120 day late payments during the last 12 months
Additional requirements: If you filed bankruptcy, was discharged within last 12 months


E rating [Credit score under 550] Unlikely to be approved.
Typical debt-to-income ratio: Around 65%
Mortgage: You have a pattern of 20, 60, 90 and/or 120 day late payments
Installment Loan: You have a pattern of 20, 60, 90 and/or 120 day late payments
Revolving credit: You have a pattern of 20, 60, 90 and/or 120 day late payments
Additional requirements: You may have a current bankruptcy or foreclosure

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