http://LeahCoss.ca
Hi everyone. How are you? It’s Leah Coss with the Mortgage Center. I wanted to go over when you should pull your own credit, how often you should pull it and then, how you actually go about pulling it. So, when should you pull it? Well, in a situation where if you work with me and I asked you, “What do you think your credit is like?” Maybe you had a bankruptcy in the past. Maybe you just know, instinctually, that your credit is not that good, because you missed payments. You had a dispute with tellers and therefore, something is gone to defaulting on a loan or payment, or something like that. If you know that you have that credit, any of those kind of scenarios, I am actually not going to pull your credit.
I am going to get you to pull your own. Reason being is if you pull it, it is not going to hurt your credit. If I pull it and your credit is already bad, it is going to hurt your credit. I want to know, “Where do we stand now?” Because if your credit is bad, it doesn’t mean you can’t get into a home. What it means is, you can actually own the home.
You can get into a lease to own home though, and we are still going to need to know exactly where your credit is today, to get that sorted out for you. OK. So, if you are in a situation where before going to trying to get a car, before going to trying to get a loan or a line of credit or credit card or mortgage, you’ll want to pull your own credit if you think that there might be something wrong with it, before me or bank or anyone else pulls it. OK?
So, that’s when you should pull it. How often should you pull it? Well, credit bureaus only update their credit info anywhere from 30 to 60 days. And it is random. It is random for a reason. They don’t want us messing with it or trying to trick the system or anything like that. So on purpose, it is random. So if you are trying to make your credit better and you are pulling your credit every couple of weeks, stop.
It is costing you money. It is wasting your time. Credit doesn’t update that much. So I would recommend just conservatively check it every two months and you should see some difference, whether it is good or bad. When you pull your own credit, as well, you are going to see a lot more information in what I see when I pull your credit.
So, definitely read it. Look at it, understand it. And if you don’t know how to read it or understand it, then call me. I’d be happy to take a look at it and come up with some sort of game plan for you to fix it. Now, that’s when… Oh, the “how”. How you actually pull it. There is two credit bureaus out there. There is Trans Union and there is Equifax.
For the most part, every lender that you go to get a mortgage is going to pull Equifax. Some will pull Trans Union as well. But most always at least fix the Equifax and if we need to fix Trans Union. We will deal with that at a later time. But when it comes to Equifax, all you have to do is go to their website, equifax.com. And it is going to ask you a lot of questions, questions only you will be able to answer.
In fact, sometimes they are so complicated even you can’t answer them, because they are so specific. In that case, you actually need to physically call them. But Equifax is the one you want to talk to first. And so, that’s the “how”.
So, if you have any questions about your credit or if you know it is bad… You already pulled your own and you want to know how to fix it, feel welcome to give me a call, which… We’ll say there is three solutions for you that I can do. We can look at private lending. We can either look at leasing to own a home where bad credit doesn’t matter, because it gives you time to fix it. Or, I can just give you a game plan and let you know how long it is going to take to fix your credit so that you can buy a home.
Just rent right now and then buy a home later. So, we’ve got options for you. Bad credit is not the end of the world, and it is very common. So don’t be embarrassed by it. Just give me a call or watch some more of my credit videos, and we’ll help you to know how to fix it. So, Leah Coss with the Mortgage Center, always happy to help. Hopefully I will be talking to you soon.

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http://idcredit.org – Find information on how to get a free credit report and score.

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http://idcredit.org – Find information on how to get a free credit report and score.

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http://idcredit.org – Find information on how to get a free credit report and score.

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Click here! http://freecredit-report.net/

What is a Credit Report?

A Credit Report is a snapshot of your experience with credit-related accounts. Aside from some basic personal information, like your name and address to help identify your report, there are three main types of information on your Credit Report:

Public Records: Court-related information, including bankruptcies, state and county court records, tax liens, monetary judgments and, in some states, overdue child support payments.

Credit Inquiries: Names of businesses or individuals that have obtained a copy of your Credit Report, including lenders, landlords, and employers.

Accounts: Payment history on all your Real Estate, Installment, and Revolving Credit Accounts.

What is a Credit Score?

A Credit Score is a number based on the information in your Credit Report. It is similar to a grade you would have gotten in school, but instead of right and wrong answers your Credit Score is based on positive and negative credit history. Paying your bills on time and using your credit responsibly builds a positive history while paying bills late and being irresponsible with your credit builds a negative history.

There are many different ways to calculate a credit score. freecreditreport.com uses the PLUS Score calculation, which is the standard calculation offered by Experian.

What is a Monthly Statement?

One of our goals is to simplify the confusing world of credit for you. Our website offers a lot of different ways to view and understand your information, but sometimes you just want one simple way to see it all. Once a month we’ll take your Credit Score, any alerts we’ve sent you, some important summary information from your Credit Report and provide it in one easy-to-read format.

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www.onecallcreditrepair.com 888-586-4914. Although there are several scoring methods, most lenders use the FICO method from Fair Isaac Corporation. Each of t­he three major credit bureaus (Experian, Equifax and TransUnion) worked with Fair Isaac in the early 1980s to come up with the scoring method.

A credit score is determined much like a grade in school. Consider how a teacher calculates grades by taking scores from tests, homework, attendance and anything else they want to use, weighing each one according to importance to come up with a final, single-number score. It’s the same for a credit score. But instead of using the scores from pop quizzes and papers, it uses the information in your credit report.

The number ranges from 300 to 850. Although the exact formula for calculating the score is proprietary information and owned by Fair Isaac, here’s an approximate breakdown of how it is determined:

* 35 percent of the score is based on your payment history. This makes sense since one of the primary reasons a lender wants to see the score is to find out if (and how promptly) you pay your bills. The score is affected by how many bills have been paid late, how many were sent out for collection and any bankruptcies. When these things happened also comes into play. The more recent, the worse it will be for your overall score.

* 30 percent of the score is based on outstanding debt. How much do you owe on car or home loans? How many credit cards do you have that are at their credit limits? The more cards you have at their limits, the lower your score will be. The rule of thumb is to keep your card balances at 25 percent or less of their limits.

* 15 percent of the score is based on the length of time you’ve had credit. The longer you’ve had established credit, the better it is for your overall credit score. Why? Because more information about your past payment history gives a more accurate prediction of your future actions.

* 10 percent of the score is based on new credit. Opening new credit accounts will negatively affect your score for a short time. This category also penalizes hard inquiries on your credit in the past year. Hard inquiries are those you’ve given lenders permission for, as opposed to soft inquiries, which include looking at your own score and have no effect on the score. However, the score interprets several hard inquiries within a short amount of time as one to account for the way people shop around for the best deals on a loan.

* 10 percent of the score is based on the types of credit you currently have. It will help your score to show that you have had experience with several different kinds of credit accounts, such as revolving credit accounts and installment loans.

This information is compared to the credit performance of other consumers with similar histories and profiles. The three major credit bureaus each have their own version of the credit score, all of which are based on the original Fair Isaac scoring method. Equifax has the BEACON system, TransUnion has the classic FICO Risk Score system, and Experian has the Experian/Fair Isaac RISK system. Some lenders also have their own scoring methods, which may include information such as your income or how long you’ve been at the same job.

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FREE Credit Report at http://freesampleproducts.org/credit

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