Free Triple Credit Score – Protect your Account from Identity Theft

Your credit score is one of the most important things in your financial status. Basically, it is the window to your spending habits and sometimes, your net worth. Actually, your FICO credit score can determine many aspects of your character and how you manage to pay your bills. It has become very important to keep a good credit score because a lot of employers nowadays are checking the credit worthiness of the people applying to them before they consider giving jobs. Because of this, it is very important that your FICO is as accurate as possible.

As your credit score is very important, there are also things that you need to be aware of. One of these is identity theft. It is one of the fastest growing crimes in the United States. The effects of this crime can be very stressful and depressing to you. The victims of identity theft do not even realize that someone is already violating or getting access to their personal credit bureau report. It can be very frustrating to people especially if your personal credit report has been violated.

However, there are things that you can consider doing to protect your credit bureau report from being accessed by other people. One way is by getting a free triple credit score report from all three credit bureaus. The three known credit bureaus that can help you are Experian, Equifax and Trans Union. These three bureaus can provide you all the information that you have reported. With this, you can already protect your personal credit bureau report.

Once you already received your 3 credit bureau reports, then you must make a thorough investigation to be sure that all the information that you have is reporting correctly. If you happen to discover that you have been a victim of identity theft, the best thing that you can do is to look for professional legal help and go to reputable credit attorney.

It will be better if you will get your free triple credit score report as soon as possible. With this, you can easily know if you are being attacked by an identity theft. If you will act fast, these kinds of instances may be prevented.

If you need something that can protect your credit report from identity theft, you can consider applying for IDENTITY GUARD®.It is known as the industry leader in credit monitoring services and identity theft protection. It offers triple protection by giving you access to all three credit files and all three free credit scores from Experian, Equifax and Trans Union with enrollment. The best thing about this is that it monitors your credit files from the three major credit-reporting companies. Once they found out that there is a fraudulent activity happening in your account, it will immediately update you through email, text or telephone.

Aside from these, it also provides unlimited access to your three credit scores. It will show a detailed analysis about the possible threats that are affecting your score. You can also receive email alerts for some changes in your credit profile and it provides up to $1 million identity theft insurance. The service comes with a 30 day trial so you can see how you like it and if not cancel it and avoid the $14.95 a month fee. However if you are Costco member, you can get a discount Identity Guard membership.

Next, get your free triple credit scores with Identity Guard.

Forget about manually calculating your own FICO credit scores. Get it free instantly online and find out how lenders view your credit before you apply for a mortgage, credit card or auto loan.

What’s Not Considered In The FICO Credit Score Rating Scale?

There are a lot of misconceptions when it comes to the factors that may affect your FICO credit score rating. Basically, there are only five factors that can affect your credit score: payment history, debt to credit ratio, length of your credit history, variety of accounts and total number of accounts. However, a lot of people think that there are other factors that can affect their FICO score.

Some people think that your race, color, religion, national origin, sex and marital status can affect your credit score. Actually, the US law prohibits credit scoring because of these factors. Your credit score can only be affected by factors that are related to your financial living. So it does not matter if you are married or single or you are a male or a female. As long as you can pay your bills, then your credit score will not decline because of these factors.

They also think that the age of a person is also a factor. Other type of scores may consider your age in their rating but FICO scores does not do that. Their credit rating is only based on the five factors mentioned above. Salary, occupation, title, employer, date employed or employment history are directly related to your financial living. However, your score cannot be affected by these factors. Lenders will really consider these factors. These factors will only count when you are applying for the loan. When your application is approved, it will not be a basis for your credit score. Even if you have a low salary or you became unemployed, your FICO score will not decline unless you did not pay your bills.

Your current residence is also not a factor. You can pay your bills anywhere you are in the world so it will not affect your score. Any interest rate being charged on a particular credit card and any other types of inquiries will not affect your score. It bears repeating – your FICO score will only be affected by the five factors mentioned above. Any information that is not found in your credit report will also not affect your scores. Any kind of information that is not proven to be predictive of your credit performance in the future will not give any effect to your credit score.

You must remember that your FICO credit score cannot be affected by these factors as long as they will not affect the five factors mentioned above. You will not have any problems with regard to your 3 scores if you can satisfy all the five factors on the credit rating scale. What you can do is check your free FICO Score and see how lenders view you.

Next, get your absolutely free credit scores with no credit card needed.

Forget about manually calculating your own FICO score. Get it free instantly online and find out how lenders view your credit.

FHA Home Loans for People With Bad FICO Credit Scores

For a lot of people, their FICO scores start out excellent and as time goes by, it will go down as you add on more debt, max out your credit cards and miss a payment or two. Basically, credit scores are the main basis of financial institutions if they will lend you money. The higher your score the better the chance that you will qualify for an FHA loan without a large down payment. But, if you do not have an above average credit score, there is still hope. The FHA does offer home loans to people with bad credit scores.

When you are planning to get a huge loan like an FHA home loan, a bad FICO credit score will really make things tough. Here are some of the qualifications that you need to meet to apply for this kind of loan.

First, the borrowers must have a FICO score of above 500. If you want to apply for an FHA home loan, you must have a score of 500 and up. If your credit score is below 500, then you are not eligible for the program. The best course of action is to work on reducing your debts and making all your payments on time. Then you can recheck your FICO score and reapply for a mortgage loan if your score has increased.

Second, borrowers can qualify for a 3.5 percent down payment option if they have a credit score of 580 and above. It only means that they can put as little as 3.5 percent down payment when they are using an FHA home loan. This is one of the main benefits of an FHA loan over a conventional mortgage loan.

Third, 10 percent down will be required from borrowers who have a FICO score between 500 and 579. If your credit score lands between 500 and 579 then you will have to put a 10 percent down payment. This shows you how big of a difference a few points on your score makes.

However, FHA home loans are not only given to people with good FICO scores. There are also FHA loans that are given to people with bad FICO scores. There are some financial institutions that are willing to provide home loans for people with bad credit.

Usually, traditional loans offer lower interest rates and they offer lower fees at closing time but what people need is an FHA home loan for bad credit to help them improve their credit scores. You must remember that FICO scores easily go down even if it is only a small mistake and it will take a very long time to bring it back up.

A lot of banks offer different kinds of loans through that FHA program. It is a program funded by the government. The loan process is very similar to traditional loans but you must be aware that it may add some extra fees. These fees are considered as some sort of penalty. The extra fees that will be incurred are well worth it because for people with bad credit, this will be their only option.

Next, get your free Credit Karma credit score with no credit card required.

Get your complete financial picture absolutely free. Find out what is causing your low FICO score and how you can add positive points to your credit report.

How to Compute My FICO Credit Score Rating

Getting a good credit score can help you qualify for low rate private student loans, bank cards, car loans, and historically low home loan rates. But how do you know if you have a good credit score or not? Is there a way to compute your credit score? We will try to answer these inquiries over the subsequent few moments.

Your FICO credit rating can land somewhere on a 500 point range from 300 to 850.

Take a look at the numbers beneath at the factors that decide your FICO score:

35% Payment History – equal to 192.5 points of one’s rating
30% Debts Owed – 165 points
15% Length of Credit History – 82.5 points
10% New Credit – 55 points
10% Types of Credit in Use – 55 points

As you are able to see if you want to have the very best chance of obtaining a high score, you want to pay all of your bills on time and keep the amounts you must pay back to lenders to a minimum.

Now what you are able to do is acquire all 3 of one’s totally free credit reports from the government’s site and begin reviewing all of the information. The longer you’ve paid all of your bills on time the greater the opportunity you’ll receive all 192.5 points in the payment history area. 24 months of on time payments is good, 36 months is better, 48 months and longer is very best.

Subsequent you check how much you owe on every bank card or outstanding loan. If all your bank cards are maxed out you’ll possess a lower rating someplace within the 600s or lower. If you’ve utilized half of your outstanding credit card lines, you may have the ability to get 80 points or much more from the amounts owed area.

Next you look at how long your credit accounts have been opened. Five years is good, ten years is better, and 15 years or more is best. If you are a 21-year-old new college graduate, it is not feasible for you to have a long-term credit record so you’ll be unfairly dinged for this section of your FICO credit score. The only way to get more points from this area would be to keep your accounts open and pay all of your expenses on time.

The next area to help you manually estimate your credit rating is looking at your new credit record. MyFICO states that you only apply for consumer credit that you truly need. Even hard inquiries can decrease your FICO score. These can come from insurance companies, mortgage businesses, or bank card businesses to name a few. So in the event you do not need new credit cards, don’t apply and you are able to add an simple 55 points to your FICO credit score.

The last section is the kinds of credit you have in use. Ideally you should have short and long term debts plus fixed installment records and revolving credit kinds. Nevertheless this does not mean that in the event you do not have 1 type of credit that you simply should go out and apply for that kind. A great credit mix could include a mortgage loan, car loan, student loan, and bank card.

Now you add up all your points and you have approximately estimated your FICO credit rating. This is a long and tedious process. A much quicker way is to acquire your free FICO score in mere seconds and then use a credit score calculator to show you the effects potential adjustments have on your FICO score.

MyFICO And Credit Karma Compared – Are They Safe And Legit To Use?

There are thousands of reasons why it is important to keep track of your credit scores. Knowing where you stand with your credit can help you qualify for a low rate mortgage or car loan. Having a bad credit score can cost you thousands over your lifetime and this is all the reason you need to keep an eye on it. This explains why there are so many free credit score offers out there.

Several of these free credit score offers come with a catch. Let us do a quick comparison between MyFICO and Credit Karma’s free credit score offers and see which one is truly free.

MyFICO Review

MyFICO offers a free FICO credit score which they claim is the one most major lenders use. And this is true. Most major lending institutions pull your FICO score when they want to evaluate your credit and decide to give you a loan or not. You do not need a discount code or coupon to get the free credit score.

With their free FICO score offer, you get to see your score and a full explanation of how lenders view you. Along with this free FICO credit score offer is a 10 day trial of Score Watch which costs $12.95 each month. Score Watch will monitor your Equifax credit report daily and your FICO score weekly. You can also get alerts when your credit report gets updated with negative information that may not be accurate.

Credit Karma Review

Credit Karma claims to offer an absolutely 100% free credit score with no credit card needed. This offer comes with no strings attached and nothing to cancel. They also offer tools to help you analyze your credit report and offer you a free credit score update so you can see which way your score is headed.

Image representing Credit Karma as depicted in...
Image via CrunchBase

Credit Karma makes money when you sign up for some recommended services such as car insurance or apply for a new low rate credit card. Credit Karma is a safe and legit website to use to check your credit score free.

You can choose to get your free credit score from Credit Karma if you do not have a credit card or do not want to worry about having trouble canceling a credit monitoring offer like you do with the MyFICO offer and being charged for a service you do not want.

Hopefully this MyFICO and Credit Karma comparison will help you better understand the best free score offers out there.