HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
FICO Wants You to Know About Your Credit Score
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
FICO Wants You to Know About Your Credit Score
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
FICO Wants You to Know About Your Credit Score

February 21, 2011 (Chris Moore)
mortgage-credit-score-image
Fair, Isaac & Co., the folks who originated the closely guarded “FICO” credit score, have launched a website that helps consumers understand how credit scores can affect many areas of your life in this era of new financial regulations. The company also recently opened up about how your activities can influence your credit score.

The recently launched website, scoreinfo.org, explains the importance of credit scores and how they are used in areas other than just obtaining a loan. What many people don’t realize is how credit scores are being used to make decisions by companies that have nothing to do with credit. Even though FICO scores were designed to be used purely for financial reasons, they have now become part of the application process for jobs, car insurance, and health insurance.

There is a lot of mystery surrounding FICO scores as Fair Isaac doesn’t release the formulas that are used in the process of determining your FICO score. FICO creates the score simply by feeding numbers into its formula which FICO says is “based on pure, statistical evidence, with no judgment or evaluation or emotion.”

“The FICO score is a measure of a consumer’s financial health and creditworthiness,” said Mark Greene, chief executive of Fair, Isaac & Co., creator and proprietor of the FICO score. It’s simply a number, ranging from 300 to 850 — the higher the better. The average FICO score in the U.S. is about 700, and pretty much every bank in the country uses a FICO score when making lending decisions. But while the scores are important, they’re not the be all and end all.

“Scores are meant to be one of several things bankers use in doing what we call sound underwriting,” Greene says. Lenders should also be taking into account borrowers’ background references, their capacity to repay loans, and collateral.

There are several factors that Fair, Isaac takes into consideration. Some of the main one’s are:

– How much total indebtedness a consumer has.
– How long they’ve had the debt. “Newer relationships are riskier than things you’ve been paying over a long period of time,” Greene says.
– How much available credit is being used: “If you’re close to the edge on your credit cards, that’s a danger signal.”
– The mix of an applicant’s credit portfolio — is it all credit cards (bad) or a mixture of credit cards, a mortgage, and a car loan (better)?

Greene points out that there are three key elements which people can do to improve their credit scores:

– Pay your bills on time.
– Don’t use more credit than you really need. Keeping your balances close to their limit hurts your score.
– Don’t apply for credit unless you absolutely have too.

The easiest way to avoid a sharp downgrade? Stay current on your mortgage and stay solvent. FICO scores can fall by as much as 150 points when borrowers walk away from mortgages or declare bankruptcy; it can take up to seven years to rehabilitate the rating.

“One thing people should know is that a foreclosed home or personal bankruptcy is the most severe harm that you can do to your credit score,” Greene says.

And one of the most asked questions…does every application for a loan hurt your score?

“It depends on the kind of product you’re shopping for,” says Greene. With car loans, for example, Fair, Isaac understands that people shop for rates. “If you apply for five different car loans within a couple of days, we understand that you’re looking to buy one car at the best rate. And there’s no adverse impact on your credit score.”

However, with credit cards it’s a different story. If you try to open five different credit card accounts in the space of a week, that’s usually an indication of someone trying to open multiple accounts simultaneously in which case a few points would be taken off your FICO score as that sends out a signal that you need too much credit.

We’ve covered the basics, but if you’d like more information, go to scoreinfo.org.

Tags: Fair, Isaac & Co., FICO, FICO score, credit score, loans, mortgages, borrowers, indebtedness, creditworthiness

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

February 21, 2011 (Chris Moore)
mortgage-credit-score-image
Fair, Isaac & Co., the folks who originated the closely guarded “FICO” credit score, have launched a website that helps consumers understand how credit scores can affect many areas of your life in this era of new financial regulations. The company also recently opened up about how your activities can influence your credit score.

The recently launched website, scoreinfo.org, explains the importance of credit scores and how they are used in areas other than just obtaining a loan. What many people don’t realize is how credit scores are being used to make decisions by companies that have nothing to do with credit. Even though FICO scores were designed to be used purely for financial reasons, they have now become part of the application process for jobs, car insurance, and health insurance.

There is a lot of mystery surrounding FICO scores as Fair Isaac doesn’t release the formulas that are used in the process of determining your FICO score. FICO creates the score simply by feeding numbers into its formula which FICO says is “based on pure, statistical evidence, with no judgment or evaluation or emotion.”

“The FICO score is a measure of a consumer’s financial health and creditworthiness,” said Mark Greene, chief executive of Fair, Isaac & Co., creator and proprietor of the FICO score. It’s simply a number, ranging from 300 to 850 — the higher the better. The average FICO score in the U.S. is about 700, and pretty much every bank in the country uses a FICO score when making lending decisions. But while the scores are important, they’re not the be all and end all.

“Scores are meant to be one of several things bankers use in doing what we call sound underwriting,” Greene says. Lenders should also be taking into account borrowers’ background references, their capacity to repay loans, and collateral.

There are several factors that Fair, Isaac takes into consideration. Some of the main one’s are:

– How much total indebtedness a consumer has.
– How long they’ve had the debt. “Newer relationships are riskier than things you’ve been paying over a long period of time,” Greene says.
– How much available credit is being used: “If you’re close to the edge on your credit cards, that’s a danger signal.”
– The mix of an applicant’s credit portfolio — is it all credit cards (bad) or a mixture of credit cards, a mortgage, and a car loan (better)?

Greene points out that there are three key elements which people can do to improve their credit scores:

– Pay your bills on time.
– Don’t use more credit than you really need. Keeping your balances close to their limit hurts your score.
– Don’t apply for credit unless you absolutely have too.

The easiest way to avoid a sharp downgrade? Stay current on your mortgage and stay solvent. FICO scores can fall by as much as 150 points when borrowers walk away from mortgages or declare bankruptcy; it can take up to seven years to rehabilitate the rating.

“One thing people should know is that a foreclosed home or personal bankruptcy is the most severe harm that you can do to your credit score,” Greene says.

And one of the most asked questions…does every application for a loan hurt your score?

“It depends on the kind of product you’re shopping for,” says Greene. With car loans, for example, Fair, Isaac understands that people shop for rates. “If you apply for five different car loans within a couple of days, we understand that you’re looking to buy one car at the best rate. And there’s no adverse impact on your credit score.”

However, with credit cards it’s a different story. If you try to open five different credit card accounts in the space of a week, that’s usually an indication of someone trying to open multiple accounts simultaneously in which case a few points would be taken off your FICO score as that sends out a signal that you need too much credit.

We’ve covered the basics, but if you’d like more information, go to scoreinfo.org.

Tags: Fair, Isaac & Co., FICO, FICO score, credit score, loans, mortgages, borrowers, indebtedness, creditworthiness

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

February 21, 2011 (Chris Moore)
mortgage-credit-score-image
Fair, Isaac & Co., the folks who originated the closely guarded “FICO” credit score, have launched a website that helps consumers understand how credit scores can affect many areas of your life in this era of new financial regulations. The company also recently opened up about how your activities can influence your credit score.

The recently launched website, scoreinfo.org, explains the importance of credit scores and how they are used in areas other than just obtaining a loan. What many people don’t realize is how credit scores are being used to make decisions by companies that have nothing to do with credit. Even though FICO scores were designed to be used purely for financial reasons, they have now become part of the application process for jobs, car insurance, and health insurance.

There is a lot of mystery surrounding FICO scores as Fair Isaac doesn’t release the formulas that are used in the process of determining your FICO score. FICO creates the score simply by feeding numbers into its formula which FICO says is “based on pure, statistical evidence, with no judgment or evaluation or emotion.”

“The FICO score is a measure of a consumer’s financial health and creditworthiness,” said Mark Greene, chief executive of Fair, Isaac & Co., creator and proprietor of the FICO score. It’s simply a number, ranging from 300 to 850 — the higher the better. The average FICO score in the U.S. is about 700, and pretty much every bank in the country uses a FICO score when making lending decisions. But while the scores are important, they’re not the be all and end all.

“Scores are meant to be one of several things bankers use in doing what we call sound underwriting,” Greene says. Lenders should also be taking into account borrowers’ background references, their capacity to repay loans, and collateral.

There are several factors that Fair, Isaac takes into consideration. Some of the main one’s are:

– How much total indebtedness a consumer has.
– How long they’ve had the debt. “Newer relationships are riskier than things you’ve been paying over a long period of time,” Greene says.
– How much available credit is being used: “If you’re close to the edge on your credit cards, that’s a danger signal.”
– The mix of an applicant’s credit portfolio — is it all credit cards (bad) or a mixture of credit cards, a mortgage, and a car loan (better)?

Greene points out that there are three key elements which people can do to improve their credit scores:

– Pay your bills on time.
– Don’t use more credit than you really need. Keeping your balances close to their limit hurts your score.
– Don’t apply for credit unless you absolutely have too.

The easiest way to avoid a sharp downgrade? Stay current on your mortgage and stay solvent. FICO scores can fall by as much as 150 points when borrowers walk away from mortgages or declare bankruptcy; it can take up to seven years to rehabilitate the rating.

“One thing people should know is that a foreclosed home or personal bankruptcy is the most severe harm that you can do to your credit score,” Greene says.

And one of the most asked questions…does every application for a loan hurt your score?

“It depends on the kind of product you’re shopping for,” says Greene. With car loans, for example, Fair, Isaac understands that people shop for rates. “If you apply for five different car loans within a couple of days, we understand that you’re looking to buy one car at the best rate. And there’s no adverse impact on your credit score.”

However, with credit cards it’s a different story. If you try to open five different credit card accounts in the space of a week, that’s usually an indication of someone trying to open multiple accounts simultaneously in which case a few points would be taken off your FICO score as that sends out a signal that you need too much credit.

We’ve covered the basics, but if you’d like more information, go to scoreinfo.org.

Tags: Fair, Isaac & Co., FICO, FICO score, credit score, loans, mortgages, borrowers, indebtedness, creditworthiness

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS