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Informative Articles

3 In 1 Credit Report - Getting A Copy Of Your Credit Report And Seeing What Needs To Be Improved
If you are concerned about identify theft or regular credit monitoring, you likely understand the importance of obtaining a copy of your free personal credit report. Neglecting to monitor your credit may prove damaging in the long run. It does...
Car Loans After Bankruptcy - How Poor Credit Or A Recent Bankruptcy Can Affect Your Loan Approval
If you have poor credit or a recent bankruptcy, you can still get approved for an auto loan through sub prime lenders. Sub prime lenders specialize in financing auto loans to people with adverse credit. And a car loan can help you rebuild your...
Credit Card Processing: Beat the System by Passing Processing Fees to Customers
Imposing surcharges on credit card transactions is illegal, and it will only lead to problems. The secret to beating the credit card processing system is not charging more for credit card sales, but instead is charging less for cash sales. It may...
Functioning of credit cards
According to find.co.uk,credit cards form the base of many businesses theses days. It has been proved by researchers that people trend to do spend more if business holder is providing facility of credit cards acceptance. There are five...
Rebuilding Credit....perhaps a good change is in the cards!
People call me crazy. Once, every 6 months, like clockwork, I get a wild hair and make some type of major change in my life. It's not on purpose, mind you, it just always seems to work out that way. I move the living room furniture around; I...
 
Credit Scores: Don't Waste Your Money

Did you know that your credit score that you purchase online is not the same credit score your loan officer gets?

You probably know that when you apply for a mortgage, your loan officer gets all three credit reporting agencies reports with three different scores. From your three credit scores, most mortgage companies use your middle credit score to determine your credit worthiness.

Do you know that the credit score an auto dealer sees is not the same credit score your loan officer sees?

Imagine our surprise to find out that my husband's credit score for purchasing my new car one afternoon was 50 points higher than his top credit score was earlier in the day when he refinanced an investment house. This happened because credit scores get computed differently for mortgages and auto loans!

If you think that you have a great credit score because you recently bought a new car, think again. You may have been told that your credit score was 700 by a finance company. Therefore, you think that you have the perfect credit score to buy a house. Don't be surprised to hear from your loan officer that your credit score falls short of a prime rate mortgage loan.

You don't want to have your credit history checked too often. You do get a small penalty with a few points deducted when you have too many inquiries on your credit report. However, when you're shopping for a car or a home loan, the credit reporting agencies batch your inquiries into one. In other words, you can call several mortgage lenders to shop for the best terms and rates without losing points.

Don't waste your money buying your credit scores. These scores are not the ones real estate lenders get. Instead, get your credit scores FREE by calling a loan officer.

Copyright © Jeanette J. Fisher

About the author:

Jeanette Fisher teaches how to get out from under credit card debt, how to use credit to make money, and six ways to build strong credit to finance your first home and multiple investment properties. For a free ebook "Credit Tips for Mortgage Financing," see http://worryfreecredit.com/