What affects my credit score?
Your FICO score is affected by five factors that are weighted based on certain criteria. Payment history: 35% Amounts owed: 30% Length of credit history: 15% Credit Mix: 10% New Credit: 10%
How do I get my FREE credit report?
You are entitled to one free copy of your credit report every 12 months. You can get a free report from each of the credit reporting companies. The only authorized website for getting your free report is annualcreditreport.com. Or you can call and request your report at (877) 322-8228. This report is absolutely free from […]
What does FICO stand for?
The name FICO comes from the company that developed the score. It comes from their original name, The Fair Isaac Company. It is not a credit reporting agency. It developed this score so lenders could understand their financial risk for individuals they are considering lending to.
Can a credit card company reduce my credit limit?
Yes, and they can do so without notice unless it’s going to create an over-the-limit fee and penalty.
Can credit card companies increase my interest rate?
Yes. If you are more than 60 days late on a credit card payment, then the issuer can impose a penalty APR as high as 29%. If this happens the issuer is permitted to apply the 29% APR to your outstanding balances. In most cases, the Credit Card Act prevents credit card companies from raising […]
Can credit card companies take my house if I fail to pay?
No. Credit card companies are not allowed to take your house to pay off your debts. However, if you have taken out a home equity loan and you fail to pay or default on your payment, then lenders could foreclose on your home. If you have equity in your home, then the lender may want […]
How did my credit card debt grow so fast?
Credit card companies are experts at helping the amount of your credit card debt increase with tactics like minimum monthly payments, low introductory rate offers that balloon into very high interest rates, late fees, and penalties. When you make minimum payments, the interest and fees add up quickly. Before you know it, you owe more […]
What is Unsecured Debt?
Unsecured debt is debt that is not secured by an asset like a house, land, or car. Unsecured debt is the type of debt where creditors did not require collateral before giving you access to the money. This typically includes credit cards, medical bills, department store cards, and utility bills.
What are my options for getting out of credit card debt?
Paying it off, bankruptcy, credit counseling, home equity loan, debt consolidation and debt resolution.
Why does Debt Resolution work best for people over $10,000 in debt?
You don’t have to have $10,000 in debt to enroll. We do accept some clients with debts below that figure. However, you must have enough debt for debt resolution to actually be a benefit. Let’s look at it this way: If you enroll $10,000 into a debt resolution program, after your fees and after the […]