credit scores – How To Occupy http://howtooccupy.org/ Thu, 17 Mar 2022 19:48:41 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://howtooccupy.org/wp-content/uploads/2021/07/icon.png credit scores – How To Occupy http://howtooccupy.org/ 32 32 3- and 5-year personal loan rates continue to fall https://howtooccupy.org/3-and-5-year-personal-loan-rates-continue-to-fall/ Thu, 17 Mar 2022 19:48:41 +0000 https://howtooccupy.org/3-and-5-year-personal-loan-rates-continue-to-fall/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. The latest personal loan interest rate trends […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (iStock)

Borrowers with a good credit application personal loans in the last seven days pre-qualified for lower rates for 3-year and 5-year fixed rates than in the previous seven days.

For borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender between March 10 and March 16:

  • Rates on 3-year fixed-rate loans averaged 10.13%, down from 10.47% the previous seven days and 10.83% a year ago.
  • Rates on 5-year fixed-rate loans averaged 12.23%, down from 12.95% the previous seven days and 13.16% a year ago.

Personal loans have become a popular means of consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical billstake care of a major purchase or finance home improvement projects.

3- and 5-year fixed personal loan rates have fallen over the past seven days. While the rates for 3-year terms only fell by a slight 0.34%, the rates for 5-year terms saw a more significant drop of 0.72%. Borrowers can enjoy interest savings with a 3 or 5 year personal loan now.

Whether a personal loan is right for you often depends on several factors, including the rate you may qualify for. Comparing several lenders and their rates could help you get the best possible personal loan for your needs.

It’s always a good idea to comparison store on sites like Credible to understand how much you qualify for and choose the best option for you.

Here are the latest personal loan interest rate trends from the Credible Marketplace, updated monthly.

Personal Loan Weekly Rate Trends

The table above shows the average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender.

For the month of February 2022:

  • 3-year personal loan rates averaged 10.52%, down from 11.09% in January.
  • 5-year personal loan rates averaged 12.99%, down from 13.40% in January.

Personal loan rates vary widely depending on credit rating and length of loan. If you’re curious about what kind of personal loan rates you might qualify for, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.

All Credible Marketplace lenders offer fixed rate loans at competitive rates. Since lenders use different methods to assess borrowers, it’s a good idea to ask for personal loan rates from multiple lenders so you can compare your options.

Current personal loan rates by credit score

In February, the average prequalified rate retained by borrowers was:

  • 8.32% for borrowers with credit scores of 780 or higher choosing a 3-year loan
  • 29.42% for borrowers with credit scores below 600 choosing a 5-year loan

Depending on factors such as your credit score, the type of personal loan you are looking for, and the repayment term of the loan, the interest rate may differ.

As the chart above shows, a good credit rating can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms.

How to get a lower interest rate

Many factors influence the interest rate a lender can offer you for a personal loan. But there are steps you can take to increase your chances of getting a lower interest rate. Here are some tactics to try.

Increase credit score

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

  • Pay your bills on time. Payment history is the most important factor in your credit score. Pay all your bills on time for the amount owed.
  • Check your credit report. Check your credit file to make sure there are no errors. If you find any errors, dispute them with the credit bureau.
  • Reduce your credit utilization rate. Paying off credit card debt can improve this important credit score factor.
  • Avoid opening new credit accounts. Apply for and open only the credit accounts you really need. Too many serious inquiries on your credit report in a short time could lower your credit score.

Choose a shorter loan term

Personal loan repayment terms can vary from one to several years. Typically, shorter terms come with lower interest rates because the lender’s money is at risk for a shorter period.

If your financial situation allows it, applying for a shorter term could help you get a lower interest rate. Keep in mind that the shorter term doesn’t just benefit the lender: by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

Get a co-signer

You may be familiar with the concept of a co-signer if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, find a co-signer with good credit could help you get a lower interest rate.

Remember that if you are unable to repay the loan, your co-signer will have to repay it. And co-signing a loan could also affect their credit score.

Compare rates from different lenders

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders generally offer the most competitive rates and can be quicker to disburse your loan than a physical establishment.

But don’t worry, comparing rates and terms doesn’t have to be a tedious process.

Credible is easy. Simply enter the amount you wish to borrow and you can compare multiple lenders to choose the one that suits you best.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

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Want a better credit offer? Improve your CIBIL score! https://howtooccupy.org/want-a-better-credit-offer-improve-your-cibil-score/ Sat, 12 Mar 2022 01:23:00 +0000 https://howtooccupy.org/want-a-better-credit-offer-improve-your-cibil-score/ Cibil Transunion Credit Score New Delhi: Credit score, also called CIBIL is a key factor for lenders when deciding on applicant eligibility and the applicable interest rate before approving loans and issuing credit cards. CIBIL — Credit Information Bureau (India) Ltd – the score is a three digit number, ranging from 300 to 900, which […]]]>

Cibil Transunion Credit Score

New Delhi: Credit score, also called CIBIL is a key factor for lenders when deciding on applicant eligibility and the applicable interest rate before approving loans and issuing credit cards.

CIBIL — Credit Information Bureau (India) Ltd – the score is a three digit number, ranging from 300 to 900, which determines a person’s creditworthiness. According to RBI, all lenders must verify the CIBIL score of each loan/credit card applicant at the time of assessment. A low CIBIL score reflects poor credit management skills.

Here are some important points to keep in mind to improve your credit score:

Timely credit payments

Failure to pay bills can reduce credit rating. Failure to meet deadlines can result in a significant decline as this indicates that you are not a responsible borrower. Since credit scores reflect credit history, a late payment could affect your report for years.

Lower balances

Remember that you should never stretch your expenses and only spend what you can repay before the billing date. Pay off your debts as soon as you can and control your card spending. Lower balances, which include unpaid dues on loans and low or zero balances on credit cards, can positively affect your credit score. It can also help you better manage your finances.

Keep your old credit card account

Switching to new credit cards because of lucrative offers isn’t always a good idea. You have to decide carefully if the new card gives you good reason to switch. If you have a credit card account that is prudently and well managed, it is better to keep it for a long time because the longevity of such an account can increase the CIBIL score. A good repayment history reflects your credibility as a lender.

Report and resolve inaccuracies

If you discover a discrepancy in the credit report, call for rectification if you have valid proof to back up your point. Disagreements and mistakes can happen, so you’ll want to have them rectified as soon as possible to avoid future problems. The recourse for rectification must be sent within a time limit set by the lender or the agency/financial institution. Ideally, you shouldn’t apply for new credit until old credit score disputes are resolved.

Use a secure card

Credit score can increase by using secured credit card offered by many banks such as ICICI Bank, CitibankSBI, Axis Bank etc These cards are issued against a fixed deposit of a nominal amount. Timely balance payments can increase the CIBIL score. So if, due to certain circumstances, you are in default, your bank will immediately liquidate the fixed deposit or other deposits against which you received the card and the debt will be repaid. This option is ideal for those with low credit scores or those with no credit history. It can improve your credit history and gradually increase your credit score.

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Medical debt is increasingly becoming a burden on Americans, says CFPB https://howtooccupy.org/medical-debt-is-increasingly-becoming-a-burden-on-americans-says-cfpb/ Thu, 10 Mar 2022 17:22:25 +0000 https://howtooccupy.org/medical-debt-is-increasingly-becoming-a-burden-on-americans-says-cfpb/ Photo (c) boonchai wedmakawand – Getty Images In a new study on consumer finances, the Consumer Financial Protection Bureau (CFPB) found that medical debt hurts consumers’ credit scores and adds significant amounts to their personal debt. The agency suggests that some 43 million Americans have medical debt on their credit reports, and that debt amounts […]]]>

Photo (c) boonchai wedmakawand – Getty Images

In a new study on consumer finances, the Consumer Financial Protection Bureau (CFPB) found that medical debt hurts consumers’ credit scores and adds significant amounts to their personal debt.

The agency suggests that some 43 million Americans have medical debt on their credit reports, and that debt amounts to about $88 billion nationwide.

Medical debt is not something the average person expects, as it often arises as a result of unforeseen and urgent events. But when it does, it can hit hard and put Americans in a catastrophic loop between their medical provider and their insurance company.

The CFPB says consumers often have to deal with aggressive debt collection and coercive credit reports that force them to pay medical bills they may not even owe. Once medical debt shows up on a credit report, the impact can be far-reaching and felt across all races and ethnicities, but especially in minority and low-income communities.

“These practices can impose significant costs on people’s financial, physical and emotional health. Having a medical debt collection business line on someone’s credit report can make it harder to get credit, rent or buy a home, or find a job,” declared the CFPB in its report.

“Some people are pushed into bankruptcy by medical bills they can’t pay. Some avoid seeking health care for fear of medical debt. And some find the stress of having medical debt – and being contacted by medical debt collectors – worsens their mental health, contributing to conditions such as anxiety, depression and even suicide.

What the CFPB is doing about the situation

Armed with the data from the new study and states’ efforts to protect patients from staggering medical bills, the CFPB decided it needed to step up its efforts to ensure that consumer credit reports are not misused. excessive to force patients and their families to pay questionable medical costs. bills. More specifically, the agency intends to address the following factors:

Reasonable Practices: The agency wants to ensure that credit reporting companies have reasonable procedures in place to maintain the accuracy of medical debt information. It plans to take action against suppliers who report inaccurate information.

No surprises: The CFPB says it will support the work of the U.S. Department of Health and Human Services to ensure patients aren’t forced to pay bills that exceed amounts owed. This is especially true in situations where the amount billed violates the law without surprise. This law protects consumers covered by group and individual health plans from receiving surprise medical bills from most emergency services and non-emergency services from out-of-network providers at in-network facilities.

Tell consumers what financial help is available: Regulators will consider how best to make it easier for patients to access financial assistance programs offered by medical providers, including at the point of collection and credit reporting.

Continue to investigate the situation: The CFPB says its latest study is just the start and it will conduct further research into medical bill collection practices and their impact on patients and families.

Look for ways to end the current problem: Finally, the agency said it will determine whether policies need to be implemented to completely eliminate unpaid medical billing data on credit reports.

Additional expert advice

ConsumerAffairs contacted Stephanie Genkin, an expert in medical debt, to obtain her opinion on the CFPB report. It assures consumers that medical debt carries less weight in credit reports than other types of delinquency. However, she said there are three things people can do when faced with medical cost issues:

  • Do not argue with the debt collector. Ask for written confirmation of the debt so that you can dispute it if it is inaccurate.

  • Negotiate a reduced payment. Debt collection agencies buy medical debt for pennies on the dollar, so consumers can often try to work with debt collectors to reduce their debt burden.

  • Try a “pay to delete” strategy. Genkin says consumers can get written confirmation that a debt collector will notify the three credit reporting agencies to remove the statement of their debt once it’s paid off.

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DO PAYDAY LOANS EVEN APPLY IF YOUR CREDIT SCORE IS BAD? https://howtooccupy.org/do-payday-loans-even-apply-if-your-credit-score-is-bad/ Tue, 08 Mar 2022 08:56:05 +0000 https://howtooccupy.org/?p=2325 GET A LOAN DECISION THAT IS GUARANTEED EVEN IF YOU HAVE BAD CREDIT If you think the process of obtaining the online cash loan with bad credit is complicated, then you’re not. There is no guarantee that you’ll get instant approval on the loan request, or even any type of approval however it doesn’t mean that […]]]>

GET A LOAN DECISION THAT IS GUARANTEED EVEN IF YOU HAVE BAD CREDIT

If you think the process of obtaining the online cash loan with bad credit is complicated, then you’re not. There is no guarantee that you’ll get instant approval on the loan request, or even any type of approval however it doesn’t mean that there’s no chance of getting a loan at an acceptable APR , as in Oak Park Financial they offer payday loans for people with bad credit.

Is there a loan to help with bad credit?

The phrase “bad credit” is a reference to personal loans that are available regardless of credit scores. Direct lenders that focus on bad credit look at other factors besides creditworthiness such as income sources and what you owe in existing outstanding debts when determining whether they can provide you with an loan even with a low credit rating or otherwise.

Every lender has their specific method for reviewing applications. This process is in place. And the greater the number of lenders you get in touch with, the better chance of being approved. Oak Park Financial can assist in contacting several lenders in one loan application.

Can I get a low credit loan that Guarantees immediate approval?

The simple answer is No. You cannot guarantee you can get money in a matter of minutes because no lender can promise you that the application that they make will be approved. If the lender believes that the chance of not paying for you is high, the application will likely be denied.

Go to our page about instant loans to learn more information.

Credit applications for those with bad credit can be complicated as it’s more difficult for the lender to evaluate their creditworthiness and the applicant will have a lower approval rates and higher rates of interest when they are approved even though they have low credit scores.

Here are some tips to improve your chances of getting approved for a loan even with low credit scores:

  • You must include the correct information in the application for a loan.
  • It is important to record every source of earnings that you make (benefits dividends, benefits , and the earnings from freelance work).
  • Get started on building credit today. It’s a lengthy process and the end product is enough to be worth it.
  • If you are in debt that are numerous, you wish to consolidate the debts.
  • Think about a secured bad credit loan for collateral.
  • Find a cosigner who has an excellent credit score.

What happens If there’s no Check for credit?

If you have a poor credit score, you should steer away from any lender that may conduct a credit inquiry on you. This could harm your credit score more.

Although the majority of our lenders perform an informal credit assessment which doesn’t impact the credit score of your customer There’s no assurance that some lenders will not conduct a real credit check.

What is the maximum amount I can borrow with a poor credit score?

If you opt to get secured loans the maximum amount you’re able to take out will be determined by your lender’s requirements, as well as the kind of loan you choose to get and the regulations of your state.

If you need an emergency loan, have a look at payday loans. an interest in $100-$100 payday loans

If, for instance payday loans are available in the state you reside in with Oak Park Financial, you could apply for a zero cash payday online with a maximum of $1500 (the amount may be lower dependent on the limit set by statute of your state).

An installment loan is a different possibility that’s very popular among people with bad credit. If you’re looking for months-to-month installment loans you can opt for a loan of up to $5000 and must be paid back in fixed monthly installments. These loans are secured. This means they don’t have co-signers nor collateral.

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March is National Credit Education Month – The Greenville Advocate https://howtooccupy.org/march-is-national-credit-education-month-the-greenville-advocate/ Fri, 04 Mar 2022 18:05:22 +0000 https://howtooccupy.org/march-is-national-credit-education-month-the-greenville-advocate/ by Aisling Fields For many people, credit is a scary thing to think about. It’s mainly because they don’t always understand it. National Credit Education Month is the perfect time to learn more about the ins and outs of credit. “Understanding what credit is, how it works, and the impact it can have on you […]]]>

by Aisling Fields

For many people, credit is a scary thing to think about. It’s mainly because they don’t always understand it. National Credit Education Month is the perfect time to learn more about the ins and outs of credit.

“Understanding what credit is, how it works, and the impact it can have on you now and in the future is an important step in becoming financially fit.” said Emily Hines, regional humanities officer for the Alabama Cooperative Extension System.

A person’s credit is based on a score between 300 and 850. This score lets a potential lender know if someone is credit worthy. Scores are based on credit history, which is affected by a number of things. These elements include the number of open accounts, debt levels, payment history, etc.

The higher the score, the more likely a person is to get a loan. Indeed, credit scores are used to determine whether someone is likely to repay a loan on time.

There are many things a credit score is needed for, like buying a car, saving on insurance, or buying a house. To do all of these things, many people need to take out a loan from places like a bank or a credit company.

It is important to understand what builds or rebuilds credit, as well as what harms it. Many people don’t realize how easy it is to build credit if done correctly.

“Making your payments on time as agreed and keeping your balances low will have a positive impact on your credit,” Hines said.

When starting to build credit, it may be in a person’s best interest to start small and open a single credit card. Try putting small amounts on this card, like gasoline, once a month. Remember to keep a low balance and always pay it off on time. Doing these articles is a big step in the right direction.

Just as people can build their credit, they can hurt it even faster. Credit can be most affected by non-payment of scheduled payments. Whenever a loan is not repaid at the agreed rate and time, there is a risk of credit damage.

“If you want to learn more about your credit, Extension’s Financial Resource Management and Workforce Development team offers financial education classes throughout Alabama,” Hines said.

The Regional Extension Officer in your area can help you enroll in these educational courses. More information on credit is also available in the publications Alabama Extension How to Build or Repair Credit and Credit Report versus Credit Score.

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Understanding Your Credit Score: What Makes Up Your FICO Score https://howtooccupy.org/understanding-your-credit-score-what-makes-up-your-fico-score/ Sun, 27 Feb 2022 16:07:28 +0000 https://howtooccupy.org/understanding-your-credit-score-what-makes-up-your-fico-score/ By SociallyIn, Sponsored Content Your credit score plays an important role in your financial situation. It can affect your ability to get credit cards, rent an apartment, qualify for a mortgage, or even find a job. Your FICO score is made up of five different factors: payment history, amount of debt, length of credit history, […]]]>

By SociallyIn, Sponsored Content

Your credit score plays an important role in your financial situation. It can affect your ability to get credit cards, rent an apartment, qualify for a mortgage, or even find a job. Your FICO score is made up of five different factors: payment history, amount of debt, length of credit history, new credit accounts, and types of credit used.

In this 2nd article in our series on credit repair, we will discuss each of these factors in detail and explain how you can improve your credit score!

What is a credit score?

Your credit score is a three-digit number that reflects your creditworthiness. It’s based on information in your credit report, which is a record of your borrowing and repayment history. Lenders use your credit score to decide whether to lend you money and at what interest rate.

Factors That Influence Your FICO Score

FICO scores are determined on the following five factors:

Factor #1: Payment History

Payment history is at the top of the list for a reason. This is the most important factor that determines FICO scores. It represents 35% of your credit score and includes all of your credit accounts, whether you paid on time or not. Late payments can stay on your credit report for up to seven years!

If you’ve missed a few payments in the past, don’t worry! You can always improve your score by catching up on your payments and maintaining a good payment history in the future.

Factor #2: Amount of Debt

The amount of your debt also plays a big role in how low or high your FICO score is. It represents 30% of your credit score and includes both your total credit limit and the amount you owe on your credit cards.

If you have a lot of debt, try to pay it off as quickly as possible. You should also avoid opening new credit card accounts if you’re having trouble making payments on your current accounts.

Factor #3: Length of Credit History

Next is the length of your credit history. It represents 15% of your FICO score and includes the age of all your credit accounts and how often you used them.

You can improve your score by keeping an old credit account and using it frequently. Just be sure to pay the full balance each month. You can also establish a good credit history by opening new accounts and using them responsibly.

Factor #4: New Credit Accounts

The fourth most important factor in your FICO score is new credit accounts. It represents ten percent of your score and includes the number of new credit accounts you have opened recently.

If you’re considering opening a new credit account, be sure to do so responsibly. Don’t ask for too many cards at once and make sure you can afford to pay off the debt.

Fifth factor: Types of credit used

The fifth most important factor in your FICO score is the type of credit used. It represents ten percent of your score and includes both installment loans and revolving lines of credit.

You can improve your score by using a variety of different types of credit products. This shows lenders that you can manage different types of debt responsibly.

The two types of debt that affect FICO scores

Photo courtesy of SociallyIn

In general, credit files contain two types of debt: installment credit and revolving credit.

Installment debt is a loan that you repay in fixed monthly installments over a predetermined period of time. An example of an installment loan would be a car loan or a mortgage.

Revolving credit is a line of credit that allows you to borrow up to a certain limit and then pay off the balance over time. Credit cards are the most common type of revolving credit.

Types of accounts that affect credit scores

There are five types of credit accounts that can affect your FICO score:

  • Credit card
  • Mortgages
  • Student loans
  • Car loans
  • Personal loans

Credit card

A credit card is a type of revolving line of credit. It lets you borrow money up to your limit, and you have to pay it back every month. Credit cards are considered high-risk loans, so they usually have a higher interest rate than other types of loans.

Mortgages

A mortgage is a type of installment loan. It is a loan used to purchase a house or property. Mortgages generally have a lower interest rate than other types of loans and longer repayment terms.

Student loans

Photo courtesy of SociallyIn

A student loan is a type of installment loan. This is a loan used to pay educational costs, such as tuition and books. Student loans generally have a lower interest rate than other types of loans and longer repayment terms.

Car loans

A car loan is a type of installment loan. This is a loan used to purchase a car or vehicle. Car loans generally have a lower interest rate than other types of loans and repayment terms are shorter.

Personal loans

A personal loan is a type of unsecured loan. It is a loan that does not require any collateral, such as a house or a car. Personal loans generally have a higher interest rate than other types of loans and repayment terms are shorter.

What can damage your FICO score?

There are several things that can damage your FICO score. Let’s discuss each below.

  • Missed Payments – Missed payments are one of the biggest things that can hurt your credit score. If you miss a payment on a loan or credit card, it will negatively affect your score.
  • High Debt Levels – Another thing that can hurt your credit score is high debt levels. If you have too much debt relative to your available credit, it will lower your score.
  • Too Many New Accounts – Another thing that can hurt your score is opening too many new accounts in a short time. This tricks lenders into believing that you are in desperate need of credit and may be a riskier borrower.
  • Credit Usage – The fifth thing that affects your FICO score is the amount of available credit you use. If you use a lot of your available credit, it will lower your credit score.
  • Default Accounts – If you have an account in default, it will hurt your credit score. A default account is an account where you have not made a payment for at least 90 days. Examples of these are foreclosure, bankruptcy, repossession, write-offs and settled accounts.

How to improve your credit score

There are five ways to improve your credit score:

  • Pay your bills on time – The easiest way to improve your credit score is to simply pay your bills on time. This shows lenders that you are responsible and that you can manage your debts responsibly.
  • Keep your debt level low – Another easy way to improve your score is to keep your debt level low. Try not to borrow more money than you can afford to pay back each month.
  • Don’t open too many new accounts at once – Another thing you can do to improve your score is don’t open too many new accounts at once. Lenders may see this as a sign of financial instability.
  • Use less of your available credit – The fourth thing you can do to improve your score is to use less of your available credit. Try not to use more than 30% of your total limit, and even less if you can.
  • Have a good credit history – The fifth and final way to improve your score is to have a good credit history. This means always paying your bills on time and not borrowing more money than you can afford to repay.
  • Pay any outstanding balance – Another way to improve your credit score is to pay any outstanding balance. This will show lenders that you are serious about improving your credit and are ready to act.
  • Dispute errors on your credit report – Finally, if you think there are errors on your credit report, you can dispute them. This will help improve your score because it shows lenders that you are taking steps to improve your credit.

This webinar provides a more in-depth look at credit repair than we have time to cover today, so you might want to check it out for a little more information on specific steps you can take yourself. same :

Your FICO credit score reflects your overall risk as a borrower. Lenders consider all five factors when making their decision, so it’s important to understand them all! This makes credit score checking an important task that you as a borrower should pay attention to. By understanding how your score is calculated, you can take steps to achieve a good credit score and make your life easier financially. Thanks for reading and stay tuned for future articles in our credit repair series!

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Start a Profitable Credit Repair Business with Free Webinar’s Simplified Software https://howtooccupy.org/start-a-profitable-credit-repair-business-with-free-webinars-simplified-software/ Tue, 22 Feb 2022 05:04:13 +0000 https://howtooccupy.org/start-a-profitable-credit-repair-business-with-free-webinars-simplified-software/ Credit Repair Cloud hosted an informative webinar on starting a profitable credit repair business using its user-friendly software and, for a limited time, business owners and emerging entrepreneurs can watch the webinar for free at https://creditrepaircloud.grsm.io/financialserenity1. Los Angeles, USA – February 22, 2022 — Business owners and emerging entrepreneurs interested in learning more about the […]]]>

Credit Repair Cloud hosted an informative webinar on starting a profitable credit repair business using its user-friendly software and, for a limited time, business owners and emerging entrepreneurs can watch the webinar for free at https://creditrepaircloud.grsm.io/financialserenity1.

Business owners and emerging entrepreneurs interested in learning more about the challenges of starting a profitable credit repair business using simplified credit repair software can watch an exclusive webinar on the secrets of building a profitable credit repair business on the Credit Repair Cloud website: https://creditrepaircloud.grsm.io/financialserenity1 .

In addition to answering questions about the secrets to building a profitable credit repair business, Credit Repair Cloud also touched on finding that first customer fast during the webinar. Some of the most surprising insights explored during the Credit Repair Cloud presentation included the secrets to building a profitable credit repair business that few business owners and emerging entrepreneurs are aware of.

WHAT EVERYONE SHOULD KNOW ABOUT CREDIT

As recently as a few years back, the term “credit score” was not very commonly used in American society. While there were those who understood the term and its purpose, the mass majority, although realizing that there was a system out there monitoring their credit, they had no term to attach to it.

Today, however, due to a number of factors such as the increase in identity theft and mass media marketing campaigns, very few Americans are unaware of the term “credit score”. “.

A credit score is a number between 300 and 850 and is based on a statistical analysis of an individual’s credit activity. It is used to represent the solvency of an individual, that is to say the probability that he pays his debts. A credit score is based on official credit report information, which usually comes from the three major credit bureaus (TransUnion, Experian, Equifax).

Credit institutions, such as banks, finance companies, mortgage lenders, and credit card companies, use an individual’s credit score to assess the potential risk posed by lending money to that individual. . Lenders use credit scores to determine who qualifies for a loan, at what interest rate the loan is granted, and what credit limits are determined. Although there are many others, such as the VantageScore, the most well-known scoring system in the United States is the FICO Score (Fair Isaac Corporation), particularly in the mortgage industry.

Under the Fair and Accurate Credit Transactions Act (FACT), every legal resident of the United States is entitled to a free copy of their credit report from each credit reporting agency once every twelve months. To guard against inaccurate information or fraud more often than once a year, one can request a report from various credit reporting agencies available online. This information is available on a number of websites that offer a free credit report, usually associated with using their services for 30 days before a monthly fee is involved. Fees are nominal compared to the need to protect personal credit in today’s high-tech society where identity theft is increasingly prevalent.

UNDERSTANDING CREDIT REPAIR

Usually, the credit score ranges from 300 to 750, but a good credit score is above 700. Many people have their credit score between 600 and 700, which is considered an average credit score. Credit scores below 600 should be repaired immediately. Better credit scores pave the way for an improved lifestyle.

Credit repair companies charge reasonable fees while rendering valuable services, as discussed in the free Credit Repair Cloud webinar. Although potentially life-changing, credit repair requires a great deal of patience and experience, with the best results often occurring 45-90 days after the initial audit.

Most people with bad credit think there is nothing they can do about it. They mistakenly believe that they have to live with their bad credit for a long time. The truth is, Americans don’t have to live with bad credit or pay astronomical fees to get their credit repaired.

Credit Repair Cloud’s simplified all-in-one software helps entrepreneurs start a credit repair business to help rebuild those damaged credit profiles. A good credit history can make life easier and more enjoyable in every way imaginable. Take action now to have that positive impact in the community.

As seen on ABC, CBS, NBC, and Inc.500, Credit Repair Cloud provides EVERYTHING you need to start or improve a life-changing credit repair business.

In addition to the secrets of starting and scaling a successful credit repair business, the full agenda for this informative webinar also includes:

Find That First Client Fast – How to find people who are more than willing to pay and land that first client within 24 hours, even with ZERO experience.

Dispute Process Template – How to use a step-by-step “Dispute Process Template” to get EASY credit repair results without being a credit expert.

For more information and to register for free access to the full video, interested business owners and emerging entrepreneurs can visit the website at https://creditrepaircloud.grsm.io/financialserenity1 .

Contact information:
Name: Support Staff
E-mail: Send an email
Organization: Credit Repair Cloud
Address: 12517 Venice Blvd., Los Angeles, CA 90066, USA
Phone: +1-800-944-1838
Website: https://www.creditrepaircloud.com/

Build ID: 89065180

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Know the Score – Albuquerque Journal https://howtooccupy.org/know-the-score-albuquerque-journal/ Sun, 20 Feb 2022 07:05:58 +0000 https://howtooccupy.org/know-the-score-albuquerque-journal/ Because interest rates are low, credit companies may make tempting offers to entice you into taking out a loan or getting a credit card. Take your time to make a decision that is right for you and your financial health before going ahead with such offers. What is a credit score? A credit score is […]]]>

Because interest rates are low, credit companies may make tempting offers to entice you into taking out a loan or getting a credit card. Take your time to make a decision that is right for you and your financial health before going ahead with such offers.

What is a credit score?

A credit score is a three-digit number that summarizes information on your credit report. The number changes depending on what is happening in your financial life.

There are two different names for credit score, FICO or VantageScore. The FICO score is named after the company that invented this three-digit scoring system in the mid-1980s, Fair Isaac Inc. The three major credit reporting agencies created their own scoring system, called VantageScore, designed to produce a more consistent score across all three credit reporting agencies. Each credit reporting agency collects different financial information about you and therefore reports a different credit score.

Credit scores are designed to estimate your likelihood of repaying a debt.

What are the ranges?

From NerdWallet:

• A score of 720 or higher is generally considered excellent credit.

• A score between 690 and 719 is considered good credit.

• Scores between 630 and 689 are fair credit.

• And scores of 629 or less are bad credit.

Other sites had different ranges and names with similar messages about the meanings.

What factors come into play?

• Pay bills on time. Any late payment can affect your score. Late payments of 30 days or more stay past due in your credit history for years.

• How much you owe. Just because you have a high credit limit on your credit card doesn’t mean you should use it. The sites I looked at recommended using 30% or less of the credit limit. Lower is better.

• Credit age. The longer you have credit, the better your score.

• Composition of credit. Having more than one type of credit such as a loan and a credit card.

• How long ago you applied for credit. When you apply for credit, an investigation is done on your credit file and may cause your score to drop temporarily. For example, applying for a new credit card that offers airline miles, cash rewards for signing up, or other incentives could negatively affect your credit score.

What does this really mean?

The score can affect your approval for a loan or credit and the interest rate you pay on the loan. People with high scores generally receive lower interest rates on mortgages, credit cards, and loans because they are considered to be at low risk of default. Average scores will likely qualify for new credit, but not ideal rates. Low scores mean a damaged credit history, such as defaults on different types of credit. It can also be the result of bankruptcy, which stays on a credit report for seven years.

Establish credit

Start small. Your bank, credit union, or other financial institution with which you have an account may offer you a credit card. When you are approved for a loan or credit card, make payments on time and in full. Credit is also established by paying your utility bills on time.

Watch your score

According to the Consumer Financial Protection Bureau, there are four main ways to get a credit score. (See the government website below for additional links.)

1. Check your credit card or other loan statement. Many credit card companies and loan companies provide credit scores on monthly statements or by logging into your account.

2. Talk to a nonprofit advisor. Nonprofit credit counselors and HUD-licensed housing counselors can often provide you with a free credit report and score and help you review them. (I couldn’t find a New Mexico nonprofit credit counselor on the website, but I did find Housing Counselors for New Mexico.)

3. Use a credit score service. Many services and websites advertise a “free credit score”. Review them carefully, as you may be charged a fee for ongoing monitoring.

4. Buy sheet music. You can buy directly from credit reporting companies. Know what you are buying and acknowledge efforts to sell additional products or services.

Obtain and review your credit report:

You are entitled to a free copy of your credit report every 12 months from each of the three national credit reporting companies. It is important to review your credit reports, which you can do free of charge at www.AnnualCreditReport.com. If there are errors in your credit reports, they can unnecessarily lower your scores. You can submit information to correct errors.

Sources: www.nerdwallet.com, www.investopedia.com and www.consumerfinance.gov.

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Today’s mortgage rates are lower | February 18, 2022 https://howtooccupy.org/todays-mortgage-rates-are-lower-february-18-2022/ Fri, 18 Feb 2022 13:36:54 +0000 https://howtooccupy.org/todays-mortgage-rates-are-lower-february-18-2022/ If you shop around for a 30-year fixed-rate mortgage, you’ll find average rates of 4.424%, down 0.022 percentage points from yesterday. Mortgage rates are lower today for almost all types of loans. The rate on a 15-year fixed rate mortgage is averaging 3.456% and the 5/1 variable rate mortgage has fallen to 3.186%, down 0.033 […]]]>

If you shop around for a 30-year fixed-rate mortgage, you’ll find average rates of 4.424%, down 0.022 percentage points from yesterday.

Mortgage rates are lower today for almost all types of loans. The rate on a 15-year fixed rate mortgage is averaging 3.456% and the 5/1 variable rate mortgage has fallen to 3.186%, down 0.033 percentage points.

If you’re looking for a refinance loan, the average rate for a 30-year fixed rate loan is 4.49%. The 15-year refi is now at 3.537% while the 5/1 ARM is at 3.236%

  • The last rate on a 30-year fixed rate mortgage is 4.424%.
  • The last rate on a 15-year fixed rate mortgage is 3.456%. ⇓
  • The latest rate on a 5/1 ARM is 3.186%. ⇓
  • The latest rate on a 7/1 ARM is 3.463%. ⇓
  • The latest rate on a 10/1 ARM is 3.558%. ⇓

Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac’s weekly rates will generally be lower, as they measure the rates offered to borrowers with higher credit scores.

Are you looking for a loan? Check out Money’s lists of top mortgage lenders and top refinance lenders.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 4.424%.
  • It’s a day offold by 0.022 percentage points.
  • It’s a month to augment by 0.405 percentage points.

A predictable interest rate, long payback period and relatively low monthly payments make the 30-year fixed rate mortgage the most popular type of home loan in America. Compared to a shorter-term loan, however, the interest rate will be higher and you’ll pay for it longer, making the 30-year option the more expensive option over time.

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Average mortgage rates

Data based on US mortgages closed on February 17, 2022

Type of loan February 17 Last week Change
15-year fixed conventional 3.46% 3.37% 0.09%
30-year fixed conventional 4.42% 4.31% 0.11%
ARM rate 7/1 3.46% 3.25% 0.21%
ARM rate 10/1 3.56% 3.37% 0.19%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The 15-year rate is 3.456%.
  • It’s a day offold by 0.066 percentage points.
  • It’s a month infold by 0.419 percentage points.

Some borrowers prefer the shorter payback period and lower interest rate of a 15-year fixed rate mortgage. The caveat is that the monthly payments are higher than those of an equivalent loan over 30 years.

The latest rates of adjustable rate mortgages

  • The latest rate on a 5/1 ARM is 3.186%. ⇓
  • The latest rate on a 7/1 ARM is 3.463%. ⇓
  • The latest rate on a 10/1 ARM is 3.558%. ⇓

An adjustable rate mortgage will start out with a fixed interest rate for a limited number of years before becoming adjustable and starting to reset periodically. For example, a 5/1 ARM will have a fixed rate for five years and then reset every year. The biggest disadvantage of an ARM is that the interest rate could increase significantly once it becomes adjustable.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 4.261%. ⇓
  • The rate for a 30-year VA mortgage is 4.76%. ⇑
  • The rate for a 30-year jumbo mortgage is 3.978%. ⇔

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 4.49%. ⇓
  • The refinance rate on a 15-year fixed rate refinance is 3.537%. ⇓
  • The refinance rate on a 5/1 ARM is 3.236%. ⇓
  • The refinance rate on a 7/1 ARM is 3.519%. ⇓
  • The refinance rate on a 10/1 ARM is 3.621%. ⇓
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Average Mortgage Refinance Rates

Data based on US mortgages closed on February 17, 2022

Type of loan February 17 Last week Change
15-year fixed conventional 3.54% 3.47% 0.07%
30-year fixed conventional 4.49% 4.38% 0.11%
ARM rate 7/1 3.52% 3.32% 0.2%
ARM rate 10/1 3.62% 3.45% 0.17%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly fell to lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve has also started to scale back its purchases of mortgage-backed securities and said it plans to raise the federal funds rate three times in 2022 to combat rising inflation from March.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

Also. take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase until the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by more than 8,000 lenders across the United States for which the most recent rates are available. Today we are posting rates for Thursday, February 17, 2022. Our rates reflect what a typical borrower with a credit score of 700 might expect to pay for a home loan at this time. These rates were offered to people depositing 20% ​​deposit and include discount points.

More money :

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Kreidler passes rule banning credit scoring for three years, proposes rule to increase transparency https://howtooccupy.org/kreidler-passes-rule-banning-credit-scoring-for-three-years-proposes-rule-to-increase-transparency/ Tue, 01 Feb 2022 18:05:08 +0000 https://howtooccupy.org/kreidler-passes-rule-banning-credit-scoring-for-three-years-proposes-rule-to-increase-transparency/ February 1, 2022 OLYMPIA, Wash. — Insurance Commissioner Mike Kreidler passed his rule banning insurers from using credit information to set auto, home and renter’s insurance for three years, beginning March 4. In addition, it proposes a new transparency rule requiring insurers to provide policyholders with a written explanation of any premium change. “I take […]]]>

February 1, 2022

OLYMPIA, Wash. — Insurance Commissioner Mike Kreidler passed his rule banning insurers from using credit information to set auto, home and renter’s insurance for three years, beginning March 4. In addition, it proposes a new transparency rule requiring insurers to provide policyholders with a written explanation of any premium change.

“I take this action against insurers’ use of credit scoring in response to the economic harm that many people have suffered during the COVID-19 pandemic – harm that has had a significant impact on people who are already financially vulnerable,” Kreidler said. “We know that now, more than ever, credit reports are unreliable. It’s unfair to base the amount someone pays for frequently required insurance on an unreliable and fluctuating factor like a credit score.”

The federal government recognized that many people are suffering financially and passed the CARES Act which allows lenders to provide relief to certain people in financial difficulty. However, the protections do not apply to everyone. And when the CARES Act ends, any default could then be reported or show up as a blackout period on someone’s credit report. This makes the credit history that insurers use unreliable and inaccurate. As it is unclear when the public health emergency will end, the rule requires insurers to temporarily remove the inaccurate credit score factor. The rule will be in effect for three years after federal or state emergency declarations end, whichever is later.

Kreidler’s rule is designed to be rate-neutral to insurers, meaning that any rate changes are spread across all policyholders. Some will see a one-time rate increase and others a rate decrease, depending on how much reliance their insurer has relied on the credit score. Based on consumer stories he heard during the public hearing on the rule, Kreidler asked insurers to provide additional information, including:

  • An illustration called a histogram that shows the range of premium changes due to removal of credit information as a rating factor. Some insurers have already provided these illustrations as part of their rate filings.
  • Copies of all communications used by insurers to describe the new credit rule to their policyholders.

He asked for copies of the communications because several investigations conducted by the ICO on behalf of consumers revealed that despite what their insurer had told them, the change in premium was not entirely due to the removal of the credit score. . In some of the responses they received, it was nearly impossible for the insured to determine what caused their premium to increase.

Only 12 companies representing 5.2% of the relevant market provided the information requested by Kreidler.

Based on the lack of transparency and answers, Kreidler is proposing a rule that requires insurers to provide policyholders with clear written explanations for any rate changes. This proposed rule will include stakeholder participation and a public hearing.

“If an insurer wants to change your coverage amount, you deserve to know why,” Kreidler said. “And it shouldn’t be difficult to understand the reasons that led to the change. If your insurance company wants your business, you deserve an honest and clear answer. We will help them give you one with this rule.

Below is a bar chart of the average premium change for the 12 companies that responded to Kreidler’s initial request for information on the impact of removing credit as a rating factor on their policyholders:















“I understand that some people will be upset that this rule is moving forward,” Kreidler said. “They think they deserve a discount because of their good credit rating, but I have to look at fairness for all consumers in our state. is not fair.

“During the three years that this rule is in effect, I intend to work with the Legislative Assembly, stakeholders and the insurance industry to see how we can permanently end the use of credit score in setting insurance premiums. It’s an outdated practice that relies on your creditworthiness instead of how you drive or treat your property. And if you think you’re more deserving of a good rate in because of your high credit scores what do you say to good drivers with low credit scores who pay an average of 80% more than you do We need to join other states that have done this and end this once and for all to this discriminatory practice.




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