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Archive for the ‘credit score’ Category

Your Credit Score: Insurance and Your Credit Score

Thursday, July 17th, 2008

I just finished the 9th and 10th final chapters of Your Credit Score written by Liz Pulliam Weston. I enjoyed this book a lot and just finished it after reading it off and on for months. This chapter is interesting as it explains to you how your credit score can affect you in real life with your insurance. It can be shown to cost you more money over your lifetime. Some examples this chapter explains to you is the correlation of how credit score histories are used to price insurance premiums. It gives many stats and loss ratios based on derogatory and collections in the past for consumers. It tells what goes into an insurance score, to me it looked pretty similar to the FICO score model. She explains how you need insurance for big events, and gives an opinion on what claims to make. She discusses the stigma simply calling something water damaged can have on a property to current homeowners and future homeowners. In the 10th chapter she discusses how to keep your credit score healthy. Paying off your credit card balances is a really a big part often discussed. She talks about what you can afford, having adequate insurance, and an emergency fund of so much in savings in case of an occurance like a job loss, etc. She will cover student loan, and divorce situations as it can affect your credit. I enjoyed the book and other seminars, and books on this topic.

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How to Raise Your Credit Score: Ideas on Credit Repair

Friday, May 23rd, 2008

How to Raise Your Credit Score: Ideas on Credit Repair

Here are some ideas how to improve your credit score:

1. You should pull your credit report, go to Experian-Experian.com, Equifax-Equifax.com, TransUnion-TransUnion.com

You can contact these companies by phone by getting their most recent numbers on their website. I would recommend just calling them by phone, email support these days with any big company is tough.

Review for accuracy on your identifying info. Carefully review your accounts and any late payments, collections, judgments other public records, are they accurate? Check your Inquires, see who has had inquiries on your account, some are just soft inquiries and don’t hurt your credit score. You are going to need to dispute errors, you can email or mail them on that. You may want to leave that up to a credit repair company.

2. Pay your bills on time, being late even just once can really really hurt your score based on how high of a score it is. You have to stay in the habit of it always being on time. a day late or two isn’t a big deal, but 30+ days late is. Online bill pay and automatic bill pay may help with this.

3. Pay down your debt, sometimes 50% balance isn’t enough, you may need that edge by getting it below 25% balance. Moving balances around doesn’t always help. Paying down the debt, get those ratios in line.

4. Don’t close credit card and revolving accounts. You need that credit history on these accounts and the available credit they provide.

5. Don’t apply everywhere for credit all the new credit and inquiries could hurt your score some.

There are books out there I’d recommend for credit repair, you can probably find more at www.RonOrr.com

Another site to check out is MyFico.com

Here is a book on credit repair

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