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What's Your Credit Score?1/14/2019 Your credit rating is a score used by banks and lenders to determine the level of risk you pose. If you’re looking to borrow money, a lender will look at your credit score before approving or rejecting your application. A high score represents low risk, while a low rating indicates high risk. If you have a low score, there are steps you can take to improve your credit score.
More landlords are using credit scores to screen tenants. A bad credit score, especially if it’s caused by a previous eviction or outstanding rental balance, can severely damage your chances of getting into an apartment. A good credit score saves you the time and hassle of finding a landlord that will approve renters with damaged credit. Add auto insurers to the list of companies that use a bad credit score against you. Insurance companies say that people with bad credit tend to file more claims and these people are penalized with a higher insurance premium. With a good credit score, you’ll pay less for insurance than similar applicants with lower credit scores. These deposits are sometimes $100 to $200 and a huge inconvenience when you’re relocating. You may not be planning to move soon, but a natural disaster or an unforeseen circumstance could change your plans. A good credit score means you won’t have to pay a security deposit when you establish utility service in your name or to transfer service to another location. Let the Credit Specialist at MHN Credit Foundation help get your credit score back on track. Call one of our Specialist today at 336-270-9509 for more information.
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Let's Talk about Credit1/9/2019 Let's talk about credit!!!!
Here's some information on Bankruptcies. Chapter 7 or Chapter 13. If you recently became one of the 1/2 a million Americans who declare bankruptcy, probabilities are you are counting the days until your financial disaster disappears from your credit score report. The bankruptcy stays on seven or ten years after filing. Bankruptcies will always negatively impact your credit report. Depending on whether it was Chapter 7 or Chapter 13 you filed, it could take up to a decade for the financial ruin to disappear from your credit report. However, you might also have heard that it’s feasible to get the bankruptcy off your credit report. The truth is bankruptcies are tough to get rid of before their “expiration date.” That applies if the agency reported it correctly. Bankruptcy filings are a matter of public record. The courts where you filed them maintain them. So it’s only a matter of time before they end up on your credit report. Once one lands on your report, it’s hard to remove (whether it’s there legitimately or not). In order to tackle the monumental feat of removing a bankruptcy from your credit report, it’s important to know how bankruptcy works, how it impacts your credit, and what to do if you’re stuck with a bankruptcy on your report for the long haul. The Credit Specialist at MHN Credit Foundation can help you. Call today (336) 270-9509 and speak with a specialist.
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Why Credit Matters1/5/2019 Why Credit Matters
Credit can affect everything from home loans, auto loans, rental agreements, insurance, social status, and even employment. Bad credit means higher rates on just about everything related to borrowing money. Creating a plan to try to improve you credit will help save you money. There are five factors in determining your credit score: FICO Credit Score Breakdown 35% – Payment History 30% – Amount Owed 15% – Length of Credit History 10% – Types of Credit 10% – New Credit FICO® scores range from 350-850, where 350 being the lowest credit score and 850 being the highest. The higher your score, the less risk assumed by the lender. Ideally, you want your score to be above 680, or else you are looking at paying higher rates on your loans, if you even are approved at all. 350-579 – Poor 580-619 – Below Average 620-659 – Average 660-719 – Good 720-850 – Excellent |