Credit (FICO) Scores Q: I have a question concerning your credit scores column: One of your tips says, "Don’t let anyone inquire into your credit without approval." I just received my credit report with a full page of companies who have checked my credit. Is there a way to stop that?...I had no knowledge of this.
View Answer Q: What is the story behind the ‘credit scores’ I hear so much about?
View Answer Q: My husband and I want to work on our credit reports so that we can purchase a home in the near future. We have accounts with late payments in 1998 and 1999. We also have many accounts before that time which have zero balances and are in good standing. Would it help to raise our credit score by taking off those old accounts which are more than seven years old, even though they are the 'good standing' accounts,' or leave them on? I have read that having many accounts on the credit report to begin with lower the score. Any suggestions?
View Answer Q: I read that we can now ask for our FICO scores. Do you have any details on how to do this?
View Answer Q: What is a credit bureau score, how do lenders use them, and is there any way to improve them?
View Answer Q: I recently applied for a mortgage loan and was told my FICO score was 650, not particularly great. I have not had any late payments and always tried to keep my credit record clean. What could I do to bring my score up?
View Answer Q: I understand that we can now obtain our credit FICO scores. Please provide any details on this.
View Answer Q: Between my wife and myself, I am the one with the higher credit score and also the higher income. Would a mortgage person only use my scores? Also, could we apply for a mortgage without my wife as co-borrower and still use her income as additional in the application?
View Answer Q: I have a question on FICO scores. My score is 690 and my wife's is 760. I am self-employed; we file our taxes together and want to buy a house together. How will the score be calculated, will they use mine only, average both or hers only?
View Answer Q: I was told that having your credit checked numerous times in order to buy a home does not affect your credit score. Is that true?
View Answer Q: I have heard so much about credit scoring, and I understand it can affect whether you get approved for a home loan or not and at what interest rate. Please explain.
View Answer Q: I believe there recently was legislation to require that individuals could get a free copy annually of their credit report from the three credit repositories. Is this in effect now? If not, when will it take effect – or has it been deferred or dropped?
View Answer Q: First of all, my husband and I are looking to buy a house within a year. How soon should I worry about being preapproved for a mortgage? The other question is, my credit score is about 583 and my husband’s is lower, but we are fighting to get a tax lien off of his because it is not ours, it is his father’s, so that should raise his score. Our income is about $75,000 a year and our debt/income ratio is low, so how realistic am I in thinking we can qualify for a mortgage with out scores? Also, we are working to pay off all of our old debt, charge-offs and all, before we move. We have paid off a ton already. Thank you for your site, it’s awesome.
View Answer Q: I saw your interesting article in the San Luis Obispo County Journal last year about credit scores. I believe there recently was legislation to require that individuals could get a free copy annually of their credit report from the three credit repositories. Is this in effect now? If not, when will it take effect - or has it been deferred or dropped?
View Answer Q: My husband’s credit score is 583, mine is 623. We can get a loan with 620 or above, but I don’t have the income he does. Our score is low because of past bills and bankruptcy filed and discharged in 1999. Do we pay off old bills to get the score up; we are current on all new bills.
View Answer Q: I know from reading many articles that my credit score is important, and I have been tracking it frequently in hopes of buying a home someday. But it doesn’t seem to make sense to me. Why do the numbers change? The explanations I see in the credit reports don’t add up.
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