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Credit Planning

Credit Planning

Credit Reports

Credit reports comprise of information and data about your bill payment and transaction history, loans, current debt, and other financial data. They show information about your work and your current and past addresses. They also show if you’ve been sued or filed for bankruptcy.

Credit reports are tools for lenders to decide if they will extend credit or approve a loan, and decide what interest rate they will charge you. Employers, insurers, and rental property owners may also look at your credit report.

It is very important to check your credit scores and credit reports on the regular to see it the information is correct and if there are any fraudulent actives are on your credit reports.

If any information on the reports are suspicious or any information is incorrect, take acting to have them corrected.

We cannot stress this enough. It’s important to check your credit report regularly to ensure that your personal information and financial accounts are being accurately reported and that no fraudulent accounts have been opened in your name.

The Credit Score Range Scale

There are many different credit scores lenders use, and they have their own credit score range. Here are the credit score ranges used by major scoring models:

  • FICO Score range:300-850
  • VantageScore 3.0 range:300–850
  • Experian’s PLUS Score: 330-830
  • TransUnion Score 2.0:300-850
  • Equifax Credit Score: 280–850

 

Most credit scores – including the FICO score and VantageScore 3.0 – operate within the range of 300 to 850. Within that range, there are various categories, from bad to excellent. They generally look like this:

  • Excellent Credit: 750+
  • Good Credit: 700-749
  • Fair Credit: 650-699
  • Poor Credit: 600-649
  • Bad Credit: below 600

 

Credit Planning

Creating a powerful credit action plan always begins with having a clear objectives, vision or goal in mind. It is designed to take you from one credit score number to another you are right now directly to the accomplishment of your stated credit goal. With a well-designed plan, you can achieve virtually any credit goal you set out to accomplish.

Goals

  • Identify what credit score you want to obtain.
  • Protect your vital identification with a system you are comfortable with.

 

Objectives

  • Create an account with Credit Karma
  • Identify your 3 major credit scores
  • Obtain a Transunion Credit Report
  • Obtain an Equifax Credit Report
  • Obtain an Experian Credit Report
  • Locate suspicious items on your credit
  • Locate items with incorrect information about you such as wrong names and addresses

Action Steps

  • Dispute any suspicious Items on your credit reports.
  • Dispute any incorrect information about you such as the wrong name and addresses.
  • Put security features on your credit with credit unions.
  • Contact us for additional assistance and we will give you the professional help needed.