FinanceDogma – Finance, loans, creditcard and mortgages

March 9, 2009

Credit Score

Filed under: Finance — Tags: , , — admin @ 1:30 pm

Credit score is used by lenders, such as banks and credit card companies, to calculate the potential risk posed by lending money to their customers. With help of credit score check, lenders can decide who qualifies for a loan, at what interest rate, and what credit limits. If you are interested in taking a loan then your credit will play a vital role as the lending institutions will check if you have capacity to repay the loan on time.

Having a good credit history will give you more opportunities and it will be easier to find the best loan for yourself. Keep in mind that by having a good credit score you will have better interest rate and credit limit. Make sure that you pay your debts in time so that you will have possibility to borrow money again in the future.

You should also know that credit score is not limited to banks and credit card companies. There are other organizations that use credit score to decide if a person is qualified for a loan or a credit. Organizations like mobile phone companies, insurance companies, employers and landlords.

February 24, 2009

5 Different Ways Your Credit Affects Your Mortgage Application

Filed under: Mortgage — Tags: , , , — admin @ 4:05 pm

Getting your mortgage application approved is not easy. There are many things a mortgage lender will check before approving your mortgage application. Here is a list of 5 major factors that your credit have on your mortgage application.

* Past credit behavior
* Depth of credit history

* Current credit balances

* Number of credit line
* Number of credit inquires

Past credit behavior

You need to be punctual when paying back your loan. It is very important that your monthly installments are paid on time. Late payments will be shown on your credit report which will make it almost impossible to get your mortgage application approved.

Depth of credit history

Debt of history credit will show your mortgage lender the amount of time you have had credit. Each credit line that you have has a start date listed and it would be helpful for you if you have a credit that has been open for at least a year.

Current Credit balances

Current credit balances will show you how much of your different credit lines you are using up. Try to avoid reaching to close to your maximum credit balance because your credit may start to decline, which will make it harder to get your mortgage application approved.

Number of credit lines

This will show your mortgage lender the number of credits you have had in the past. It would be very useful if your previous credits have been managed successfully.

Number of credit inquires

Your mortgage lender will probably look at the number of credit inquiries you have made recently. The more you have – the lower your credit rating will be.

February 5, 2009

Fixing your bad credit quickly

Filed under: Finance — Tags: , , , , — admin @ 4:16 pm

If you are like most people in the world today, you need to fight to get a loan so you can get a car, pay a bill, or just have money to go shopping. This is due because you have made a few financial mistakes in the past and they are haunting you now. You have missed a bill and it went to collection, your credit card got declined because the balance was over the limit. Has this ever happened to you? Many people suffer because of those reasons but you don’t have to worry, you can get the things you want and fix your credit score all at the same time. Here are a few ways to fix your credit score so you can get the things you want in life. (more…)

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