www.bestfreecreditscores.com Government Free Credit Score – Fact or Fiction? Possible you may have already heard about the new government mandate concerning citizens being able to obtain a free credit report. But have you heard about a ‘government free credit score? There are persons who think that the government actually facilitates free calculation of the credit score, but this is not the case. What the government actually does is to provide interested persons with access to their free credit report, but not the actual credit score. To obtain the credit score you will be required to shell out the bucks. A credit score is important whether we like to acknowledge it or not. A person’s credit score does define the person and in the making of financial decisions, you are basically your score. There is just no way around it, as this information is the most sought after information when applying for loans or applying for corporate or government jobs. Your credit report is actually also rather crucial as it allows you to determine how you are doing financially. The credit report does explain your current score, how it came to be and what caused it to be where it is. You are able to see clearly the various factors which contributed to your score such as; credit card limits, payment history, debt, number of applications for credit and other related factors. However, if you don’t want to read through pages of information just to know your financials standing then the credit score …
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George Parr – Credit Crunch

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Question by mbetty27: “how long after paid collection will it appear on you credit score”?

Best answer:

Answer by SCH
If you did not negotiate the removal of the item when you paid it, it will stay on your report for 7 years. You can however negotiate the removal of items at the time you pay them off.

Please check out my source…it has great info on negotiations with creditors.

What do you think? Answer below!

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Article by Carrie Reeder

Refinancing a home loan with poor credit is a great and effective way to resolve some of your credit problems. Individuals with poor credit are likely unable to pay creditors on time or have many past due credit accounts. To fix credit problems, most people simply need extra cash to payoff debts. With this said, homeowners hoping to improve their credit should consider refinancing their mortgage.

When Is Refinancing a Good Idea?

Although there are numerous benefits to refinancing, each situation is different. To gain the most from a refinancing, the circumstances must be right. For example, if you have a high interest rate, refinancing is ideal for obtaining a lower rate. Secondly, homeowners with an adjustable rate mortgage may decide that now is the time to lock in at a fixed rate. Whatever the reason for refinancing, make sure it’s worth the closing fees.

Refinancing creates a new home loan. Thus, the procedures are comparable to attaining the original mortgage. If the purpose of refinancing is to payoff debts, opt for a cash-out refinance. This will add to the total amount owed on the mortgage. Before accepting this option, make sure your income can accommodate a higher mortgage payment.

Getting Approved with a Low Credit Score

If you have bad credit, getting approved for certain types of loans or lines or credit is difficult. However, because homes and automobiles are deemed secured loans, these are easier to acquire with poor credit. Hence, refinancing a home with a negative credit rating is realistic.

Needless to say, there is a disadvantage to accepting a loan with bad credit; and it has a lot to do with interest rates. Those who gross a sizeable income are likely unconcerned about interest rates. On the other hand, if you earn a modest income, getting the lowest rate is perhaps a major concern.

Lower rates amount to affordable monthly payments. To get the lowest rate possible with bad credit, homeowners should attempt to boost their credit score a few points. This requires little effort. Simply submit timely payments to creditors and attempt to reduce debts.

Sub Prime Refi Lenders

Another tactic for getting a low-rate refi with bad credit is using a mortgage lender that offers bad credit or sub prime loans. Your current mortgage lenders may offer these types of loans. If not, contact a mortgage broker and complete a quote request. Brokers are perfect for locating a suitable bad credit lender to handle your mortgage refi.

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Going to credit counseling doesnt hurt your FICO® score — as long as the agency pays your bills on time! Find out more in this video, where Darcy Sullivan and Craig Watts answer one of your questions about FICO® scores.

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