Posted on: June 15, 2006
A reader asks: Recently I was denied a loan because my credit score was lower than the lender wanted to see. I got my credit report from Free Credit Report but could not tell from what I saw that thing that was hurting my score. Do you have any suggestions?
Our answer: We posted a little explanation about how the reporting agencies work in our September 2005 market report which came from our friend and associate, Jay Bransfield. It showed how different factors are weighted to come up with your credit rating.
Most recently, Dennis Kowalski of Princeton Capital introduced something new and really exciting for those who have been turned down for loans or had to accept higher rates due to their credit rating. Princeton has a new CREDIT SIMULATOR which they use to show how people might improve their credit rating if they, for example, paid off their credit card debt or made other financial changes to their credit report. Call him at (415) 229-1241 for details!.
– Mick Orton, Dennis Kowalski and Jay Bransfield