5 WAYS TO RUIN YOUR CREDIT

5 Ways To Ruin Your Credit    Regardless of how damaged you may think your credit is there is still time for repair. It may seem daunting when looking at things like judgements, bankruptcies, collections, but the time for credit repair is now. Make sure to follow the advice of your credit repair professional and avoid these 5 most common mistakes when doing credit repair to maximize the value of your program. Applying for loans prematurely It can be exciting to see your score climb, and it is very natural to want to go out and start applying for credit…

5 factors that determine a FICO® Score

Many people of “creditworthy” age know what a FICO® score is. For those who aren’t sure or need a brush up: a FICO® Score is the number that represents a borrower’s creditworthiness based on the data within his or her credit report(s). That number, in turn, is used by 90% of top lenders to determine how much credit they’ll offer a borrower and at what interest rate. In essence, it’s a “guide” for lenders to assess the risk of loaning money to a particular individual. That’s it. We’re done. There’s nothing else you need to know about a FICO® Score,…

Credit Scores 101: What’s a Good Credit Score Range?

www.Thompsoncreditsolutions.com    So you’ve done your research and found out your exact credit scores. Now what? What does that number actually mean? Are they good credit scores? Or bad credit scores? Will lenders consider it to be within an acceptable credit score range when deciding whether or not to loan you money? The first thing to know about FICO® Scores are its meaning for you: they’re one of the metrics a lender uses to identify your creditworthiness – how high (or low) is the risk of you becoming delinquent on a loan? Simply stated, the higher the scores the lower…

Equifax study shows most Americans are Aware of Factors that Impact Credit Worthiness

Equifax did a study to commemorate Financial Literary Month in April 2016 and their online survey gathered responses from 1,008 consumers.  Overall, the study found that most Americans are aware of credit and how it affects them.  Here is a summary of its findings. Free Credit Reports 81% of respondents were aware that they could get a free credit report annually. However, when asked when the last time was that they checked their credit reports: 12% didn’t remember the last time. 24% said within the last year. 13% said within the last week. 20% said within the last month. 14% said…

10 Essential Things to Do in Your 20s to Prep for Retirement

Although retirement may seem a long way off, it’s still good to start preparing for it now.  If you do start preparing for retirement, you can retire earlier and have more money to retire with.  Americans are notorious for having no retirement savings, a survey conducted by GoBankingRates.com in October 2015revealed that 1 in 3 Americans have no retirement savings, and 56% of those surveyed had less than $10,000 saved for retirement. Don’t be one of these statistics! By just following a few easy, painless steps, you can build a solid nest egg by the time you reach retirement age. 1.…