Maurie Backman The Motley Fool Published 5:00 AM EDT Mar 25, 2019 You've probably heard that it's important to keep your credit score as high as possible. If you don't, you may not get approved for the next credit card you want, or you may get approved with a lower credit limit and a higher interest rate than you'd like. The truth, however, is that having bad credit won't just cramp your spending style – it might also prevent you from doing some of the things functional adults take for granted. What's considered a bad credit score? First, know this: That number can range from 300 to 850, so the closer you get to the bottom end of that range, the worse shape you're in. Generally speaking, a score of 700 or above is considered "good" or "excellent," while 650 to 699 is considered "fair." On the other hand, a score of 600 to 649 is considered "poor," while anything below 600 is, well, pretty much abysmal. Check out these tricks: These 3 surprising hacks can seriously boost … [Read more...] about Bad credit scores make it harder to get mortgage, car loan, apartments
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THE dream of owning a home is becoming increasingly remote for millions of young Brits. And that's not surprising when you think first-time buyers now have to fork out nearly £50,000 for a deposit to get their foot on the first rung of the property ladder. But what if there was a way wannabe buyers could buy their own home without having to scrimp and save for that deposit? A decade ago, borrowers were able to take advantage of lots offers that meant they didn't need to stump up any money before getting their mortgage. One report says that building societies and lenders should bring them back for first-time buyers to ease the burden on parents. We've seen a few of these mortgages reappear on the market but are they really worth looking at if you're struggling to get the funds together for a deposit? What are no deposit mortgages? When you're mortgage shopping, you'll see something called Loan to Value (LTV). This is simply the percentage amount of the property that is … [Read more...] about What is a 100 per cent mortgage loan? Are they good for first-time buyers and can you apply if you have bad credit?
TERRY McAlpine feared he’d never be a homeowner due to debts of £50,000 and a ruined credit score, but he still managed to get a mortgage on his three-bed house. Often, lenders won't take on someone with a bad credit file as they are considered too much of a risk. If a person’s file reveals they have a track record of missed credit card or loan repayments lenders typically conclude that this is a dangerous trend, and they will reject applications. Another mark against potential homeownership is the risk of repossession - as a mortgage lender can take your house if repayments are not made. Terry, from Upton in Northampton, had seen his finances left in tatters thanks to the antics of a long-since ex-girlfriend. He says she racked up almost £50,000 of debt by using his credit cards without permission. How to boost your credit score before applying for a mortgageFIRST ensure all of your payments are made on time - this includes anything from household bills to … [Read more...] about How we got a mortgage despite being £50k in debt and having a bad credit score
Like a fine wine, credit scores tend to get better with age. That's primarily why members of the elder Silent Generation have average credit scores that are 100 points higher than newbie millennials. The typical millennial has a "fair" credit score of just 634, according to a LendingTree study, which examined an anonymized sample of its 9 million users. From there, credit scores rise in steps. GenX ranks better than millennials, with an average 653 score, which is still "fair." Baby boomers do better than GenX, with a "good" 696 average score. Finally, the Silent Generation -- those born from 1925 to 1945 -- tops out with a "very good" 734 average score, according to the LendingTree research. Credit scores tend to rise with age for good reasons, experts note. Some key scoring metrics give points for the amount of time you've had credit and for the depth of your credit experience. Credit scores, after all, are a way to handicap a person's propensity to repay a loan in full and on … [Read more...] about What does age have to do with credit scores? Plenty
Susan Tompor Detroit Free Press Published 5:00 PM EDT Sep 22, 2018 DETROIT – Tracey Taschereau tried over and over again to find a quick loan online. And somehow, the scammers figured out she was desperate. Taschereau, 48, had trouble paying everything from payday loans to utility bills to the property taxes owed on a home she was buying on a land contract in Dearborn Heights, Michigan. Her bank account had but $100 or $200. She only had seasonal part-time work in a school cafeteria. So she searched online for loans made to people in tough spots. And she was rejected each time. “I have real bad credit, so the payday loans are hard to get, too,” Taschereau said. All of a sudden, though, she got an email out of the blue in early February from an outfit called Ace Cash Express saying she was approved for a loan. “OK, great, somebody is finally willing to lend me money that I need,” she thought. “They asked for my bank … [Read more...] about Fake check scam: How one consumer desperate for a loan fell victim