Comments on: Understanding How Credit Reporting Works http://www.lifestylesunlimited.com/understanding_how_credit_reporting_works/ The Education and Mentor Group for Real Estate Investing Fri, 16 Dec 2011 18:04:23 -0600 hourly 1 http://wordpress.org/?v=3.1 By: Tracy http://www.lifestylesunlimited.com/understanding_how_credit_reporting_works/#comment-665 Tracy Tue, 13 Oct 2009 20:57:44 +0000 http://www.lifestylesunlimited.com/?p=5785#comment-665 Mongo I am a 22 year veteran of the Real Estate business. Credit "Scoring" has changed drastically in my time. it is a very complicated equation however I do know the "concept" and the % that holds the most weight they look at is #1 the amount of credit ALL you creditors are Willing to lend you ie. your available balances or amount of available lines of credit compared to the amount you are actually using ie 4 credit cards with total available credit to you is $40,000 but in any one given month you use $3,000 and pay it off or pay it down. the most weight is given to this. they look at how many other creditors have taken a risk on you AND how responsible you are with actually using it. Installment loans ie Mortgages and cars hold a high regard. Advise always take or request raising the available credit extended to you and don't use it, your credit score will certainly go up. that's why not having any cedit or paying off everything and closing accounts paying off cars confuses most people but the entity giving you money doesn't want to make the decision all on their own they will look at other creditors and follow suit. Hope this helps it's always been a great mystery! Good Luck TLC Mongo
I am a 22 year veteran of the Real Estate business. Credit “Scoring” has changed drastically in my time. it is a very complicated equation however I do know the “concept” and the % that holds the most weight they look at is
#1 the amount of credit ALL you creditors are Willing to lend you ie. your available balances or amount of available lines of credit compared to the amount you are actually using ie 4 credit cards with total available credit to you is $40,000 but in any one given month you use $3,000 and pay it off or pay it down. the most weight is given to this. they look at how many other creditors have taken a risk on you AND how responsible you are with actually using it. Installment loans ie Mortgages and cars hold a high regard. Advise always take or request raising the available credit extended to you and don’t use it, your credit score will certainly go up. that’s why not having any cedit or paying off everything and closing accounts paying off cars confuses most people but the entity giving you money doesn’t want to make the decision all on their own they will look at other creditors and follow suit. Hope this helps it’s always been a great mystery! Good Luck TLC

]]> By: Jeff Smith http://www.lifestylesunlimited.com/understanding_how_credit_reporting_works/#comment-664 Jeff Smith Tue, 13 Oct 2009 18:42:24 +0000 http://www.lifestylesunlimited.com/?p=5785#comment-664 Hey Mongo, 35% = payment history 30% = amount owed 15% = length of history 10% = new credit 10% = type of credit Hope this helps! Jeff Hey Mongo,

35% = payment history
30% = amount owed
15% = length of history
10% = new credit
10% = type of credit

Hope this helps!
Jeff

]]> By: Montelongo http://www.lifestylesunlimited.com/understanding_how_credit_reporting_works/#comment-663 Montelongo Mon, 12 Oct 2009 21:49:21 +0000 http://www.lifestylesunlimited.com/?p=5785#comment-663 Thank you for the information, Do you have any idea how the credit score is calculated based on the items you mention in your article? Thanks Mongo Thank you for the information, Do you have any idea how the credit score is calculated based on the items you mention in your article?

Thanks
Mongo

]]> By: Judith Z. http://www.lifestylesunlimited.com/understanding_how_credit_reporting_works/#comment-662 Judith Z. Mon, 12 Oct 2009 18:52:36 +0000 http://www.lifestylesunlimited.com/?p=5785#comment-662 Thank you for this informative and practical article on credit reporting. Thank you for this informative and practical article on credit reporting.

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