Super Fitness Health BlogEven People Who Have Good Credit Are Penalized
Will they be flexible within their research and look at the actual report or simply look at the standard of A-F. ?? Unfortunat..
By now everyone is conscious of the Vantage credit scoring system designed by the three main credit bureaus: Experian, Equifax and TransUnion. The system levels people on a level of A-F. I have done considerable research, but have yet to find out how lenders will use this score, or which lenders will elect to use the Vantage score as opposed to the FICO score.
May they be flexible within their research and look at the actual report or just look at the grade of A-F. ?? Unfortunately, nobody knows for certain. For now, when looking for financing, ask the lender which credit history they’re using.
I recently refinanced my home and the lending company employed the FICO score. Well, I recently obtained a of my credit report and credit scores from the three major credit bureaus. I’ve not given any late payments previously 10 years; therefore, I expected to obtain the highest credit score possible or at the least very near to it. My results were above and 760.
When I ordered my Experian report I wished to purchase a score, yet I only had the choice of getting a Vantage score. My Experian Vantage report was 819. To my surprise, many of these absurd reasons were fond of explain why my credit scores weren’t higher:
1. Your statement does not show real-estate loans this was wrong, I have had a mortgage for yesteryear 7 years.
2. Your report implies that accessible credit across your open revolving accounts is too low I only have one credit card with a control of $3,000. They are telling me that if I had more credit cards my score would be higher.
3. If you are interested in marketing, you will perhaps wish to compare about all 3 credit reports. Your report shows that the proportion of amounts to credit limits across your open revolving reports is too much My balance on my credit card was about $900, which can be only 30% of the credit limit – the balance that consumers must have on their credit cards.
4. Your report shows that the time as your oldest revolving consideration is too small wrong. I have one revolving account, my charge card which I have had for yesteryear ten years.
5. Your record shows one or even more questions on record I had one question in June 2005. One question in February 2006 and one in October 2006. Questions must be obtained no more than twice a year if you are doing comparison shopping. Because I’d two inquiries within 12 months I’m being penalized.
Well, obviously, I wrote each credit agency and challenged most of the reasons they provided. I received two responses back and am looking forward to the last response. After I get it, I’ll get a copy of my credit file again to see if my results have improved. I have struggled to learn how one gets an 800 FICO credit history or higher. From the looks of things, it doesn’t seem like an 800 is possible anymore because the credit agencies will find methods to make fully sure your credit report isn’t as large as it may be.
I encourage everybody else, whether you’ve poor credit or good credit, to read most of the information provided together with your credit report, read each line on your credit report and buy a of your credit report annually. Ensure everything listed on your credit report is correct. Even a few points in your credit rating will make the difference between getting authorized or getting rejected, and those extra points are all needed by us. All the best!.
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