What is Considered an Average Credit Score?

The three major credit bureaus in the United States—Experian, TransUnion, and Equifax—use their own version of the FICO score in calculating a person’s credit score. Since scoring systems of every credit bureau are slightly different, a single individual can have different scores. To avoid confusion, most lenders use the person’s middle score for reference.

The factors that affect your credit score are the following:

• Payment history

• Outstanding debt

• Length of the credit history

• Type of credit received

• Frequency of new credit applications

Your payment history accounts for 35% while your outstanding debt makes up 30% of your score.

Average credit scores based on FICO Score

If you want to know your average credit score, you have to factor in the total value of all your credit scores and divide it with the number of scores you’ve ordered. The FICO score provider, on the other hand, makes use of a scale ranging from 300 to 850. A score of 320 can be very disappointing while a credit score that’s between 850-900 seems to be very healthy. The average credit score is 678, though many lenders consider those scores that are around 670’s reasonable.

However, you have to bear in mind that what’s considered as an average credit score in some states may not be of great use in other states, so it’s advisable that you strive to get a reasonably high score. This way, you’ll have better chances of getting approved for any loan or credit card application. You can also have access to the best deals and offers the lenders may give.

More tips on how to rebuild your credit visit, www.rebuildingyourfuture.com

Rebuild Credit After Foreclosure

The real estate business in the United States is one of the industries that are greatly affected by the country’s economic downturn. This is the reason millions of Americans have experienced either short sales or foreclosure. If you’re one of them, you might have headaches thinking how you can rebuild your credit score after a foreclosure. Here’s what you need to do:

1.         Find out what causes the foreclosure.

It will be easy for you to solve the problem if you know what leads you to foreclosure. It’s important to understand why it happened and what can you do to prevent it from happening again.

2.         Check your credit report for inaccuracies.

Every year, you’ll get a free credit report from the three national credit bureaus. Get your copy and review it thoroughly. Should you discover errors or any inaccuracy, dispute it. If you noticed old and unsettled debts, pay them so they won’t be dragging down your score.

3.         Avoid late payments.

Your payment history has the greatest weight in your FICO score. Hence, it is important that you settle your bills on time. If after several years, your report or history shows that you’re already capable of paying all your bills and owning a home that means you’ve already recovered from all the circumstances caused by the past foreclosure.

4.         Change your spending habits.

Start budgeting your income now, as it can help alleviate financial stress. Budgeting means making decisions about how you’re going to spend your money. Start adjusting your spending habits and make sure you stick to your budget.

More tips on how to rebuild your credit visit, www.rebuildingyourfuture.com

How to stop eviction in Massachusetts

Not five but four guaranteed guides to stop eviction in Massachusetts

1.    Read over your lease and if the rent is due on the first of the month? Pay on the first day of the month!!!!!

2.     How can you make sure you have the money to pay on the first of the month?

Do not wait until the first of the month to find funds to pay the rent.

Yes it’s magic to have the the rent on the due date and stop eviction in Massachusetts

Example:  You receive a weekly payment of $500 from your employer.

Rent is $1000 per month and today's date is January 1, 2013

Week one: save $250 from the weekly check of $500

Week two: repeat step one

Week three: repeat step two

Week four: repeat step one, two or three the choice is yours.

Abra Cadabra $1000 to hand over to the landlord on February 1, 2013

3.   If you are late on your monthly obligation and you decide you want to Facebook-ball (a.k.a living a façade in social media)  stop and think! There’s a small chance that your landlord also has access to Facebook and doesn’t appreciate you spending his/her money at cheesecake factory.

4.   Do not tell your landlord that you are a Kansas City Chiefs fan and you don’t miss any of their games! This might tip him off that you subscribe to the NFL Sunday ticket on direct TV and paying the rent late.

More tips on How to stop eviction in Massachusetts and becoming  a responsible adult, visit www.rebuildingyourfuture.com