Wealthy Families Face Bankruptcy on Real Estate Crash
Rebuilding credit after a bankruptcy may take as much as five years of good payment history, said Ken Lin, chief executive officer of CreditKarma.com, a San Francisco-based Web site that allows consumers to monitor their credit scores. A secured credit card, which requires an upfront deposit, is a good way to start, he said.
Credit Scores: What You Need to Know Now
Preserving your credit history is one reason that Kenneth Lin, CEO of Creditkarma.com, recommends that you don't formally close an account but let the issuer close it for lack of activity. The longer the account stays open, he says, the more you'll add to your credit history and the longer you'll benefit from the additional available credit.
Tips to fight your travel credit card dispute
Also, bear in mind that you may have other remedies, says Ken Lin, the chief executive of Credit Karma, a financial information company based in San Francisco. "There are often consumer protection laws at the state level regarding warrantees and refunds," he says.
Win at the Credit Scoring Game
<strong>Learn Your Score.</strong> You have three FICO scores, based on your credit reports at the three credit bureaus: Experian, Equifax, and TransUnion. The numbers tend to be in the same ballpark, so pony up $16 to get one representative score at myfico.com. You can get an estimate free at Creditkarma.com.
CreditKarma.com is an interesting new site
Better, they have a "Report Card" to show you how your score and its different components stack up to the rest of the population. (I did okay on most components but was surprised to learn that my score was hurt by not having enough accounts with different lenders. Consolidation makes keeping track of the family finances easier but apparently there are costs to that decision.)
How to Shop for the Best Home Loan ? Finding the Best Mortgage
You won't get your credit score with your free credit report, so this is something you're going to have to do separately. Two of the best options for obtaining your credit score are myFICO and Credit Karma. Credit Karma is free and provides some neat features to help you monitor your score and make improvements.
Credit bill could hurt consumers
At any rate, tighter credit is now the case for marginal borrowers. In the recent past, someone with a credit score of perhaps 680 or above on FICO's 300-850 scale could get a top card with a low rate, said Ken Lin, CEO of CreditKarma.com in San Francisco. But today, the best cards are being restricted to people with credit scores of 740 to 750 and up, he said.
Credit limit cuts only graze credit scores
"Kenneth Lin, CEO of Creditkarma.com, said he thinks the nationwide median would be lower now because of economic changes."
Illinois, You Can’t Afford Squat
"With Illinoisan's credit card debt averaging $6,775 and an average mortgage loan of $189,443, it looks like the only good news for our state is that our average credit score is still above the national average of 673, according to Credit Karma."
Just about any financial task is made manageable with online help
"Credit score: Your credit score will affect the interest you pay on everything, so you want to keep it in the 700s or higher. To get a free credit report, which influences your score, visit annualcreditreport.com. To see your score, pay less than $50 at myFICO.com. To improve your score: creditkarma.com."