How does my credit score affect my VA loan interest rate?
Many VA loan borrowers wonder if their interest rate is tied to their credit score. The main question asked is “How does my credit score affect my VA loan interest rate?”
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A Good Credit Score – The Key To Cheap Financing
Dodging bad credit is a struggle people go through on a daily basis. They pay their bills on time by working their tails off. They hold out on their wants so as to pay interest on debt just to get good credit. This is a struggle to dodge bankruptcy or home foreclosure. However, is good credit really worth all the effort?
Turns out, yes! Watch this video.
what happens if you settle your debt will it affect credit score?
Question by h.p: what happens if you settle your debt will it affect credit score?
how bad it will be?
Best answer:
Answer by victor c
A debt settlement will actually improve your credit. Having a lot of debt typically hurts most people’s credit because it gives them an exceptionally high debt-to-income ratio and debt-to-credit ratio. Inversely, a debt settlement, which manifests in a debt elimination, lowers and brings both the debt-to-income ratio and debt-to-credit ratio to a positive standing.
According to Fair Isaac corporation, which created the FICO credit scoring model, the “debt-to-credit” ratio makes up roughly 30 percent of the consumer credit score. So, obviously a debt settlement (a.k.a. debt negotiation) will improve your credit.
In addition to being able to improve your physical credit score, hiring a debt negotiation specialist to settle your debt can give you added credit benefits. It also makes you look more creditworthy than previously showing a whopping sum of debt and high debt to credit balances. Keep in mind that creditors are more concerned about debtors that owe a lot and can’t seem to reasonably pay off their debts than if you’re presently debt-free, yet had a checkered credit history.
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Categories: Credit Score Questions Tags: affect, answer, Best, Credit, Debt, happens, Score, Settlement
How does my credit score affect my military career?
Question by rendonwarren: How does my credit score affect my military career?
I have a bad credit score and a couple of financial delinquencies, is this going to affect my military career? if so how?
Best answer:
Answer by American Man
When you clear one company to another you are going to find out. You will have to pay up. They will take it from your check, your CO will be notified and he will take it from there.
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How does declined credit card applications affect your score?
Question by Project EX: How does declined credit card applications affect your score?
Hello, i applied for 2 credit card applications within a week and got declined. This is because, i am 18, and only have 2 bank accounts with no credit on file. When i paid $ 15 yesterday to see my credit score, it reported as having “no score”. So i guess my declined accounts don’t count, expect for the inquiry right?
And say i do have credit, how much does a decline account do for a credit card.
Also 1 more question: What is the easiest card to get, ive tried:
1. Texaco
2. Best Buy
3. Bank of America
any ideas?
Best answer:
Answer by Mary F
Credit card declinations are not reflected in your credit report but a lot of inquiries can hurt your score. If I were you I would consider trying to get a credit card through your bank or try a local credit union. If you need to get a secured credit card where the amount of deposit you put in equals the credit line. Charge some small purchases but pay off the entire balance every month. You also want to show a payment as agreed history. My husband and I have superior credit (over 850 scores) He has limits of $ 25,000 or more on some of his cards. Believe me when I married him I was coming into the marraige with a Chapter 7 bankruptcy and by following this advice I am in Credit Heaven. Good Luck!!
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Categories: Credit Score Questions Tags: affect, Applications, Card, Credit, declined, Score
Does it affect your credit score to close an account while still owing money on it?
Question by CaliGirl: Does it affect your credit score to close an account while still owing money on it?
I joined a DMP (debt management program) they are a great team and i am making a difference in lowering my debt little by little. However, i noticed on my credit report a couple days ago that many of those accounts that i have on the DMP are still “open”. I called and they advised me not to close them as this would affect my credit score- “having a credit card closed while still owing money”. But i figure if i am still making my payments on time does it really matter? Also, i thought it would help closing the account since my “open account” number would fall. Any advice??? Thank you!
Best answer:
Answer by mscarriem
The reason you want to leave the accounts open is your credit score is based 35% on credit available. If you close the account with a balance you now owe money on a credit account you can not use at all. They are correct in advising you to leave the accounts open. Once they are paid in full you could close them, but now you would have credit available which as I stated will elevate your score.
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Q&A: How will an increase in salary affect my credit score?
Question by kamui r: How will an increase in salary affect my credit score?
I understand that credit score isn’t necessarily based on income but here’s my situation. I have about 16,000 in revolving debt with a 600 credit score. My yearly income has recently increased 10 fold which obviously improves my debt to income ratio. How long after this increase should I see improvements in my credit score and by how much. Also what triggers the credit bureaus that this increase in income has occurred?
Best answer:
Answer by Nikki Monique
It won’t because your salary is not suppose to be reported to credit bureau. If you want to make your credit score high never exceed 70% of your credit limit on the credit cards and no matter what pay your bills in time.
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Q&A: How do I switch credit cards and not affect my credit score?
Question by msc44: How do I switch credit cards and not affect my credit score?
I want to get a frequent flyer credit card but I already have 3 credit cards with generous limits. I don’t need these credit cards and I would like to cancel them and have this “possible credit” to go towards the new card. I heard once that canceling a credit card has a negative effect on your credit score. Is this true? If so, how do I switch credit cards and avoid affecting my credit score in a bad way?
Best answer:
Answer by Serge M
Yes, it is true. Having active credit cards on your record is no problem. It shows that card issuers are willing to extend credit. If these cards have no balance on them, you should have no trouble getting a new card. Apply and start using it.
If there are balances on your other cards, it is a different issue. You should pay them off, or transfer them to the card with the lowest interest rate and pay that off as quickly as possible. Then make sure you never have a balance on a card that exceeds about 30 percent of the credit limit.
Paying the monthly charges in full each month is the best policy. It also means not paying any interest.
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