Intelliloan Announces Top Tips to Improve Your Credit Score
These days, credit scores are more important than ever. Here Intelliloan announces little known tips
to improve your credit score.
Irvine, CA, May 13, 2013 --(PR.com)-- These days, credit scores are more important than ever. Whether
you want to rent a home, get a job, or be approved for almost any type of loan, your credit score may be a
factor in the outcome. In our busy daily lives many things can happen that can cause you to lose sight of
keeping your credit score high; there is help if you have let things slip. Intelliloan gives insight on credit
Not all Credit Scores are Equal
Since credit scores have become such a priority, consumers are flocking to the different credit score sites
and getting their free report or even purchasing their reports. While these numbers are good to know,
there is a lot more to your credit report than what you may realize.
The problem with these consumer-driven sites is that the score you receive is not the score that most
lenders use. The majority of lenders use the FICO™ score. Many consumers do not know their full credit
information and do not understand the full array of credit score factors that a lender may consider.
Along with the scores from all three credit bureaus, there is also the Beacon score that is considered in the
loan process. The Beacon score is derived from a rather complex algorithm and tells the lender how likely
it is that you will repay the loan. This number is calculated through the number of late payments that you
have, the current debt amount, the length of time that your accounts have been open, and the number of
new applications for credit.
Even with the credit score, there are different parts that weigh more heavily. Many lenders will tell you
that larger loans, like mortgages and car notes are looked at first when lenders are viewing your credit
score. Though each account can affect your credit score, some accounts have a greater effect and are
looked at more closely than others. An issue with one of these types of accounts can cause you to be
turned down, even with a satisfactory score. Intelliloan notes that these rules vary from lender to lender.
There are Many Credit Mistakes that People Make
Every day many consumers make unwitting mistakes that can cause their scores to drastically decline.
One of the biggest mistakes is allowing accounts to go to collection. By neglecting paying for a bill, even
one that is small, you may be bringing down your overall score and credit rating. With just a few small
accounts in collection, you can see your score quickly plummet.
Yet another mistake that can truly hurt your credit is unpaid medical bills. Medical bills are one of the
most complicated bills you will ever receive. Many people mistakenly believe that their insurance carrier
is responsible for paying their medical bills. This is simply not the case, YOU, not your insurance
company, are responsible to the hospital or doctor for your portion of the cost of your medical treatment.
While insurance covers a lot, there are often fees, procedures, and deductibles, that are not covered by
your insurance company. These fees are the responsibility of the policy holder to pay. Neglecting this can
spell big trouble for the credit score.
One issue that most people do not even dream could hurt their credit score, is an accumulation of parking
tickets. With the current fiscal crisis, many municipalities have gotten very aggressive in collecting
money from every source possible, and not paying simple parking tickets can result in collections,
affecting your credit score. Imagine being denied a loan, or having to pay a substantially higher rate, just
because of a couple of unpaid parking tickets.
It is imperative that consumers are aware of their bills and that they keep them paid. Preventing bills from
going to collection can help to keep a credit score much higher and help to avoid the penalties and fees
that come from neglected accounts.
Intelliloan Reveals Less Widely Known Ways to Improve Your Credit Score
When getting a credit report, the first thing consumers should do is look over the accounts that are listed.
If they find erroneous listings, they can dispute these and possibly have them removed. The name and
contact information for the creditor should be listed on the credit report. The consumer simply needs to
dispute the account and the creditor has 30 days to provide, in writing, information that proves the debt is
legitimate. If no proof is given, the consumer has the right to have this removed from their report.
Consumers can also improve their credit report by going through and paying off accounts that are in
collection. Though this will not raise the score dramatically, it can help to improve the score. It is
important to note that paying off these items will not remove them from the credit report, but they will be
marked as paid.
Other ways to improve a credit score can be obtaining a credit card and keeping it paid down each month.
An installment loan that is being paid each month can also help to dramatically raise a credit score. By
getting a small personal loan, that is reported to all three credit bureaus, and paying the payments on time,
consumers can drive their scores higher.
For credit card accounts, it can help to pay them down as low as possible. Amassing large credit card
balances can bring down a credit score, even if the person is paying their bill each month. By being
careful with credit, consumers can help to prevent their scores from dipping and possibly improve their
chances of loan approval.
Intelliloan offers this information to its customers to help them make better credit decisions. Since so
many areas of life are credit-driven, it is vital for everyone to stay on top of their scores and work towards
improving poor scores. The higher the credit score, the more financial opportunities that consumers will
have. To find out more information on how a credit score can affect you, you can contact Intelliloan at
Intelliloan is a mortgage banker and a direct lender. Intelliloan was established in 1993 and is approved
by HUD, FHA, and FNMA. Intelliloan is licensed to practice in 17 states and has been a member of the
Better Business Bureau since 1999, with an A+ rating. NMLS 3290
Contact via Email
Online Version of Press Release:
You can read the online version of this press release at: http://www.pr.com/press-release/490733