UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: BLE103 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: My Credit Score Date: 2/22/2001 6:57 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
630. Is this a decent score??? How can I make it better?!


How can you make it better?Your first step is to avoid adding anymore debt if all possible.Now step number 2 is to paydown on all of your outstanding balances,and get them down to aleast 50% of total amount owed.Your credit score will get much higher,and you can get better interest rates,infact when MBNA sees that you are improving your score they will lower your interest on your LOC loan with them.How will you know when your score is getting higher over time?Your mailbox will have the answer.How?Just look for "pre-approved credit offers" only,not "pre-selected,or by invitation only" because these are just applications of credit only,and this don't have a pre screening like "pre-approved" offers do."pre-approved offers indicates that you have met the min. criteria for their credit card,or loan offer.If you would submit to one of these offers marked "pre-approved" they will do a full evaluation of your creditworthness to see if you still meet their criteria,to get this they take all of your information on your form when you send it in,and will obtain a credit report which will mark an inquirie on your credit file,and see if you meet all their requirements,if so you get approved for their card,or loan product.Your income, your job how long you have been with your employer,wether you own,or rent your place and how much outstanding balances you owe,are just a few to name on them making their final credit decision on qualifying for their offer.Now just don't take any pre-approved offers,just look at the ones the are offering lower interest rates then what you are currently paying now.Most lenders don't want to see your debt to income ratio greater then 41% including housing all togeather.Also when you start seeing these offers coming in your mail,this would be the time to call MBNA,and get your LOC interest rate lowered.It is most likely you will qualify for a lower interest rate on their LOC.Also you should review all 3 of your credit reports,and do it aleast on a yearly bases to make sure that they are acurate.Also don't apply for too many because every time you do an inquirie is noted on your credit report,and too many of these are negative to any lender.Limit no more then 2 to 3 inquiries each year.I hope this helps you out,and good luck on getting your credit score higher.





BLE103
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Economic Implications of Cuba
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement