All about your credit score

AWESOME INFORMATION...VERY HELPFUL...TELL YOU THE TRUTH , I THINK THAT JENNIFER WESTHOVEN IS ONE OF THE BEST THERE IS WHEN IT COMES TO FINANCES AND ADVICE...FINALLY SOMEONE THAT SPEAKS TO ALL PEOPLE

I use LifeLock as a monitoring / ID theft protection service. They place a fraud alert on the big 3 credit report companies for me. Is this a good thing or will it reflect negatively on me and my credit?

Why is my credit score different than what my bank tells me? I checked it online and saw it was 728 and when I went to my bank they had my score at 683. Different credit score for each company? What goes into deciding one's credit score? What factors are considered?

Jennifer,

Are there significant differences between the information we obtain on our personal credit reports vs. what information a business/creditor would obtain? If so, do we have a legal right to that information?

Also, when you find a mistake on your credit report, the bureaus are now insisting you process an online email request which makes it easier for them to work with. Doing so often results in a simple response "Meets FCRA requirements" with no specificity whatsoever. What an we do to challenge the reporting agencies to be more complete in their research, and if we disagree with them on something, what recourse do we have? Do they have an obligation to provide specificity or is the burden still upon us, the consumers, to prove something is wrong.

Thank you!

how do you do a joint credit check(wife and husband) or do you have to do a seperate one . if you have to do it seperate how do most businesses rate it? do they take an avg.? thank you
jo

Where do you get the addresses for the Credit Bureaus so I can request reports myself.

If I understood the information posted on the CNN web site correctly, my credit score will suffer because I am enrolled in Lifelock, which is a credit monitoring service. I was a victim of attempted credit theft. An alert clerk at a check cashing store saved me. I am shocked! Why should be penalized in an attempt to protect my credit?

Thank you!

My wife and I are just above living paycheck to paycheck. We have a house, two cars, etc but we have no savings, no 401k (our jobs do not offer it), and no retirement. Is there an investmen strategy you can recommend for someone starting out with little to no money to start off with? Obviously I'm not opposed to taking any money we make and re-investing it for our future. I have no knowledge of anything to do with this though.

Any help would be greatly appreciated, I'm sure I'm not the only one in this kind of situation. Thanks so much!

Hi,
This morning the comment was made that unless you have a credit score of 700 or more it may be tough to get a loan...Is that not part of our credit problem? Those who could not afford houses, bought houses (there have always been renters), those who could afford small cars;bought big cars, those who should and could afford to shop Wal-mart; suddenly had to shop at Nordstroms and on and on it goes. We have always had a credit score of the highest degree, WHY, because we worked for it. We planned, we read the fine print, we worked, sometimes two jobs. I realize there are certain circumstances that create financial problems for hard working people, however I do feel much of this problem is summed up by an ad I saw in the paper in Maryland. A mortgage company Ad " Mortgage your way to wealth"....we all know you cannot do that!

Thanks and we continue to enjoy the show every morning.

Pat

I don't think that its fair that you have to pay to see you credit score, in the past you were able to recieve both the report along with the credit score, since when did they separate them and why now do we have to pay for half of the information or at least the most important information in order to know where you stand. Unfair and upset in PA

Regarding the question, "Does checking my own credit hurt my credit score?", What is meant by an OUTSIDE company ?

Thank you

Isn't there some variances of formula in how each of the "Big 3" Credit Bureau's come up with your credit score that one potential lender may view as a negative?

Hello Jennifer,
I am 23 years old. One day I would like to buy a car or maybe even a house for my family. I have a few questions for you. I recently got my credit report from one company. I tried to get all three but was denied by two. One saying my info was wrong and another saying I couldn't view oline. Now will them dening, will it hurt in the furture if I try again? Why was denied in the first place?
Second could please explain how to read a credit report? I am lost when it comes to reading what everything means. I don't have any student or other loans. Just carelessness when I was younger. What do I need to do to get my credit right? What would you recommed? I need help in where to start. Thank you for your time and have wonderful day!

I have recently run into an issue that I feel people should be aware of. I have a Master Card with Juniper, card issued through Barclays Bank Delaware. I am very careful about my credit card usage and had not used ths particular credit card for about 8 or 9 months.

Around the Christmas holidays I attempted to use this card to make a purchase and it was denied. I was VERY surprised, considering I knew it to have a zero balance. When I went online I noticed that the available credit said zero. When I contacted the credit card company, they informed me that since I had not used the card for the last 8 or 9 months they closed the account. I was welcome to reapply for a new card, however. Let me insert here that I was NEVER notified, until after I contacted Juniper, that they were closing my account due to inactivity. About a week after I contacted them via e-mail I received a letter in the mail letting me know that they were closing my account due to inactivity. Kind of like shutting the barn door after the horses have escaped.

So after causing me considerable embarrasment and damaging my credit score they offer to let me reapply for a new card. Needless to say, since the damage was already done, I told them they could keep their card and I would be sure to tell everyone I could about their poor business practices.

Thank you for allowing me to vent on this matter,

Jennifer
Missouri

Jennifer,
I was looking at buying a house and received my credit report from one company. I found on it where my ex has a credit card that is showing on my report. We have been divorced for 10 yrs. and he evidently had the card while we were married and had put me on as a user. I never used the card, nor even knew, until now, that I was on it. He has not been paying his credit card bill and it is reflecting on my credit report. How do I get if off of my credit report and get my name off the credit card?

Hello Jennifer,

This is very useful information.

I have applied for several store credit cards in past but I havent been using them that often. Will closing unused account will hurt my credit score ?

I will appreciate your feedback on this. Thanks for your time.

According to what I learned from what little education I did obtain, our nations capital is supposed to be centrally located to serve everyone equally.This may have the case when Washington was built.When Ronald Reagan was president he pointed out just vulnerable our capital is from a submarine attack sitting right on the east coast. In the past many countries located their capital in the center of their land because it is the last place an aggressor can reach from any direction. This concept still has a lot of merit. With terrorists threats and actions increasingly on the rise and "Home Land Security" being one of our country's main priorities now is a good time to at least start talking about relocating our capital to the geographical center of the country where it would be in a much safer location. Further taking into consideration that our new capital city should be the safest city in the world because or its nature, there should be a small complimentary military post on each corner of the city. These posts would represent the elite from our Army,Air Force, Marines, and Navy and could accommodate higher ranking officers and v.i.p.s in the military. President elect Barack Obama intends to put billions of dollars into our country's infrastructure what better way than to start a beautiful much safer new captial city.Washington DC could be made into an even bigger tourist attraction and the public could be taken on tours in areas they could never see in the past. The transition of course would take quite a few years so the east coast could adjust to the move. All of the land surrounding the new Capital city could be purchased by "we the people"and leased on long term leases to the perspective investors for the hotels,motels,service stations,malls,etc.Most businesses are on lease terms at present anyway. This way a lot of the money needed to start a project of this magnitude could be generated. This is all about location,location,location. When one considers the amount of steel,concrete,plumbing fixtures,glass,miles and miles of wire,the furnishings etc.that it would take to build an entire city from scratch you can see how it could create millions of jobs for many years to come. There are so many other factors involved and so much more than can be put into a brief e-mail it would be interesting to see what experts on these matters think of this concept. It also would be nice to see what cnn viewers think of this idea. I thank you for any consideration you give this thought. kennethcompton@q.com

Hi Jennifer,

I have held credit cards for at least a decade now. Many of the accounts opened were offers receieved in my mailbox. Several years ago i had six accounts terminated. So I began opening new accounts with card companies with customer service employees speaking english. Since then, my complaints are away. Why is it Jennifer, applying for a card in the u.s. requires so many times a foreign telepone worker unable to make out their words in me ear?

SE

TO LUCINDA,
contact your local Credit Counseling bureau.
they can help you with those questions and your credit issues.
good luck
.

Robin first I would get the money from the billionares that cause this crisis. What their incompetence is crimminal. Their assests should be seized. Then start distributing bailout money to the middle class. We are the ones in trouble.
Repeal the tax credit to the wealthy. Give tax insentives to companies who stay in this country and create jobs. Give tax money to states to repair infastructure. Give tax breaks to companies for infastructure improvements.
Get rid of golden parachutes. Use the cement parachute- when the company fails under your leadership you pay up.

Credit score? I never seen a credit score. It is just another way to control people.

The bailout money should be divided up among taxpayers. We can pay our mortgages and secure our future. Let there be a trickle up. Trickle down doesn't work.

Evenly divide the 350 billon dollars among the households of America. They can pay off their homes, buy new cars that will save the auto industry and pay off consumer debt. And would put money into circulation. It has got to flow from the bottom up, not from the top down.
R. Cecil
North Carolina

Help. Bail out money needed!
Real Estate people and other self employed professionals and workers have not been included in the negative job market statistics. This whole thing started with the banking problem and the people who have suffered most are the real estate people who have basically been on very low to nil income for two years. They need the bail out more than anyone! Rest of the “unemployed” have been only without income in the last 2-8 months! Furthermore, while most “employed” people have lost money in their IRA retirement funds, there are many thousands of real estate agents who use real estate investments (rental housing) as their retirement program, through providing housing to renters who cannot afford to buy, only to lose not just 40%, but ALL of their retirement equity in the real estate market. Some, instead of investing in the stock market, have 4 and 5 house that will go into foreclosure when the payments double. These Real Estate people and other property investors planned on at least a small amount of equity growth to cover the negative cash flow that would come due because of the temporary lower payments. They used these properties…not for a get rich quick scheme….but in a way that others use their IRA accounts, i.e. for RETIREMENT! In the last 2 years in our rental properties, we have replaced carpet, repaired cabinets, hired painters, gardeners, termite inspection people, pool maintenance people, electricians, plumbers, water extraction companies, etc. providing jobs for many. We need bail out money NOW. Giving bail out money to real estate professionals and real estate investors will not only solve the housing crisis, but provide jobs to every “JOE THE PLUMBER” out there who needs work as well.

Thanks, Jen, I thought I had the right name for that free website. My daughter had been going through FreeCreditScore.com. And I told her about AnnualCreditReport.com. But, I think I'll try the fico.com, too. I think my daughter might like both of these better.

Hello, a comment on the current economic situation. I have heard that congress is looking at some policy regarding credit cards ie: not allowing interst rates to be raised without good reason etc. My question is why is nothing being done about the rates period! When individuals are lucky to get 1-3% on thier money why are they allowed to charge anywhere from 8%-23% ? Wouldn't the economy fare way better if congress simply said interst rates ( currently ) cannot be charged over....perhaps 6-8% period. it would be nice to see this asked by person's such as yourself's who can get to those of importance.

Thank you

Jennifer, I pull my credit report every month from citi credit monitoring service. Is this a soft or hard entry?

credit reporting bureaus DO show a comment about too many inquiries on your credit. When you investigate, you find that folks like Capital One, do a hit against your report on a regular basis if you are a client and the bureaus consider this a negative. If you are shopping for a loan and make several applications, this also counts against you as they too are too many inquiries and a double hit, as it suggests you are somehow in dire straits.

Wonderful! Finally the answer I was looking for! Thank you so much!

this is not directly related to credit scores, although if you find yourself in this scenario and have to make the hard decision it will reflect on your credit report for next 7 years.

today, Jenn, mentioned that somethlng like 821,000 people had to foreclose on their homes and therefore that many people/families were out of their homes. but i would like to beg to differ that there are quite a few in that number who were home owners of a vacant home. in other words, they may have already moved out of a home to a new home and were unable to sell the 1st home and could no longer keep up with 2 mortgages. unfortunately, these home owners have been left behind in the failing market and no "bailout" or government act has been set in place to help them out. so my question is of the 821,000 foreclosed homes, how many of those homes were vacant and had already been on the market for sale due to other reasons other than "I couldn't afford my mortgage anymore."

I would like to know what the numbers are on my in situation. I had to move out of state and left my home behind to be sold. I has been on the market for 15 months with no offers. I'm now to the point where I can no long pay living expenses in both states and will need to foreclose on my first home.

I've read several of the comments and I highly reccomend that those that have questions about credit review the following website: http://www.mymoney.gov/
Credit isn't as complicated as it's made out to be. There are just a few simple things to know that will help you improve your credit: 1. Pay attention to your financial habits – are you an impulsive buyer, do you plan ahead and save for the things you want; 2. Be honest with yourself and the financial instituions you deal with – its not okay to pay late, do you truly have the means to pay back that loan, don't lie on your applications; 3. Your credit report takes time to update (usually 30-90 days) and not every credit reporting agency gets your financial history (banks dont always pull from the same credit reporting agency, and your creditors are not required to report to all bureaus. So your credit score could be different depending on which agency they pull from) 4. Incorrect information is not always the result of a bank error – see #3 – I recommend the 3-in-1 credit report to see the difference between all the credit bureaus, then write in to correct any exceptions 5. Having no credit history hinders your ability to get credit later- just be responsible with your credit now and you will have access to the credit you need later 6. Remember – credit to a bank mean risk. Banks have to use your credit history to determine the likelihood of your paying them back. The reason credit is hard to get is because banks have to protect themselves from going out of business. The reality is, issuing credit is not a charitable initiative. Banks are companies that need profit and deposits to issue loans (consumer and small business). So don't get emontional just because you get denied - get smart and be accountable for your financial behaviour.

Credit is not an uncontrollable force of nature. You control how well you are doing or how bad you are doing. Your past will follow you so its important to stay on top of your financial history.

I think all the other credit score companies that are trying to piggyback off the name AnnualCreditScore.com should be closed down and sued for misrepresentation of services. For instance, FreeCreditReport.com or the newer ThreeCreditReports.com.

The only other service that I've heard of that allows you to perform "soft" checks is CreditKarma.com. I haven't used it yet but from what I reading about it, it seems to be legit, although only time will tell.

Ive been working hard to restore my credit but now with all the issues with the economy my bank which has done this twice with money in my account has put it on hold and was not paying my payments when i scheduled them to come out. How and what can I do about this? The Bank is Suntrust Bank

Jennifer, I wonder if there is any recourse when the credit card companies keep raising the interest rate based, they claim on your credit history and "other factors". Advanta has mine up to 39.33%. I have never missed a payment and often pay double the monthly payment. How can credit card companies expect consumers to keep making payments on cards that they can't possible pay off? Is this their sneaky way of trying to recoup their losses through those of us that can still pay our bills?

We pay for credit monitoring, which is a rip-off. Every month there are mistakes on our credit report, I think this is done on purpose just to suck you in to purchasing a plan to keep a "check" on your credit. We have had incorrect information removed and several months later it shows up again!! These agencies are not governed by any rules, except the rule to "make money". Has anyone ever noticed how diferent the three agencies scores are? Our life is governed by them. Banks, insurance companies, and employers all use them using what is in them as gospel. Something is very wrong with this whole economic system!!!

What is the best way to ask creditors if they could lower your
interest rate?

This email is for everyone getting those unwanted "you have been approved" credit card applications in the mail with 0% financing for an introductory period. Once you read on you find that the interest rate will jump to 9.9%, 14.9% or even as high as 29.9% once the introductory period is over, or if you are a day late on a payment or you go over your line of credit. Did you know every state has a different ceiling for credit card interest rates?

Well, I was once told that these credit card companies actually look into your credit prior to sending out thes pre-approved applications. I find this a problem because I didn't ask for the card nor did I give them permission to access my credit. I have also been told too many inquiries into your credit without getting approved for some form of financing doesn't look good either.

In these days of hard economic times I would think these credit card companies would be looking for ways to help the customer pay their debt and not make it harder by raising interest even higher. When was the last time you got a notice from your credit card company giving you the good news that they lowered your interest rate because you pay on time or pay more than the amount due.

Well, next time you get one of those "great rate" invitations, please don't tear it up and trash it. Instead, please take the time to cross out the application and put a note on it asking the company if they are crazy or just too greedy, or what every you wish. Maybe if enough of us do this they might not make enough money to pay those huge CEO bonuses and might get the picture that the taxpayer isn't going to continue to bail them out and still pay high interest.

Who knows, if enough of us do this, credit card companies might see a trend and realize it's time to pass the "bail out money" down to the taxpayer in the form of affordable interest rates for ALL, not just for some. A

By the way, those great Business Reply Mail envelopes they include with they application don't cost the company anything unless you mail it back. When you do, the U.S. Postal Service charges the credit card company a Permit Fee, Processing Fee and a fee for each piece returned.

This idea is from Dale Dawson, Centreville, VA

How is it fair that instead of giving current homeowners bailout money to save their homes, they are talking about giving it as incentive to sell those homes to someone else? I have heard complacent financial people assuring us not to worry, there will be new buyers in our lost homes in no time. Spoken by someone who isn't having his family turned out on the street. Help existing homeowners first. They have already invested in America.

Please lets not repeat Bush 's mistake of handing out a few dollars to everyone. Apply the medicine to the wound. Give homeowners lower cost mortgages without allowing states to charge closing costs again on the same house. Never mind new buyers who have no investment to lose, give current struggling homeowners a $15,000 reduction on their principal. And no restrictions that give with one hand and take back with the other.

i notice that many of these comments are actually questions, the answers to which concern us all. Who isanswering them?

Jennifer, we own a manufactured home with a variable rate mortgage. We would like to look for a bank/mortgage company where we could refinance to a fixed rate. I know that's probably tilting at windmills right now. My problem is, how do you go about looking for lenders when each time you apply your credit score suffers. I'm afraid to look because of this.

Hi, I am utterl appalled at what American Express, who I thought was a great credit card company. I have been with them for nearly 30 years, have always paid my bills very good. Just this past week I took some money that I had been saving to get lower teeth crowned just to pay down my bill. As soon as I did, the immediately reduced my limit and stated many reasons that were not true. I have my credit report. Is this going to affect my credit and credit score? I am so angry and I know that there are many others who are going to get hurt in these actions. I just wonder if the credit card companies realize that people, me for sure, will not be with them when the economy picks up again. They are misjudging the good by using the bad. Thank you for you time. Joyce Baker

Hey Jennifer, Can you help me?...Is it legal and why to:
for employers to check your credit report and hold that information against you without even going over it with you, what if the information is incorrect that they have recieved. SO what if I am late on paying my bills perhaps its just because I dont have a job why do you think I am applying, dont hold that against me as it doesnt reflect my work.

when did this start and why is it legal, that makes me upset especially since the credit agency as I know it "Transunion" used to be owned by foreigners so why are these strangers holding my future in their hands?

I cant help but think alot of the financial problems are foreign and/or domestic acts of fraud and terroist activity just like the fires. Watch your backs people and dont let fear run your life decisions. That is what God is for.

another thing Jennifer,
can you help the community to understand with all the talks going on about banks that the majority of the problem is with "Investment banks" not your regular "Bank" but it does include the third party investment companies that some banks may service through your bank. Just look and ask for the FDIC sign, as it is required of banks to post it everywhere a deposit is made that is insured by FDIC.
I am only trying to help as I see alot of customers run in and withdrawal all their money from their accounts in a panic. If it is secured leave it alone as you are only adding to the problem and that is part of the terrorist activity since it takes two to tango. RELAX people.

What is with "Free credit report . com" its NOT free. isnt that false advertisement. Just call the 800 number and request your own and get one from all three agencies once a year or with six months anytime you are denied credit and its FREE. Check it,,,, that is your responsiblity to report any incorrect information and keep it current.

Bank with a BANK not and Investment bank as their deposits are NOT insured.
Thanks for your time Jennifer
Mrs Mern
Colorado

I put half of our debt in one of those Debt management programs and I continue to pay the rest myself. My husband and I have credit scores in the 700's and I don't want to hurt that. Since times are tight my credit management company said I could pay half each month and settle with my creditors that are in the program. How would this hurt my credit score? even if I still have a lot of creditors I pay monthly on time?

I am a student in college. I'm currently on the section 8 program. The assistance pays for my rent and a portion of my light bill. (Sounds good, No.) My pell grant increased last semester and so did my child support check. It is because of this that my rent has increased, the portion on my light bill has ended, DHR has decreased my food stamps, and because I'm in college, I have to pay daycare for my son. I still have to cover all the other utilities in house and out. How can you save money on a program that cuts you as soon as your income slightly increases? I thought the pell grants were considered under title four.

Subject: Cleaning a credit report

I went to one of my banks recently to apply for a home equity line of credit at 3.2%. When my credit was run I scored a shockingly low 695! Background: I have only one credit card (20K limit) that I pay OFF every few months. I even let it ride up to 4-6K just to show I can pay it off when I want. I own two "newer" cars: paid off, an $80K fishing boat: paid off, my only real debt is my home (620K, and paid 777K two years ago)! Finally, I make $115K (Officer in the Navy).

Additional background: I am married, my wife and her previous husband filed for bankruptcy in the mid 90's. There is a "bankruptcy" noted on our credit report. There are also two liens on my previous homes from 2001? (How could I have purchased the one I'm in 2 years ago with that on the report?)

I truly expected a score of over 800. Understanding the above, how do fix the above? Is there a "get well time" for blemishes over 13 years old? FYI, it was EQUIFAX.

Thanks!

1:is there a commitee to watch employment discrimination against age .i thing this commitee should involve more with big companies that hire
2:in 2005 took a risk and opened my own business lost about 300 thousand filed bankrupcy and got cleared
since then could not find a job because of my credit.i know my credit is bad but i am not a thief a lot of companies discriminate against your credit

What is the fastest way to build my credit? I have a 601 now , im 23 an i dont have anything on my credit, what does that mean good or bad?

Jennifer we took your advice and got a copy of our credit report. We recently leased a vehicle and found out our credit score was 813.

We noticed on our credit report that our mortgage company is checking our credit every quarter. Is this excessive? I thought every time there was a check on our credit our fico score was negatively affected. You have said not to open a department store credit card, we have not, beacsue it hits against your credit.

Help us out here Jen, is our mortgage company doing us a disservice?

Chris

Jennifer we just filed for our Bankruptcy and will have creditors meeting first of April. I need to know can I check my credit score and see if it has raised since I filed. We are trying to get our first home a new home and I lwant to know will the bankruptcy affect it. We also have a lender that deals with bad credit and bankruptcies. /And I also wanted to ask you about no ratio and no doc loans are they good

Charlotte

Hi – Why is it so hard to get just the plain simple truth about getting one's free credit report?

What is a contact point for this?

Thank you,

Hi Jennifer,
Just the other night it was explained to me that I need a revolving charge acct. to up my credit score. I was also told that it doesn't matter if I pay the total due at end of every month, but it's the percentage that's important. Paying a certain amount can make me lose one or two points if the percentage is wrong. I know this is skimpy but do you have any info on this? When he said percentage he didn't mean interest rate but like the percentage of the available credit.

Thanks so much!

Hi Sir/Madam:

I am shopping for a mortgage loan. I want to shop for the best loan. I want to have the bank and the credit union which I have checking/saving accounts with to run my credit for a pre-approved loan. I also want to have a broker (my friend) to run my credit . However, I was told running too many credit will hurt my score which will hurt my chance of gettting a best loan. Is this true?

Thank you very much for your help.

I've always found it odd that the credit companies that hold so much power over your life have so little (if any) public regulation about their business practices. Speaking of practices, don't the CC companies always have small print that gives them the right to change the original agreement any way they want (a right the consumer does not have)? And while I'm venting, whatever happened to obscenely high interest rates being called usury? Love your segments.