Tuesday, August 16, 2005

What To Get Rid Of..? The Older Ones or The Newer Ones...

Well in life, it may be a good idea to get rid of the old and used things to be replaced by newer and better ones.

But in this game of building a good credit score or repairing your credit score to bring it to life, it's always better to stick with the old.

According to the Mortgage Professor :"Age of Cards: The genie likes old credit cards much more than new ones. The card you have been using for 15 years is evidence of your financial stability, whereas the card you took out last week could mean you are in trouble. If you took out three cards last week, it could be big trouble."
Johncy Edward
Age Of Credit Cards

How Many Points Will You Lose On Your Credit Score....

When your library finds out that you have not returned their books or resources...

According to Evan Hendricks, author of Credit Scores & Credit Reports, you may lose upto a 90 points. That to me is a lot to lose.

"Unpaid fines reported by a debt collector, though, will knock points off a credit score.
'From a credit score point of view, it doesn't matter so much the size of the debt, but that it's recent and happened in the last 11 months,' said Evan Hendricks, author of Credit Scores & Credit Reports. A library fine recently posted on a report could trim 30 to 90 points off a credit score, he said."

Again the saving grace is not all the credit bureaus think that it is serious crime to be in that list.

"Among major credit bureaus, Experian and TransUnion will post information from collection agencies on reports. Equifax tries to weed out library fines and parking tickets because they are inconsistently reported across the country, spokesman David Rubinger said. Also, lenders don't believe they indicate a consumer's creditworthiness"

Johncy Edward
How Many Points Will You Lose On Your Credit Score....:

PS: I think I have more to blog today and in the coming days I believe, which is good for you :D

Recent Survy Results About Credit Score!


I am surprised to know that there are so many of us who doesn't know about Credit Score and it's impact on their lives.

Well, if you are a regular reader of this blog, you'll not only know what is Good Credit Score and you'll also learn how to improve your credit score from a bad credit score or poor credit score to a good one.

"According to a new survey of adult Americans administered by the Opinion Research Corporation International for CFA and Providian Financial, most consumers do not understand what credit scores measure, what constitutes a good or bad score or how scores can be improved."

Johncy Edward
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