things you probably didn’t know about credit cards
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Things You Probably Things You Probably Didn’t Know About Didn’t Know About
Credit CardsCredit Cards
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Did You Know Did You Know ??You may have been using your credit card without making full use of its advantages? Here are 4 credit card facts you probably did not know, but should!
Here are the common things, according to Kramer, most people tend to get wrong about their scores.
•Credit reports aren’t credit scores
•There are alternatives to FICO
•You don’t need debt to build credit
•Medical debt isn’t treated differently
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Credit Reports aren’t Credit Credit Reports aren’t Credit ScoresScores
Experian, TransUnion, Experian, TransUnion, and Equifax generate and Equifax generate credit reports. A credit credit reports. A credit report is your financial report is your financial history. It’s silent on history. It’s silent on whether you are eligible whether you are eligible for a mortgage, credit for a mortgage, credit card or an auto loan. card or an auto loan. That’s the job of other That’s the job of other companies such as FICO companies such as FICO and VantageScore. They and VantageScore. They analyze your credit report analyze your credit report to assign you the three-to assign you the three-digit number.digit number.
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There are Alternatives to FICOThere are Alternatives to FICO
VantageScore is probably the most well-VantageScore is probably the most well-known. Even inside FICO, there are more known. Even inside FICO, there are more 50 different models in use. There are more 50 different models in use. There are more than a thousand different score models than a thousand different score models that companies use. Some basic models that companies use. Some basic models include ones used auto loans, home loans, include ones used auto loans, home loans, credit cards and insurance. It’s possible to credit cards and insurance. It’s possible to have a great score for credit cards and a have a great score for credit cards and a poor score for a home mortgage!poor score for a home mortgage!
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You don’t need debt to build You don’t need debt to build creditcredit
Many people get new Many people get new credit cards and then credit cards and then make only minimum make only minimum payments with the payments with the assumption that it’s assumption that it’s good for their score. good for their score. Paying your credit Paying your credit cards in full each cards in full each month is the avenue month is the avenue for high scores. for high scores.
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Medical Debt is Not Treated Medical Debt is Not Treated DifferentlyDifferently
No one knows where this idea comes from No one knows where this idea comes from but nearly everything thinks that credit but nearly everything thinks that credit bureaus treat medical payments bureaus treat medical payments differently. Kramer insists it isn’t true. In differently. Kramer insists it isn’t true. In fact, medical bills, like any other expenses, fact, medical bills, like any other expenses, will lower your credit scores.will lower your credit scores.
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Start Rebuilding your Credit Start Rebuilding your Credit Scores NOW!Scores NOW!
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RL Kramer LLC
424 Baker Ave, Unit 1664Whitefish, MT 59937
Phone: 406-730-7989Fax: 866-352-2595
Email: [email protected] Website: http://rlkramer.com
Contact UsContact Us
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