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How To Score With Credit
- 1. How to SCORE with Credit By โ Tiffany Clark โ TMG The Mortgage Group
- 8. The Spread
Editor's Notes
- How to SCORE with Credit Why should I care about my credit? What factorโs determine your score? How can I improve my Score? Tricks & Tips to Improve my Score and Financial Health
- Here is a summary of the information we are going to cover tonight on Credit and this is what you should be able to take away from the presentation. I realize many of you in here may already be aware of a lot of the basics that will be discussed this evening but just think of it as a refresher. I know everyone here should be able to take something new away tonight.
- There is a another not really popular topic that should be discussed when it comes to credit but it is the reasonโs why we think about it or reasonโs that will cause negative credit. Often times itโs a family crisis, sometimes health or tradgedy. Often times credit concerns and problems arise from Disability and Job Loss but the least popular topic has got to beโฆ โDivorce.. Otherwise known as splitting of the sheetsโ. Many women havenโt really had to be concerned with their credit and now newly single itโs a new fear and unknown that they have to deal with. Years ago a lot of women did not have their own credit because many men were the primary applicants/or sometimes the wife just had supplementary cards. The Rules changed in 97 regarding co-applicants making it equal credit โ good or bad on accounts so that has reduced this occurance quite a bit since that time.
- Credit Score, itโs often viewed as the Boogie Manโฆ or that relative that no one ever speaks about. Well tonight I hope to dispell some of the myths and educate you all on how to make it less scary and really just easier to understand and handle. Not all Lenders use this system. They may have their own scoring system based on their lending policies. Ie. SAM โ A- E
- This however is only 1 factor in considering an application. Depending on what you are applying for there are many other factors. It just remains that whether you are applying for a business loan, equipment, mortgage or a car that your credit rating is one of the factors that needs to be good in order to be approved. Lenders also consider affordability, employment stability, the assets marketability, business plans and projections if itโs a business loan etc etc. By having a good credit rating you are just further improving the odds of getting that yes and the funds you are looking for.
- R1 is good and R9 is the lowest end of the spectrum.
- 35% of the score is determined by payment histories on your credit accounts, with recent history weighted a bit more heavily than the distant past; 30% is based upon the amount of debt you have outstanding with all creditors; 15% is produced on the basis of how long you've been a credit user (a longer history is better if you've always made timely payments); 10% is comprised of very recent history, based on your efforts to obtain loans or credit lines in the past few months; 10% is calculated from the mix of credit you hold, including installment loans (like car loans), leases, mortgages, credit cards, etc.
- - Being over 65% Utilization on Revolving Accounts - Being Overlimit is treated the same way as Lateโฆ If not WORSE - Having too many Credit Inquiries on your account. - Having too many accounts especially of a revolving nature. *** Ladies we do not need every Credit Card and Department Store card Available