What is the difference between a credit report and a credit score?
Your credit reports and your credit scores are two different things. A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts. ...
A FICO® score is a particular brand of credit score. A credit score is a number that is used to predict how likely you are to pay back a loan on time. Credit scores are used by companies to make ...
My credit card statement now has a credit score. What does this mean?
Recently, several credit card issuers introduced programs that provide customers with free credit scores. This credit score could make it easier for you to spot whether there may be a problem or error on your credit report. For example, if ...
Do I have to pay for my credit score?
Credit reporting companies may charge you a fee for your credit scores, but you may be able to get a free score from your credit card issuer, another lender, or from a non-profit credit or housing counselor. You actually have ...
Yes, but only if you want the lender or dealer to consider such payments as part of your application for credit. None A lender or dealer may ask whether income stated in your application comes from alimony, child support, or ...
How long does information about me stay on my consumer report?
Consumer reporting agencies are required by law to remove most negative information about your account after seven years, which generally means that if you find an item in their report that is older than seven years you should dispute that ...
What happens if I do not pay back my Personal Line of Credit?
Your account may be suspended. The lender may also be able to take the money you owe directly from your checking account or any other account you have at that bank or credit union. This is called “setoff.” Setoff is ...
How much can I borrow with a Personal Line of Credit?
None Most banks and credit unions that offer this product will set the credit limit based on your creditworthiness and income. Because there is no collateral, these lines usually require strong credit.
Should I agree to co-sign someone else’s car loan?
If you co-sign a loan, you’re legally obligated to repay the loan if the primary borrower is unable to. A co-signer is someone – such as a parent, family member or a friend – who adds their information, including income ...
Risk-based pricing is when a lender offers you less favorable loan terms, such as a higher interest rate. The lender decides this based on information in your credit report or application. Lenders often charge higher interest rates to people they ...
How does a lender decide what interest rate to offer me on an auto loan?
An auto lender considers several factors – including your credit score, your credit history, income, debts, and down payment – when deciding what interest rate to offer you. Auto lenders will generally consider a number of factors when they’re ...
Do student loans affect my credit score?
Having a student loan will affect your credit score. Your student loan amount and payment history are a part of your credit report. Your credit reports—which impact your credit score—will contain information about your student loans, including: Amount ...
Should I choose federal student loans or private student loans?
If you must take out student loans, federal student loans are the best option for the vast majority of borrowers. None It is best to max out your federal student loan options before you borrow any private student loans. Federal ...
Generally, a creditor such as a lender or broker cannot use your age to make credit decisions. None However, there are exceptions to this rule. For example, age can be considered in a valid credit scoring system. Even then, the ...
It is possible to qualify for a mortgage after a foreclosure. However, foreclosure will hurt your credit. None Foreclosure information generally remains in your credit report for seven years from the date of the foreclosure. Even if you have a ...
How long does negative information remain on my credit report?
A credit reporting company generally can report most negative information for seven years. Information about a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. ...
When will my lender run or obtain a copy of my credit report?
Your lender will run your credit report when you apply for a mortgage. (It cannot pull your credit report if you just call to ask about rates.) It will also pull your score again just before you close on a ...
Will a lender getting a copy of my credit report affect my score?
A single credit inquiry from a lender will have little impact on your credit score. None Credit scoring models also take into account when a consumer is shopping for the best rate on a student loan, auto loan, or mortgage ...
How does my credit score affect my ability to get a mortgage loan?
Your credit score, as well as the information on your credit report, are key ingredients in determining whether you’ll be able to get a mortgage, and the rate you’ll pay. None Your credit report and your credit score are two ...
Where can I get my credit scores?
You can get a credit score for free from many credit card companies or other lenders you use, and from nonprofit credit and housing counselors. You can pay for a credit score service, which might include credit monitoring or other ...
A credit score is a prediction of your credit behavior, such as how likely you are to pay a loan back on time, based on information from your credit reports. Companies use credit scores to make decisions on whether to ...
I applied for a mortgage loan and my lender denied my application. What can I do?
You should request an explanation from your lender as to why your application was denied. The lender is required to provide you this explanation in writing if you request it, and must to give you copies of the credit score ...
What are some of the financial considerations when thinking about buying or renting a home?
Buying a home and taking out a mortgage might make sense if: You have a steady source of income and a good record of paying your bills on time. Lenders will look at your ability to repay the mortgage and ...
A subprime mortgage carries an interest rate higher than the rates of prime mortgages. Prime mortgage interest rates are the rates at which banks and other mortgage lenders may lend money to customers with the best credit histories. Prime mortgages ...
