Tag Archives: credit score

Before and after photos: How many of these can you relate to?

Before: Shopping to your heart’s content and just putting everything on your credit card

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After: Checking your credit card statement a few weeks later

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Before: Registering for your very first semester in college

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After: Realizing how much money you owe in tuition

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Before: Checking one of your FICO scores and seeing that it’s gone up a little bit

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After:
Checking the other two and seeing that they’ve gone way down

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Before: Finding out you finally saved up enough to buy a car in cash

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After: Realizing that it wasn’t as much as you thought, and your options are rather limited

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Before: Being super pumped about finally moving out on your own for the first time

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After: Realizing you’ll actually need a roommate and getting stuck with one who is a total lunatic

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Do you need extra money to catch up on a sudden expense? Life can be unpredictable, and if you’re feeling overwhelmed with bills, J.G. Wentworth wants to help if you’re receiving long-term payments from an annuity or structured settlement. Call us today at 877-227-4713 or chat online with a representative to learn more!

J.G. Wentworth claims no credit for any images posted on this site unless otherwise noted. Images on this blog are copyright to its respective owners. If there is an image appearing on this blog that belongs to you and do not wish for it appear on this site, please e-mail information@jgwentworth.com with a link to said image and it will be promptly removed.

Signs you’re ready to go from renter to homeowner

 

1. Your landlord drives you absolutely freaking nuts.

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2. Just like your last landlord, and the landlord before that one….

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3. All in all, you’re ready to call the shots.

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4. You’re a very private person and really hate the idea of sharing a wall with someone else.

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5. Speaking of privacy: you’re fed up with all of the random excuses that have been made for your landlord to enter your home…

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6. …..and not all of these occurrences have been announced beforehand, either.

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7. You really need more space.

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8. You’re just sick of moving, pretty happy with the area you live in, and you’re ready to settle down.

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9. You have a steady job.

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10. Your financial situation is looking pretty good, too. You’ve got plenty saved up to cover your down payment and closing costs.

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11. And your credit score is also fantastic—after all, if you need a mortgage, you’ll need good credit.

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12. You’ve finally got this whole adulting thing down, and you feel mentally and financially responsible to take on homeownership.

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Are you ready to buy your first home? Whether you need some extra cash or you’re looking into financing options, J.G. Wentworth can help. We can offer you a lump sum of cash for the sale of some or all of your future structured settlement payments, which you can put towards the purchase of your home. Additionally, J.G. Wentworth also offers several different mortgage options. Contact J.G. Wentworth today for more information!

 

J.G. Wentworth claims no credit for any images posted on this site unless otherwise noted. Images on this blog are copyright to its respective owners. If there is an image appearing on this blog that belongs to you and do not wish for it appear on this site, please e-mail information@jgwentworth.com with a link to said image and it will be promptly removed.

Surprising facts about your credit report that you probably don’t know

There are so many things that rely on your credit score, and whenever you apply for any type of loan or line of credit, your credit report will usually be pulled. Some lenders will look beyond your credit score and scrutinize your actual credit report, while taking note of things like your payment habits, number of open accounts, and so on. Although many consumers understand how credit reports work and how different items can have a heavy influence on their credit score, there are also some facts that many consumers are surprised to learn, including the following:

You’re entitled to a completely free annual credit report

As mandated by the Fair and Accurate Credit Transactions Act, all consumers are entitled to receive one copy of their credit report each year at no charge. However, be wary of websites that claim to offer free credit reports. Many consumers mistakenly sign up for FreeCreditReport.com, thinking that this is the official website that will offer a free report. But this website, along with several others, requires that users input their credit card information. Without canceling within a certain timeframe, users are then billed on a monthly basis. Unless you want unlimited access to your credit report, signing up for these types of monthly services is unnecessary, especially if you are looking to cut back on expenses. AnnualCreditReport.com is the only website that has been officially designated as the place for consumers to receive their free credit report once a year—no strings attached.

Your credit report doesn’t reveal your credit score

Although consumers can access their credit report for free each year, receiving information about their FICO scores will often cost a small fee—usually through a monthly credit monitoring service. However, you may be able to receive one (or all three) of your scores for free. You may be able to access your scores by signing up for a credit monitoring service, and simply opting out before the free trial period is up. Additionally, some credit card programs include this information for customers with each monthly statement and at no extra cost, so if you’re in the market for a new credit card, this is certainly a nice perk to look out for.

Your credit report can contain mistakes

In fact, it’s not at all uncommon and many consumer credit reports do have errors. Without routinely monitoring your credit report, you may be unaware of a potential mistake that could be bringing your credit score down. Not only should you thoroughly examine your credit report once a year and confirm that everything listed is correct, but it’s also a good idea to pull your credit report right before you’re about to apply for something big, such as a mortgage. By doing so beforehand, you can take action to dispute any mistakes, if you find any. Otherwise, if you have a negative item on your credit report that isn’t even supposed to be there, it can stand in your way of getting a favorable interest rate on your loan or even getting approved. It’s best to take care of this beforehand, so that you don’t have to reapply. 

You have multiple credit reports

Not only do you have three separate FICO scores, but because Transunion, Equifax, and Experian will separately report your credit activity and process information differently, you also have three separate credit reports. Although the differences can be minor, in some cases, they can be significant. This is also why one of your credit scores can be so drastically different from another.

Credit report checks may or may not affect your credit

Whenever you apply for a line of credit, your credit report is pulled and looked at as part of the decision-making process. This is known as a hard inquiry, and all hard inquiries will have a negative impact on your credit score, which is why it’s crucial to keep credit inquiries at an absolute minimum. Soft inquiries, however, are credit report checks that won’t hurt your credit score. Applying for rental housing or employment, for instance, are examples of soft inquiries and won’t affect your credit score one way or another. You also won’t harm your credit score by pulling your own credit report. As such, don’t forget to take advantage of the free credit report that you’re entitled to every year. Regularly staying on top of your credit can keep you from defaulting on accounts you may have forgotten about, allow you to find mistakes before they escalate into something serious, and so much more.

Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.

 

 

Tricks for giving your credit score a boost

Whether you’re about to apply for a credit card or you’re getting ready to fill out a leasing application for an apartment, your credit score might not currently be where you’d like it to be. Although significantly improving your credit is a long process that can sometimes take a few years, there are things you can do right now to give your score a little bit of boost. Sometimes, a small boost is all you need to put your score into a different bracket, and can mean the difference of your application getting approved or rejected.

Ask for a credit increase

If you’ve been paying all of your credit bills on time and have been keeping your balances fairly low, you may be eligible for a credit increase if you’ve had the account open for a while. If you’re not automatically given a credit increase after six months, ask for one—but don’t actually use it. Keep your spending habits the same and keep those balances low; if you have that higher credit line with a consistently low balance, it can help to improve your credit score.

Piggyback on someone else’s good credit

If you know someone with terrific credit, ask him or her if they would be willing to add you as an authorized user to one of their credit cards. You don’t have to have access to the credit card or make any charges with it—simply being added as an authorized user can help your credit without hurting theirs.

Settle your debt for less

If you have a lot of debt, in addition to past due accounts on your credit report, these are likely the main reasons that your credit score isn’t where you’d like it to be. Although settling overdue debts is one of the best ways to work on your credit, it’s not always financially feasible. However, many creditors are willing to accept what you can afford, and will often settle the debt for less than what you owe. During the negotiation process, be sure to also mention that you want the accounts to reflect as “paid” on your credit report. Otherwise, they might still show as past due accounts and still negatively affect your credit score, even though you’ve settled them.

Check your credit report for errors

Even minor credit report errors can cause your credit score to drop, so if you haven’t been already, be sure to monitor your credit report on a regular basis. If you do notice a mistake on your credit report, take action by disputing it. Once the item is removed from your credit report, you should notice an improvement in your credit score.

Diversify your credit profile

Lenders like seeing that a borrower has different types of credit, and by diversifying your credit profile, you can also potentially see a boost in your score. This means that if you’ve strictly used credit cards since you’ve begun establishing your credit, for instance, consider branching out. Whether it’s an auto loan or a personal loan, mixing up the types of credit you have will usually help improve your score—so long as you’re timely with the payments.

Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.