Comments for credit unify info

Comment on How exactly does a credit card work? by terunaz

terunaz — Sun, 17 Jan 2010 14:30:49 +0000

you got some replies but here’s some great reading, might take you a while though:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don’t forget about me lol, hope it helped you!

Comment on How exactly does a credit card work? by Rudecatt63

Rudecatt63 — Sun, 17 Jan 2010 14:24:40 +0000

Check the interest rates on the card you get.Some can be very high.

Comment on How high do your credit score have to be to buy a house? by golferwhoworks

golferwhoworks — Sun, 17 Jan 2010 13:40:26 +0000

not less than a 620 score in the middle of 3 credit reports. By getting a secured credit card and 2 additional trade lines your score can go up quicker than you think. Just pay as agreed and keep revolving lines such as cards balances low but not paid off. I suggest using the card and paying the balance down to $10 monthly
I am a mortgage banker in TN

Comment on How exactly does a credit card work? by badgerfan

badgerfan — Sun, 17 Jan 2010 13:25:22 +0000

Can you wait and save for the item? This is the best way. There are other ways to estabish credit. By the way, do you have a banking account, debt card, a job? All 3 are sources of credit. If a card is the best way to go, pay full and don’t be late! 0% now, 29% once you are late!
Best way is still wait until you have the cash. Debts from credit cards is the main killer of this economy.

Comment on How high do your credit score have to be to buy a house? by LifeStyle

LifeStyle — Sun, 17 Jan 2010 13:00:17 +0000

Before you start home buying process. Check your credit report. If you are american consumer then by law you can get one credit report free from three credit bureaus in america. To get free credit report you can visit annual credit report website. This website was created by three american credit bureaus to provide free credit report to american consumers. Check your credit score and credit report will detail the factors which are keeping score up or down.

The factors which influence your credit score as follows:

1. Length of payment history and what kind of bills are you paying (Mortgage, car installments or big ticketed items carry more weight). Any missed payments or defaulted account severaly damage your credit report.

2. Amount owed to lenders/banks/credit card companies

3. type of credit (mortgage. home equaity, per loan, credit cards, retailers etc)

4. New credit (how much is available against how much used. Your available credit shoul dbe higher then amount used on your credit cards.

5. Blemish record: Any negative remarks against your credit file reported by lenders/business/service providers can bring your score drastically.

If your score is below 700 then you will not get good int. rates for mortgage. Building credit hisotry takes time with simple ways. Pay your bills on time, dont miss payments, keep 2-3 credit cards and don’t use all credit.

Hope this info helps you.

Comment on How high do your credit score have to be to buy a house? by Steven

Steven — Sun, 17 Jan 2010 12:45:47 +0000

Back in the sub prime days you could get great loans with a fairly lower credit score in the 600’s+. Now days they’ll want to see a bit higher of a score to get a nice loan at a lower interest rate.

It all depends on how much you’ll put down, your monthly income, and FICO history of borrower/s.

Typically if your score is 680+ you’ll be in great shape.

Comment on How exactly does a credit card work? by Smartypants

Smartypants — Sun, 17 Jan 2010 12:36:23 +0000

The best way is to keep the balence no more than 50% of the limit. If you go higher than the 50%, it will look like you have bad credit instead of no credit.
If you pay the first balence off that month or pay half this payment and half the next, the bank will be very happy and raise your credit limit.
You do not want to make only minimum payments. That will get in you into BIG trouble. They can raise the interest rate and it will cost you way more to borrow that money than you thought it would.
If you have to because of money issues, make the payment that is due a min amount and then make another payment that month that is double the min. That will show good faith to the company. After about 6 months, you can call them and ask for the interest rate to be lowered or a higher limit.

Comment on How high do your credit score have to be to buy a house? by Tony

Tony — Sun, 17 Jan 2010 12:25:08 +0000

creditreport.imess.net – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

Comment on How exactly does a credit card work? by Doe

Doe — Sun, 17 Jan 2010 12:19:51 +0000

Using a credit card is a good tool to establishing creditworthiness. Yes, go ahead and use your card. The best advice I can give you is to pay it off each and every month. Most cards give you a 20 or 25 day grace period. If you pay off the balance, no interest or service fees get charged.

If you only make minimum or partial payments, interest and service fees will start accruing, and this can make a $200 purchase cost you $400 or more!

As you use the card and make payments every month, your credit line will increase. It’s very easy to charge right up to the max. Keep an eye on what you have charged by accessing your account activity online frequently. You should be aware down to the penny of how much you owe at any given time.

Do not use your card to get a cash advance. The fees and interest are astronomical and can lead to trouble fast.

Another good choice for a first card is a “secured” card. This means you have $300 in a savings account before you are given a $300 credit limit. You can’t spend more than you have that way. Secured cards are easier to get, and once you have had one for awhile, you can be bumped up to a regular card.

Good luck!

Comment on How high do your credit score have to be to buy a house? by wl

wl — Sun, 17 Jan 2010 12:10:51 +0000

It may take a couple of years to get good credit estabilshed…it took me 4-5 to get a good enough credit history to get a decent home loan -and yes I always paid everything early. You can get your credit score up fairly quickly but you also have to have a good credit history showing you can maintain good stading with debts over time. You can probably start by getting a small personal loan or credit card with a low limit. My advice is to start small…especially with credit cards because u don’t want to end up using it more than what it was meant for and end up in big debt and payment you can’t afford. After the small stuff you may need to get something bigger like an auto loan to show you can pay back larger amounts…but don’t go in debt for something if you don’t have to. They will also look at how long you have been employed at your current job, how long you have lived at your current residence, and how much money you have saved…all of that factors in with your credit. According to the places I talked to they like to see your credit score above 700. Most bank websites have good info on mortages that will let you know what to expect…two I looked at were bank of america and wells fargo’s websites.