Skip to main content

Check your Credit History

Check your Credit History - Do you have questions about improving your credit?

Here are some frequently asked questions:

• Is my credit forever ruined by a bankruptcy or foreclosure?

• A bankruptcy or civil judgment will stay on your credit report for 10 years, but it is a weighted scale, the older it gets, the less impact it has on your credit. The irony of a bankruptcy is that while it is bad for your credit score, it actually improves your debt to income ratio, which is an important factor for obtaining loans. After filing bankruptcy, you have only the debt you choose to keep, and are in a better financial position to take on new debt, as there is no longer the older debt hanging over your head.

Check your Credit History

• What are some of the things I can do to improve my credit after bankruptcy or a foreclosure?

• Pay all bills on time. Note that payments less than 30 days late are not generally reported to the credit bureau.

• Try to keep your credit card balances that you have below 50 percent of the limit. Lenders like to see existing available credit.

• Avoid inquiries, because a large number of inquiries over a short period of time may be interpreted as opening several lines of credit at the same time due to financial problems, and will lower your score.

• Know that the longer the track record or history of paying bills on time, the better.

• Do not close existing unused accounts. This advice differs from the past. When you close an account, you now have less available credit overall to draw from, and have reduced the overall debt to availability of the unused credit ratio. Closing an account may also reduce the length of your credit history depending on the age of that account.

Source: http://www.lansingstatejournal.com/article/20110102/NEWS03/101020454/1004/NEWS03

Check your Credit History
Labels:

Comments

Post a Comment

Popular posts from this blog

Contactless Debit Cards

Contactless Debit Cards - Contactless debit cards will make their formal debut in Canada next year with the launch of Interac Flash from Acxsys Corp.’s Interac Association, Canada’s national debit network. Interac’s first two Flash issuers are Scotiabank and RBC Royal Bank, which will roll out their first contactless cards next summer. The first acquirer is TD Merchant Services, a unit of Toronto-Dominion Bank. More issuers and acquirers are on the way, an Interac spokesperson tells Digital Transactions News, though no announcements have been made yet. Interac and the banks tested Flash this summer at some high-volume, small-ticket merchants in downtown Toronto. The spokesperson expects national merchants will be making formal announcements about acceptance. “There’s a lot of excitement in the merchant community,” she says. “Merchants are looking for that faster throughput.” In a statement, the Retail Council of Canada endorsed the new card. “Interac Flash is a welcome and needed
Post a Comment
Read more

The Craigslist Killer TV

The Craigslist Killer TV - Lifetime last night turned the Craigslist killer headlines into a much watched and even more talked about TV movie. The movie told from Ms Megan McAllister’s point of view is chilling, even if it didn’t have her consent. For those who don’t know the story, Philip Markoff a Boston University medical student and fiancé of Ms McAllister met Julissa Brisman on Craigslist and murdered her. Markoff met Brisman on Craigslist, arranged a meeting for a massage. Police at the Boston Marriott Copley Place hotel found Brisman, shot dead and a massage table set up in the room. Brisman, who was 25 at the time, was pursuing a modeling career. Four days earlier a Las Vegas prostitute reported being attacked and robbed by an armed man at a nearby hotel, a stripper at the Holiday Inn in Warwick, Rhode Island reported a similar incident, as well as two more in the area. The Craigslist Killer TV Megan Mcallister, loved and almost married Philip Markoff. The question of thi
Post a Comment
Read more

Farm dogs maul Irish Tourist

Farm dogs maul Irish Tourist - An Irish tourist who was mauled to death by two dogs while visiting an organic farm in Penang yesterday morning had more than 50 bite wounds and lacerations all over his body. Penang Hospital Forensic Department head Datuk Dr Bhupinder Singh, who performed the post-mortem on Maurice Sullivan (pix), 50, today, said he found the wounds on the victim's head, neck, hands and legs. "The victim had died as a result of severe haemorrhage due to multiple injuries from the dogs' bites," he said, adding that there were no signs that Sullivan suffered any ailment at the time of death. Farm dogs maul Irish Tourist Bhupinder also said both Sullivan's ears and the left side of his face were gnawed off in the incident. One of the ears was recovered from the scene. Bhupinder told reporters this after carrying out the post-mortem which began at 10am. Sullivan was attacked by two mongrels at the farm while taking photographs of the gr
6 comments
Read more