There are so many myths about credit and understanding how credit and credit scores work that I thought I would put together a detailed guide to help everyone better understand Credit Scoring from the basics to the finite details. Because there’s so much information I’m going to break it down into a multi-part post. So please check back for another 4 parts to this guide. If you find the information useful please forward to your friends!

Credit Basics: Credit Scores and Credit History

ALL ABOUT CREDIT GUIDE – Part 1
Brought to you by:
Steve Fingerman
Branch Manager
E Loans Mortgage Corporation
Office 352-688-7949
Cell 727-946-0904

The All About Credit Guide is designed to provide information so that you can understand and manage your credit. This guide will be sent to you in topical sections via email over the next several days. I am sure that you will benefit from requesting this guide. You may want to print these guides for future reference.

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Your credit is one of the key factors in your ability to obtain home financing. When You start searching for Property In Hernando County you should also start by understanding and knowing how credit works. This way you can get pre-approved for your mortgage in Hernando County and be You may have heard many companies talk about credit, about how important it is and how you need to know what is on your credit report. They are absolutely right. Your credit not only determines whether you qualify for a home loan, it also determines costs such as interest rate on credit cards, premiums on auto insurance, and in fact it can be used to screen your employment. You credit is definitely important. Getting the best mortgage in Hernando County is going to be in large part based on your credit history.

Credit is made up of several components all of which become part of your credit report.

• Applications for credit
• Number of open accounts credit accounts and account age (credit cards and loans)
• Accounts Balances
• Payment history (on-time or late)
• Collections, foreclosures, repossessions
• Bankruptcies, liens and other public records
• Past addresses, employers and names
• Your calculated credit score (FICO score)

Your credit score (commonly called a FICO score by many) is the most commonly used key indicator of your credit worthiness. Many creditors rely on the credit score since it closely measures the risk that a prospective borrower presents. The lower the credit score the more likely the borrower will default or be late on their payments. Credit scores range from a low of 350 to a high of 850. The average consumer has a credit score in the 680 range. Here is a quick scale of credit scores and how they are rated.

750 and up	Excellent
720-749	Good
660-719	Fair
620-659	Marginal
619 and below	Poor

A person that has a credit score below 620 will have a difficult time obtaining a mortgage loan. (There used to be a category of loans called Subprime but given the high risk and abuse that program is all but gone today). A credit score between 620 and 659 may need to select a government sponsored program to qualify. If the credit score is between 660-719 most loan programs become available. But at 720 and above the best interest rates and terms are available to those Borrowers.
Each of the three major credit bureaus will assign a credit score. When it comes to mortgage lending all three credit scores are used in the evaluation of credit with the middle score of the three being the determining factor. For example if a prospective borrower had scores of 719, 728 and 721, the 721 would be the determining score (the middle one). One other important factor to remember is that if you have a co-borrower (e.g. spouse) that the lower of your and all co-borrowers middle credit score will be the score used for loan qualification.

Of the various components that affect your credit score the one that has the most impact is payment history (making on-time payments). That is followed by your credit balances (how much you owe), and how long you have had established credit. The chart to the right shows the importance of each of these factors. However, it should be noted that if a person has a recent bankruptcy, foreclosure, or collection account, those kinds of situations will cause the credit score to drop sharply.
It is important that you review your credit report on a periodic basis. Often individuals find that there are errors and inaccuracies that are causing their credit report to look worse that it really should be. Sometimes credit entries are posted to the wrong account. You may also find collection accounts for medical bill that you thought your insurance had covered. There are some estimates that over 40% of all credit reports have one or more errors on them. But if you don’t look at your credit report, you would not know that they were there.
You can obtain your free credit report from http://annualcreditreport.com/. This website is sponsored by the big three credit bureaus: TransUnion, Experian and EquiFax. Do not go to other credit advertising websites such as FreeCreditReport.com unless you wish to buy additional services. On those websites you may be lulled into a free credit report but in order to receive it you have to sign up for a trial subscription to a service. You are allowed one free report from each of the major credit bureaus each year (up to 3 free reports). Given that it may be a good strategy to obtain a credit report from each credit bureau four (4) months apart and that way you are able to look at the report multiple times each year at no cost to you.
If you do find problems with your credit report, first contact the creditor (card issuer or loan holder) that the problem lies with. If you cannot get a satisfactory resolution with the creditor then contact each of the credit bureaus that shows the reported credit item in question and conduct a formal dispute by writing letters to the credit bureaus stating what the issue(s) is and requesting correction(s) to the credit report. The credit bureaus are pretty helpful when it comes to clearing up issues such as these. You have the right to an accurate credit report under the Fair and Accurate Credit Reporting Act. Anytime you get a positive response from the creditor be sure to ask for the confirmation of correction or removal in writing and keep that document for future reference.

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There are basic types of foundations that builders use before beginning the construction of a home. Foundation problems can be a stressful, potentially costly endeavor, filled with uncertainty, particularly if not done professionally. Foundation repair Los Angles is needed when your foundation begins to settle.
Foundation repairs are an essential home improvement. It’s important to build the foundation correctly the first time. The Build A Better Home program from Foundation repairs Los Angles. When your choices are few and far between, you need to find the best contractor for the job. Foundation repair Los Angles is one of the best.
Do you waterproof first, or do you install Foundation repairs Los Angles products first? Simply put, it depends on the recommendations of your foundation expert. Is water infiltration causing your problems? Is water collecting around your home? Are your gutters and sump pump working properly? Is your foundation settling due to poor soil support or changing soils under your home? Are there vertical cracks in your basement walls? Are there horizontal cracks in your walls?
These questions all will be answered in the initial inspection of your home. Your foundation engineer will talk you through your individual needs and suggest methods of repair. Generally you will need a combination of Foundation repairs Los Angles and waterproofing. When used together you can be assured that your home will be restored to its original structural integrity while removing water issues that can cause future foundation problems.
An experienced site investigator can use the information obtained to determine not only the specific area of distress but also the underlying cause of the problem. After this information has been compiled and analyzed and only after this it has been analyzed, a plan of structural repair Foundation repair Los Angles can be generated for your home. Your home is your most valued asset and you should treat is as such.

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Cycles have been repeating from the beginning of time. The use of our clock is a cycle. There are sixty seconds in a minute, sixty minutes in an hour, two twelve hour cycles or twenty four hours in a day. The ancients used the moon cycle which is a twenty nine day cycle. The four seasons are a cycle of roughly ninety days for each cycle or season. Cycles are endless and the ancients seem to have been most fascinated with time and cycles of time. This was their clock. The ancient Egyptians, Mayans, Greeks and countless other civilizations based everything that they did on cycles to keep track of time. They used the cycles for the planting of food, harvesting, and even reproduction. Since we know cycles repeat, do they effect the markets, or even sports? Perhaps they do.

Lets first examine the 17 year cycle (cicada cycle). In 1991, the United States of America was in a recession. The recession occurred after a long bull market run that started in 1 982 and lasted 7 years until 1989. The president at the time was George H.W. Bush. The United States had just entered a Gulf War which was against Iraq. The NFL New York Giants football team won the Super bowl against the Buffalo Bills that were located in the north east part of the United States. 17 years later in 2008 the President is George W. Bush, the United States is fighting another war in the Gulf against Iraq. The NFL New York Giants win the Super Bowl against the New England Patriots(NE Patriots are located in the north east of the United States). Perhaps this is just a coincidence or maybe there is something more to the cycles.

In 1907 the stock market had a one year crash that was very similar to what we are seeing today. Please note that this is 100 years. The stock market peaked in October of 2007. We have now approached the one year anniversary from that 2007 high. In 1907 and 1908 the Chicago Cubs baseball team made the playoffs in consecu tive years. The Chicago Cubs repeated that feat in 2007 and 2008 by making the playoffs in consecutive years, exactly 100 years later. The irony of the story is that a cub is is a baby bear. This market is a bear market. In 1907 it was JP Morgan who came to the rescue and in 2008, exactly 100 years later it is JP Morgan Chase who is again coming to the rescue.

The Mayan civilization used a very advanced calender and cycle system. As most of us now know the 2012 cycle is when all the Mayan cycles converge. This event signals the end of an age and a beginning of the next age. However, there is one cycle that stands out to me. It is called the ‘Mayan long count’. This is a 52 year cycle that ends naturally in December 2012 with the rest of the Mayan cycles. If we subtract 52 years from 2012 we get 1960. This was a pivotal time in the U.S. If we subtract 104 (2*52) from 2012 we get 1908. As we all know this bear market is very similar to the 1907 stock market crash which ended in 1908. You can draw your own conclusions.

The last cycle that I will examine is the 10 year cycle. Ten is known as a perfect number, hence perfect 10. Therefore, I personally watch the 10 year cycle and multiples of ten. In the year 2000, major stock indexes began a new bear market. 2010 will be the 10 year anniversary from the 2000 bear market. The market also sold off in 1910 . This is also 100 years from 2010. Many times market tops are formed in the ninth, and zero, years of decades. For example 1929, 1910, 1920, 1980, 1990, and 2000 just to name a few. Realizing how important the 10 year cycle is I decided to multiply it to the Mayan 52 year cycle(10*52=520) and we get 520 years. The next Mayan 52 year cycle is completed in 2012. Therefore, if we subtract 520 from 2012(2012-520=1492) we get the year 1492. This is certainly a pivotal time in history as this was when Columbus discovered America.

Whats the conclu sion? This is a severe bear market without question. Short term traders appear to be the only people benefiting from the volatile market. This type of environment should last for several years to come. If you are going to invest or trade it is imperative to know and understand the mechanics of the market and not the Wall Street Hype. Cycles are apparently one of the more important ways to understand when the major trends are about to change. Perhaps cycles can even predict who is going to win the next Super Bowl.

Source: Nicholas Santiago

http://www.inthemoneystocks.com — The Leader In Market Technical Guidance

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