2018 is here and with it comes new goals, hopes, and optimism. That includes some ambitious expectations for the new year, as millions of Americans make the resolution to finally get out of debt, save to buy a house, or just improve their finances. Of course, getting your credit score in New Year’s form is essential for any of those, so we present you our 18 ...Continue Reading →
Navigating the credit score landscape is sometimes treacherous for consumers, with so much confusing and seemingly contradicting information about scoring models, multiple credit bureaus, reporting guidelines, and plenty of websites offering “free” credit scores.
In fact, when someone clicks on one of those offers to view their credit score, they will quickly find out that the free offer:
1) Isn’t free, and
2) Also may not be ...Continue Reading →
Cue the band, roll out the red carpet, and drop the confetti, because America just got some great (credit score) news: the average U.S. FICO score has reached 700.
FICO, which is one of several credit scoring models but also the most widely used one by lenders, including mortgage lenders, reported that the average score hit 700 for the first time ever. FICO scores are based on a 300-850, and lenders and creditors usually consider above 740 as “prime” credit, giving ...Continue Reading →
If you’re thinking of buying a home for the first time, or maybe haven’t owned since the real estate collapse starting in 2008, you may be wondering what credit score you need to get a mortgage.
In fact, before the housing market crashed, it was far easier for the average person to get a loan since credit standards were very low (or nonexistent!) and the subprime ...Continue Reading →
At Blue Water Credit, we focus on educating our clients so they’re empowered to make good financial decisions that save them a lot of money. Today, we thought we’d bring you some valuable information in a different form – covering credit, debt and financial facts from 1 all the way to $15 trillion!
1 You may lose your one and only chance at buying your dream ...Continue Reading →
The average person will get 13 out of these 20 questions correct for a 65% score. Can you do better?
True or False:
1. Pulling your own credit report will hurt your score.
2. When different vendors pull your credit score as you “shop around” for a loan, it will always hurt your credit score.
3. There is only one version of your credit score.
4. According to federal law, employers are not allowed to check an applicant’s credit report when hiring.
5. Everyone is assigned a ...Continue Reading →
Credit repair organizations provide a valuable service to consumers, helping to increase credit scores by holding credit bureaus, banks, debt collectors, and lenders accountable for reporting accurate information. However, like with any financial service, it’s important for consumers to know their rights and make sure the credit repair company they hire is following all laws and regulations.
So what’s the most important thing to look for ...Continue Reading →
If you’ve been toiling with a low credit score due to a tax lien, civil judgment, or similar negative item being reported, you’re in store for some good news coming very soon. Starting this summer, millions of Americans will be getting a credit score boost even if they haven’t paid down debt or don’t anything else to ...Continue Reading →
Experian, one of the nation’s three preeminent credit reporting agencies, has been fined $3 million by the Consumer Financial Protection Bureau.
What was the infraction that warranted this $3 mil slap on the wrist? According to the CFPB, Experian deceived consumers when it told them that the version of credit scores they could purchase was the same one that lenders used to make credit and financial ...Continue Reading →
There are many reasons why a record number of consumers are getting shut out of traditional lending, unable to get a mortgage, auto loan, or even a single credit card. In fact, millions of Americans suffered significant damage to their credit scores through the Great Recession, leaving them with foreclosures, bankruptcies, and a whole lot ...Continue Reading →