credit score

July 2018

Will Paying Off Collection Account Improve My Credit Score?

By |July 27th, 2018|

Collection companies have done a great job over the years of convincing consumers that paying off collections will raise their credit scores. Many are actually surprised to learn that paying off collections will actually lower their credit scores.

 

Collections are usually reported on the credit as a “9” status or collection account. This means the […]

June 2018

Take our Home Ownership Readiness quiz to see where you stand!

By |June 28th, 2018|

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January 2016

“Derogatory” Credit

By |January 21st, 2016|

The FICO score is a measure of consumer credit risk, and it is used by mortgage companies to help screen and qualify buyers for their loans. You’ll hear about this a lot but be aware that the FICO scoring process can be complex and baffling. When I was working with my mortgage broker to get ready to buy a home, I needed to delve into FICO score details and some negative marks on my score from the past. These are called “derogatory” credit marks. I realized that in order to figure out how my score got so low, I also needed to understand the factors used to create my score so I could raise it in order to qualify for a mortgage. Fortunately, my mortgage broker and her team were great at coaching me on how to clean up my negative FICO score issues and teaching me how to increase my score. Sometimes you just need to ask for help to get started. So, here is what I learned about trying to reboot my credit.
 

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