Get Free Credit Score – FICO Report

SkyBlue asked:


What is the minimum FICO score in order to be approved for a Sallie Mae Career Training Loan without a co-signer? Also, are other things such as income taken into consideration if I have less than perfect credit?

Lois

Darin Sewell asked:




Before applying for a loan many borrowers get nervous and wonder if they will get approved for financing. Knowing your credit score can eliminate this stress but credit scores change daily so how can you estimate your credit score right now?

The most important factor in your credit profile is paying your bills on time, if you have no 30 day late payment on reporting on your credit accounts that would be the most ideal situation for a high credit score. Most times borrowers with credit scores over 700 almost never will show a 30 day late on credit accounts. Keep in mind that one 30 day late payment either on a credit card or home loan can drop your credit score 50-100 points. It will take 6-12 months for your score to return back to the level where it was at before the late payment. 60,90 and 120 late payments make the situation worse and will take longer to recover from.

Balance to credit limit ratio is another big deciding factor in your credit score. If you have many accounts maxed out at the limit then you can expect a drop in your credit score of up to 100 points. The ideal ratio is to have a balance at 45% of the credit limit. This is considered by many to be the ideal balance to limit ratio. If your credit accounts are maxed out then you can always ask the creditor for a credit line increase, this will drop the ratio down and bump up your credit score.

The number of credit inquiries will also have a negative affect on your credit score, to many inquiries and you score begins to drop. If you are shopping for a home or car only allow your credit report to be pulled 3 times. Excessive credit inquiries can have a drastic affect on your credit score so use common sense when shopping for things that require credit to be pulled.

If you have good payment history with low balance/limit ratios and have no had excessive credit inquiries you can be safe to estimate your credit score at 680-700, you can subtract 50 points for every 30 day late and another 50 points for every credit card that is maxed out. Although there are other factors the three listed above will make up the biggest portion of your credit score and it is safe to estimate your credit score based of of them.

Sue

Eric asked:


I’m wondering what FICO score I would need in order to qualify for a 0% APR Balance Transfer Credit Card like Chase, Discover, or Bank of America?

Thanks!

Jeremy

Gigfy.com asked:


If your employer fails to deduct Federal Income Tax from your biweekly paycheck, who is responsible to pay the amount not taken out? Even though you have filled out a W2 form at time of hire, doesn’t the employer have to properly deduct FICO? Is it against the US Tax Code if he fails to do so? NO SPAM PLEASE

Warren

Irena Bocheva asked:




More than 35 million Americans are asking themselves the same question. Your FICO mirrors your ability to manage finances successfully. It determines whether you’ll get approved for a loan and whether you’ll have to pay thousands of dollars on high interest rates. However, the importance of your FICO goes beyond shopping. Employers, insurers and landlords are also pulling your credit report in order to evaluate applicants. The growing significance of your credit score makes having a good credit a simple necessity.

Here are 3 simple rules that will help you understand how fast credit repair works.

1 You can’t win a game if you don’t know the rules.

Most credit repair services charge exorbitant fees for things you can do yourself IF you had the slightest knowledge about the inner workings of the credit system and the various loopholes in it. Do you know your rights under FCRA (the Fair Credit Reporting Act) and FDCPA( Fair Debt Collection Practices Act)? Do you know that you can dispute any erroneous, incomplete, incorrect, questionable, unverifiable item on your report? And not only that-you can dispute the same item with different credit bureaus, collection agencies and creditors. Do you know that all types of credit agencies are required by law to provide you with proof of claims(debt validation) if you ask them to do so? Do you know that 2 factors in your credit score formula constitute more than 70 % of your final FICO score? The more you know about how the system works, the better your chances to raise credit fast.

2 No immediate action – no victory.

Negative items stay on your report for a certain period of time. For example, a chapter 7 bankruptcy stays for 10 years. A chapter 13 bankruptcy – 7 years. Legal judgments stay for 7 years or for the duration of the statue (whichever is longer). Other types of negative info (collection, late payments, past due payment) stay for 7 years. Credit inquiries usually disappear from your report after 2 years. A lot of people simply wait patiently until these items fall off from their record. However, if you are looking for a fast credit repair or if you want to apply for a mortgage or auto loan soon, you have to take action NOW. Order a copy of your credit report, analyze it, dispute various items, negotiate with collection agencies, request proof of debt, do a balance transfer on your cards, piggyback someone else’s credit etc. In a nutshell-use all possible strategies and take immediate action.

3 Perseverance is vital for success.

The path to a better credit is not necessarily smooth. Credit bureaus might dismiss some of your disputes as “frivolous”. Collection agencies will probably be able to validate most of your debt. You won’t easily find friends/relatives that will let you piggyback their credit. Setbacks are a normal part of the process. Summon your energy and keep trying.

How to raise your credit score fast. The answer is simple. All you need is knowledge about the inner workings of the system and the various loopholes in it. Once you start thinking outside the box, you’ll be surprised to find how easy credit repair actually is.

Peggy

Ron Borg asked:




John Harris had never missed a payment.