Welcome to Home Mortgage Hunter
Interest Only Mortgage Calculator Home Mortgage Loan Rate Article
For a permanent link to this article about Home Mortgage, or to bookmark this page, click here.
What Makes a Credit Score Rise or Fall?
from: Nathan Dawson
OUR financial decisions can affect your credit score in surprising ways. Two credit-scoring simulators can help consumers understand the potential impact.
The Fair Isaac Corporation, which puts out the industry-standard FICO scores, offers the myFICO simulator. A consumer with a score of 707 (considered good) and three credit cards would be likely to add or lose points from his score by making various financial moves. Following are some examples:
• By making timely payments on all his accounts over the next month or by paying off a third of the balance on his cards, he could add as many as 20 points.
• By failing to make this month's payments on his loans, he could lose 75 to 125 points.
• By using all of the credit available on his three credit cards, he could lose 20 to 70 points.
• By getting a fourth card, depending on the status of his other debts, he could add or lose up to 10 points.
• By consolidating his credit card debt into a new card, also depending on other debts, he could add or lose 15 points.
The other simulator, the What-If, comes from CreditXpert, which designs credit management tools and puts out its own, similar credit score. A consumer with a score of 727 points (also considered good) would be likely to have her score change in the following ways:
• Every time she simply applied for a loan, whether a credit card, home mortgage or auto loan, she would lose five points. (An active appetite for credit, credit experts note, is considered a bad sign. For one thing, taking on new loans may make borrowers less likely to repay their current debts.)
• By getting a mortgage, she would lose two points.
• By getting an auto loan or a new credit card (assuming that she already has several cards) she would lose three points.
• If her new credit card had a credit limit of $20,000 or more, she would lose four points, instead of three. (For every $10,000 added to the limit, the score drops a point.)
• By simultaneously getting a new mortgage, auto loan and credit card, she would lose seven or eight points.
About the author:
Find more great articles at http://militaryfinances.coma great online source for finance information.
Interest Only Mortgage Calculator Home Mortgage Loan Rate Specific links
Mortgage News
Mortgage Points May Not Be Worth Buying - Street.Com
By Peter McDougall Most homebuyers would jump at the chance to secure a lower rate on their mortgage. Many do by paying their lender a fixed amount -- called a "point" -- for every fraction of a percentage point shaved from their loan's interest rate ...
Read more...Will Obama help or hurt investors? - Asbury Park Press
Managing your financial affairs in this season of political transition is like being in a poker game when a stranger shows up. It's hard to know how to play a hand until you get a sense of the new guy's strategy. President-elect Barack Obama is now ...
Read more...How to keep your piggy bank happy in 2009 - Lincoln Journal Star
The new year is here, but 2008’s economic woes are lingering. So we thought we’d share some old-fashioned penny-pinching tips to start 2009 on a frugal note. They come from readers and miserly co-workers, with some from rules our mothers taught ...
Read more...Financial planner for 2009 - Tiscali
Search: Sorting out your finances - Check your credit hasn't been tampered with - Get a better mortgage deal - Cut your household bills The New Year isn't just about giving up chocolate, alcohol and smoking - it's also the time for some positive ...
Read more...