I don’t understand what credit evaluation is. Can someone explain this in highly simple terms? and what a good and bad credit ranking is? How do you get a good score or a bad one??
In simple terms your credit score is simply a number in the range of 300 to 900, with 300 being the worst and 900 being the best. Until recently a score of 500 or below was considered to be bad and many lenders would refuse to offer a line of credit, now there is some thought that the lenders have raised that number.
The number is calculated using a number of factors
What is the percentage of the total amount of credit you have that you are using
How long you have had open lines of credit for.
What type of credit you have
How large you previous lines of credit have been
How many missed / delinquent payments.
Other factors that come into the equation include are you financially associated with some one with bad credit.
After years of not caring about my credit, I finally come to the point that I wanted to take responsibility for it. I have a bankrupcy in 2005. I started repairing it one year ago. I finally got my student loans out of defaulting. Have gone from poor credit to no credit. I used to be turned down for have bad credit, presently it is because I have no credit history. How can I establish a bigger loan, if I can not get smaller ones?
You have taken a major step in getting back on to the right road. There are a number of steps you can try to establish your credit again. First stop applying to the banks and other traditional lenders as they will without doubt turn you down. Instead if you have the ability to pay considered taking out a bad credit loan from a specialist lender, yes the rate you pay will be higher but you are more likely to get a loan, also by paying this loan off in a timely manor you will be showing that you are now a responsible person with money. Alternatively you could tried for a secured credit card, which again will start to build your credit rating.
Credit-wise, when does the 7 year extent start?
Does it start when it was open or when it was reported? I have bad credit and I’m trying to rearrange my credit rating. Thanks!!
Can vary from country to country, but generally starts from the date of the first delinquency.
Daughter using this address?
my wife opened a letter that she thought was hers and found out that our daughter is using our home address, she no longer lives with us but we have been giving her any letters that come for her, now it looks as though she is trying to get credit cards and store cards and has been refused because of her bad credit rating. We have never had bad credit, we don’t owe any money to anyone, however we are wondering if we ever needed to get a loan for anything will our daughters action be held against us, we have be told that its your address that gets black scheduled, is there anything we can do to stop her using our address apart from us not giving her the packages that come for her, even if we do that our address could still be black listed.
The first thing I would do would be to ask you daughter to get all of her mail delivered to her new address. Then speak to a specialist credit advisor in your country.