Credit

What is a PLUS Score?

A PLUS score is a type of credit score that was created by the credit reporting company Experian. You may be familiar with the more commonly used FICO score. The FICO score is the score that most lenders use. FICO is an acronym for Fair Issac Corporation. The FICO score uses several mathematical models and a number of factors to determine the credit risk of consumers. Some of these factors include payment history, current amount of debt, types of credit being used, length of credit history, and new credit. Continue reading

Quest for the Perfect 850 Score

Some analysts claim that an 850 credit score provides fewer lending options than an 820, since lenders know they will make almost nothing off of someone with perfect credit. Still, most of us would choose the 850 and just take our chances, since great credit can open so many doors for us. So the obvious question is, how can I get a perfect 850 credit score? Continue reading

Derogatory Public Record or Collection Filed

Credit reports can list derogatory public record or collection filed even if there is no record of an original delinquent credit account. This is due to the fact that while lenders must report credit information for addition to your credit file, evidence of judicial action is actively pursued by credit bureaus. Continue reading

Serious Delinquency and Public Record or Collection Filed

Your credit score is factored from a number of factors that identify potential risks based on your credit history. Some factors are more severe than others. When this factor is listed, it means that not only did you fall seriously delinquent on an account, but that it resulted in additional collections activity or legal action against you. This is listed as “serious delinquency and public record or collection filed.” Continue reading

Amount Owed on Delinquent Accounts

You might have considered getting a home equity or some other consolidation loan to save you from delinquent accounts that are racking up late fees. You put your hopes and trust in a financial institution that advertises exactly that service. Yet, they denied your loan application after pulling your credit report, and for good reason. The code “amount owed on delinquent accounts” is more detrimental to your credit scores than anything else. Continue reading

Proportion of Loan Balances to Loan Amounts is Too High

Your credit application might get denied if your credit profile is flagged with a common risk code. If you are told the proportion of your loan balances to loan amounts is too high, then you are deemed to be borderline overextended on debt. Continue reading

Does getting credit counseling affect your credit score?

Getting professional help to get out of debt is an important step for many people who find themselves too deeply in trouble to handle repayment of loans and bills on their own. You should always consider going to a reputable credit counselor who can help you make a budget, gain control of your finances, and get back on your feet. Simply meeting with someone to go over your personal financial history and get advice will not affect your score in any way. Continue reading

What is the date of last activity?

On your credit score, there is a section called the Date of Last Activity. This is truly defined as the last activity, whether a purchase with the credit card, a payment on the debt, or anything else. Similarly, it can also be negative, like the delinquency date, or the last time anyone checked into your credit score. Managing your date of last activity is one factor that will lead to an improved credit score. Continue reading