Wednesday, May 20, 2015

How to Score!


What is the first thing that comes to your mind?

1. a hot date
2. a soccer/hockey goal
3. your kids SAT's
4. your credit

#4 may be last on your list...
...but it could make all of the above a lot easier..

We all function better with less stress, and higher scores = less stress.

So why is the scoring system so frustrating to most Americans?

There are several different score models that are used by different types of industry.

For example: FICO Score 9 that was released last fall the 3 major credit bureaus, borrowers who have wrestled with medical debt and others who have only a limited credit history portfolio, might find their scores have improved when they apply for future credit cards or auto loans. However, mortgage lenders use credit assessment standards set by Fannie Mae and Freddie Mac, the quasi-government enterprises that provide the secondary market for home mortgages, and mortgage experts say those agencies tend to use older FICO models.

Check your scores at least once a year from all 3 major bureaus:
Equifax, Experian and TransUnion and address any items that are not spot on, remove disputes on zero balance accounts, make sure your name, address and work history are accurate. Check balances and credit limits that are being reported.

And may you SCORE in all aspects of life!

https://www.annualcreditreport.com/index.action