What matters more your credit score or the contents of your credit report?

If I have a good credit score but still have unpaid collection accounts on my credit report will lenders expect me to pay those before they would give me a mortgage? Or if my credit score is high does that mean they won't really care about much else?|||In the end it would be up to the lender as to if they would make you pay it. A lot would depend on the amount as well as the type of debt. If it was for something like a medical bill they may not, but if it is for a credit card debt they may require you to pay it off. Their biggest fear from them is if you get sued would you then have to default on the mortgage, basically making you a higher risk.





However, your credit score is based on your credit report. So if you have negative items on your report that will be reflected in your score. How much depends on several factors. But it would be out of the ordinary to have a high credit score(depending on what you consider high) if you have collection accounts.|||Icame across a free online webinar on this... umm it's at..





www.ficsitnow.com FICS - First Integrated Credit Solution

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|||FHA loans are content driven, and Fannie Mae and Freddie Mac loans are credit score driven. In fact you are allowed up to $5000.00 in collections on Fannie or Freddie as long as your credit score is there(%26gt;620)|||the contents of your credit report. The banks want to know how well you pay your bills.Your credit score just tells them if they are taking high risk in approving you for a loan or not.|||Well -- look at this way. The Credit report has the discrete items that paint a picture of your history. And if there were a beauty pageant held to determine who had the prettiest credit report, your credit score would be a reflection of that. So basically your credit score is dependent on your report -- most lenders use the credit score because it saves them the trouble of having to do all the costly research into your history. Then again it also depends on how much money they risk losing...

Is a credit card number really valid for a deposit on a service?

I own a small business which often takes credit card numbers over the phone as a deposit. We recently had a customer no show, and she contested through her credit card company when we charged her (she claims it wasn't explained when she gave us her #). The credit card company took her side and said it is policy to allow anyone contesting to get their money back if there is no signature. How can this be? So many hotels and services take card #'s as deposits!|||Most credit card companies state in their cardholder terms that if a consumer is not satisfied with any goods or services through a merchant they can dispute the charges and or have them reversed. Even with a signature I think they can refund the customer. Unfortunately this happened at my job last year.|||Call your merchant services (credit card processor) and ask them how to avoid this situation in the future.

How to raise my credit score once my credit cards are paid off?

How can I continue to raise my credit score once both of my credit cards have been paid off?I don't plan on using either one of them unless its an emergency,but I don't know how to keep getting my score to go up after that.Is there a way to get negative reports taken off my credit report?|||Negative reports will only be taken off your report once enough time has passes. In the meantime you have to demonstrate that you can use credit responsibly, so not using your cards isn't going to help you. What you need to do is find some small to reasonable purchases you were going to make anyways (like groceries, or gas) and use your card and pay it off in full each month and on time. Don't spend more than 30% of your limit on any card and like I said - make sure you pay it off on time. If you pay the full amount each month you won't be charged any interest, so it's not going to cost you any money to do this.|||Instead of just saving those credit cards for an emergency, use the cards for regular purchases and pay the balance in fulll every month. This will give you good payment history and avoid interest. You have to actually use those cards to continue building your credit. Inactive cards do nothing to help.





Derogatory items age off your credit report 7-1/2 years from the date of first deficiency (default). This is per the FCRA and nothing restarts this clock. There is no way to get legitimate negative items removed from your credit.|||Negative things are removed automatically after a certain number of years if you do nothing. There is no way to get them removed sooner. Doing something will either have no effect or make them stay longer. The fastest way to get them removed is by doing nothing.

How to get more and more credit cards and personal loans with bigger credit limits?

I am a trader of textiles,maintaining a good balance in my savings account and have a good credit history of more than one year. I am going to apply for a lot of credit cards as well as personal loans. What general precautions should be taken so that I may be able to get maximum number of credit cards and loans with good credit limits?|||that's not the way to go to finance your business - you'll be paying average int rates of 18% or higher probably and much higher if you're late with just a couple of payments. Why don't you try and get a business line of credit instead

How long until our credit score is good enough to buy a house?

We really need to upgrade to a bigger house. Recently our family expanded to 4 kids in a 3 bedroom house. Our credit hasn't been the greatest, but in the past month we have taken care of any outstanding debt on our credit reports, caught up on our current house payment (we were one month behind), paid off half of our one credit card bill and will be timely on all payments, and are current on all other finances. How long will it take for our credit scores to start improving enough to qualify for a home loan?|||What type of home loan do you want? If you don't have a lot of money down you will need good credit.





Since you have already proven to a bank that Being One month behind is a possibility it will take 24 on time payments in a row before any bank will even consider lending to you. If you want to get a "Prime" loan then it will be more like 60 on time payments.





Mortgage lender weigh late payments differently. For example if you were late paying your $100.00 per month Furniture payment a bank will figure you "forgot" to send the payment, but they will never assume you "Forgot" to mail in your payment on your primary residence...





SDGuy|||Keep up paying on time EVERY time for the next 6 months and your scores will rise.|||eliminated all unessaray spending


pay all bills on time, pay more than min. premium on all debts


over 6 months your credit will improve|||It really depends on how bad your credit is and how much of a down payment you'll have for the new house. If you have a larger down payment you won't need as high credit scores. It usually takes several months of constant paying on time to really improve your score. Also, that late mortgage payment will probably be an issue, since it will mean that you are a larger risk for paying late on your mortgage in the future. That will at least need to be 6 months in the past for lenders to look past it in granting you a mortgage.Continue paying on time and save some money for a down payment (you won't be able to get 100% financing) over the next several months to a year and once you have a score over 650 and a low debt to income ratio you'll have a decent shot at getting a mortgage. Any score below that and you'll either not get approved or have an incredibly high interest rate. Good luck

What credit card should I get, whats the fastest and best way to build credit?

I have no credit and was wondering what credit card I should get. I do not want to get a co-signer and I am not 21. I am getting this card to build credit and was wondering what other things I should do to build my credit. Whats the fast and best way to build credit? with cards or any other device.


Thanks everyone!|||The new federal regulations will make it impossible for you to get a credit card if you are under 21.

Don't fall for online scam sites that tell you otherwise.



Two ways:

1. Get a secured card from your bank where you have your checking.

Compare it first to Citi and Orchard - they have among the best.

In a year (if you are over 21 then) it will turn into a credit card if you use it wisely.

Wise use: Replace the money in full each month - no games.



2. Make a secured loan.

Drop about $1,500 to $3,000 into a savings or a cd, then ask the bank to make a one year loan against this money...|||小redit repair work械d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service - buildcredit.ifastnet.com

Is my credit score weak because I only have 6 months of credit experience?

I got a letter back and my credit score is only 665. I only have 6 months of credit history, but all of my credit cards do have a pretty high balance, although I pay them all on time and I just opened an account with AT%26amp;T last month. Is my credit going to stay this bad as long as I keep a high balance on my credit cards? Or is it just high because I do not have a lot of credit experience?|||Credit cards don't even start to count in your FICO score till the 6 month point. I bet that 665 score is not a FICO. More likely it's Vantage which would be poor -- Vantage scale is 500 to 990 vs FICO's 300 to 850.





Also, carrying balances of mroe than 30% of your limit hurt your score. Maxing out the cards kills your score. Pay off the balances. There is absolutely no advantage to carrying balances and paying interest.





Basically you score is low due to your limited history, but the high balances just makes it worse. It takes years to build good credit. You really need at least 24 months of consistent, on time payment history to see a decent score.|||Short term credit history and high card balances will give you a low score. If you have high balances that you are not paying in full each month, then you are living beyond your income.





Pay off the credit cards every single month, try not to carry balances into the next month.





Start a savings account at your bank. When your cards are paid in full, go to the bank and borrow against your savings account. Make all the payments on time and your FICO score will go up.|||It is at that number because you are carrying high balances. Utilization does count for a good chunk of your score. Add to that, you haven't had credit for very long and that's a double whammy.|||First, dont beat yourself up because 665 is not that bad. I do agree with one of the other post....both higher balances and a limited credit history affect your credit score negatively. Its easy for the score to hit rock bottom but harder to add points.|||Both. High balances and a short credit history both lower your credit scores. Get the balances down (they are also costing you lots of interest). The short credit history self-corrects with time.|||665 is a 'fair' credit score, you can go all the way down to about 300 before it's considered terrible. I myself have a 850 credit score, I have had that since I was 22 years old (now 27). When I buy a car I buy it on a 3-5 year loan, pay off more than what I need to each month and then on the 2nd year I pay it off entirely, and makes your credit go up extremely well.





High Balance has nothing to do with your credit. High Balance is given when you have been a customer for a while. They start off low and as you use it, it goes up, as you are a customer longer, it goes up, etc.





Your credit score will stay the same as long as you always pay the minimum. You'll always be in debt also if you always pay the minimum. You need to pay hundreds if not thousands over the minimum to out-win your credit score. Credit scores are like a GPA - they drop very fast, with little to no care, but takes a very long, hard time to go back up. Not going into debt is hard, but that is where getting a useful education and career comes into play. If you live within your means; a perfect/flawless credit score will always be in the works of your life; as it is for me.





Benefits of having a high-credit-score include getting larger bank deposits on homes ( I can right now get up to 200,000$ in bank loans on a home), better cars, leases for cars, new cars, etc. I actually walked into Lamborghini and test drove a Gallardo about a month ago, all they do is research your credit score. Definitely something you want to work on! Good luck.