For Employers:   Login   Post Jobs   Why Jobing?
 
  Clear

Advanced Search - Detailed Search for Orlando Jobs
 
 

Blog Post: CREDIT SCORE Cheat Sheet


posted Friday, June 15, 2007 2:43 PM

Do You Know What Affects Your Credit Score?  

  • Past Delinquencies = 35%
  • Debt Ratio = 30%
  • Average Age of File = 15%
  • Mix of Credit = 10%
  • Inquiries = 10%

    How Long Do Delinquencies Stay?                                                     

  • BK                                           10 years from filing date
  • Ch 7 & 11                             10 years from filing date
  • Ch 13                                     7 years from filing date
  • Tax Liens*                           7 years from date satisfied
  • Late Payments                  7 years
  • Charge-offs                        7.5 years from first late pay
  • Judgments                          7 years or Statute of Limitations
  • Inquiries                              2 years

    Credit Card Suggestions:  

  • Share debt among many cards
  • Use every 6 months
  • Do not close credit cards
  • Pay off before closing date
  • Get added as an authorized user
  • Ask for credit limit increases every 6 months
  • Maintain balance below 10%
  • Make sure the limit is reported

    Spouse:  

  • Keep credit separate from spouse
  • Transfer debt to one spouse

    Business:

  • Utilize Business Credit
  • Business credit card should not report to the trade bureaus to show on your personal credit report – verify with credit card provider that this is the case or find other business credit card – this will help with debt ratio.

    Average Age of Credit:

  • The Older the Better
  • Hold onto credit cards 

    Mix of Credit:

  • A mixture is best
  • 3-5 revolving credit cards
  • A mortgage account
  • Auto loan
  • Equity lines of credit or big credit card 

    Inquiries:

  • Inquiries affect the score for 1 year and stay on report for 2
  • Inquiries can cost 0-50 points
  • Score is only reduced for first 10 inquiries
  • Auto and mortgage inquiries have a 30 day buffer period and within a 45 day period are treated as only 1 inquiry
  • Many inquiries don’t count:
    • Personal
    • Promotional and job related
    • Insurance and account reviews
    • Myfico.com  freecreditreport.com  creditnotify.com

  • Comments 0 |
    14  | 
    Email to Friend
    Permalink
    Digg
    Technorati
    del.icio.us

    ORLANDO
    COMMUNITY BLOG
    RSS
    Add to My Yahoo!
    Add to Google
    Add to My AOL
     Flag as Inappropriate
     
    Community Comments
    There are no comments for this post yet.
    Post Your Comments
    If you already have an account, enter your email address below to login. If you do not have a My Jobing Account, enter your email address to get started!
     
    EMAIL
    (ex. username@aol.com)
    FIRST NAME
    LAST NAME
    CODE
    This helps prevent automated spam comments.



     

    About This Author
    Brian Lancaster

     

    Contact Me
     
    About Me
    My passion is equipping people to be their best in the mortgage industry. Clarion gives brokers the tools and resources they need, enabling them to be the best for their clients, and maximize their income potential.
    Recent posts by Brian Lancaster
    Brian Lancaster Blog Archive
    Subscribe to Brian Lancaster's Blog
    RSS RSS Add to My Yahoo! Add to Google Add to My AOL


     

    429.0.0630.1
    Copyright ©1999-2009 Jobing.com, LLC. All rights reserved. Orlando Jobs - Orlando's Jobing Community