FAQ

FREQUENTLY ASKED QUESTIONS:

Q: Ways to Improve a Credit Score?

By KreditMogul / 12 October 2019 / 1:30:20

A: Correct any errors on the credit report. Contact creditors that are reporting inaccurate late payments or defaults....
*Become an authorized user.
*Raise your available credit.
*Pay on time over time.

Q: Why should someone one care about credit?

By Mike Smith / 12 October 2019 / 1:30:20

A: whether you get that apartment you've been hoping for is important and the way lenders look on your profile matters for better rates % on getting approved for any types of loans

Q: What do the credit bureaus do?

By KreditMogul / 12 October 2019 / 1:30:20

A: They monitor and have analitical tool for maintain your financial data.

Q: What is a credit score?

By KreditMogul / 12 October 2019 / 1:30:20

A: A number assigned to a person that indicates to lenders their capacity to repay a loan.

Q: What’s important about a credit score?

By KreditMogul / 12 October 2019 / 1:30:20

A: Because your score determines whether you get loans, the rates you pay, and what kinds of financial options.

Q: How do they rate a credit score?

By KreditMogul / 12 October 2019 / 1:30:20

A:Lenders use credit scores to help assess the level of risk associated with borrowers.

Q: How does someone maintain their credit?

By KreditMogul / 12 October 2019 / 1:30:20

A:If you have credit cards keep them low as 30% utilization and remember to pay on time. Same goes with installments which is a different type of credit in reference of a house / mortgage / school loan.

Q: How important is credit/credit score in today’s world?

By KreditMogul / 12 October 2019 / 1:30:20

A:Generally, loan applicants with good credit qualify for larger loan amounts with lower interest rates. So it’s very important to have good credit. Same goes when financing or leasing a vehicle.

Q: What Can Your Excellent Credit Do For You?

By KreditMogul / 12 October 2019 / 1:30:20

Better Chances for Approval , Save Money on Interest, Lower Monthly Loan Payments, Qualify for Higher Credit Limits and Loan Amounts, More Credit Card Options, Shop Around for the Best Terms.

Q: What is credit repair?

By KreditMogul / 12 October 2019 / 1:30:20

A:Repairing credit standing may be as simple as disputing mistakes information with the credit agencies. Identity theft, and they damage incurred

Q: Should I repair my credit or should I hire a professional?

By KreditMogul / 12 October 2019 / 1:30:20

A:Please hire a professional especially if your not aware of the way it works to not make any mistakes.

Q: What’s the worst thing that can happen to my credit?

By KreditMogul / 12 October 2019 / 1:30:20

A:Have entries of negative remarks such as derogatory on a collection .. charge off ... repossession... lates payments.. identify theft.

Q: How does closing accounts affect credit score?

By KreditMogul / 12 October 2019 / 1:30:20

A: It will drop your score.

Q: What is debt consolidation?

By KreditMogul / 12 October 2019 / 1:30:20

A: Debt consolidation rolls high-interest debts, such as credit card bills, into a single, lower-interest payment. It can reduce your total debt and reorganize it so you pay it off faster.

Q: What is a debt collector?

By KreditMogul / 12 October 2019 / 1:30:20

A:Debt collectors include collection agencies or lawyers who collect debts as part of their business.

Q: What are creditors?

By KreditMogul / 12 October 2019 / 1:30:20

A: A creditor could be a bank, supplier or person that has provided money, goods, or services to a company and expects to be paid at a later date

Q: Should I close all my accounts?

By KreditMogul / 12 October 2019 / 1:30:20

A: No if Is positive leave as it if is negative yes it would need attention.

Q: What is a Hard inquiry?

By KreditMogul / 12 October 2019 / 1:30:20

A: Credit inquiries where a potential lender is reviewing your credit because you've applied for credit with them. These include credit checks when you've applied for an auto loan, mortgage or credit card. ...

Q: What is Credit and Why is It Important?

By KreditMogul / 12 October 2019 / 1:30:20

A: Credit is part of your financial power. It helps you to get the things you need now, like a loan for a car or a credit card, based on your promise to pay later. Working to improve your credit helps ensure you'll qualify for loans when you need them.

Q: What is Credit?

By KreditMogul / 12 October 2019 / 1:30:20

A: There are many types of credit. The two most common types are installment loans and revolving credit.
Common Examples of Installment Loans:
* Student loans
* Auto Loans
* Home Loans
Common Examples of revolving Credit is a line of credit you can keep using after paying it off:
* Credit Cards

Q: What is a Soft inquiry?

By KreditMogul / 12 October 2019 / 1:30:20

A: Usually occurs in cases when a lender or credit card company checks your credit for promotional purposes to pre-approve you for an offer. No Impact on credit report. Auto insurance/ employment purposes.

Q: What is the difference between authorized user and joint?

By KreditMogul / /

A: The two arrangements give you each different responsibilities for the balance, The credit card account history are reported on both of your credit reports, regardless of who actually uses the account. An authorized user has no legal obligation to repay the credit card debt. Though late payments will affect the authorized user's credit history as long as they're on the account, the joint account holder is as liable for paying back the credit card balance as the primary account holder. The credit card issuer( bank) can use all legal methods to go after both people for payment. Keep In mind : Each joint account holder must meet the credit and income requirements to be added to the account and can be denied if the requirements aren't met. On the other hand, an authorized user can usually be added to an established account regardless of the user's credit history.