Do you have a friend or family member who is thinking about buying a home, or refinancing their current home? I build my business by referral, so if you know of someone who could use the expert advise of a mortgage lender or finance officer please don't hesitate to give me call. I'd be more than happy to provide a FREE Consultation.
A lot of people have been asking me about the difference between credit reports and credit scores, so today I have Dave Wheeler from Credit Plus who is my expert on this subject. He's going to clear a few things up for us.
Dave used an analogy to compare a credit report and credit score, saying that a credit report is similar to a movie about your financial picture. A credit report encompasses your whole history, both past and future. A credit score is like a snapshot of your current credit report, and it is always changing from moment to moment. To summarize, I would say that a credit report is the larger picture surrounding your credit score. A credit score is an instant interpretation of your credit report, or a tiny snapshot of your credit picture.
How long does a negative credit report affect you?
Most negative information will stay on your credit report for 7 years, but we know that it's not agreeable to use your past activity as an indicator of how you will behave in the future. As negative reports grow older, they begin to impact you less and less. There is a magic time frame to recover from negative reports starting at 7 months, then 12 months, and then 24 months, etc. The main thing here is not to have multiple negative reportings occur after each other. If you are having trouble keeping good credit, then you should seek professional advice from myself or Dave to point you in the right direction.Hopefully this information has been helpful to you, and if you have any more questions about credit, please do not hesitate to call me. I can be reached at (215) 591-0222 x 1630 or you can visit my website: www.therightloanforyou.com
