Quicken Loans Releases Free Guide to Help Homeowners and Homebuyers improve and manage their credit effectively.
(Vocus/PRWEB ) November 14, 2009 -- Quicken Loans today announced the release of a new consumer guide on managing and improving credit. The 24-page guide can be found on the Quicken Loans Home Loan U Web site, which offers extensive resources on mortgage education. Six other guides are also available on this Web site – with topics ranging from life events such as divorce to information on fist-time homeownership.
Despite the impact a credit score can have on an individual, many people are still unclear as to how their score is determined, what it is, and how they can improve it. For people applying for a mortgage, a credit score directly impacts how favorable of a mortgage rate they can qualify for, which can potentially save homebuyers thousands over the course of the loan.
The credit improvement guide offers an extensive explanation of credit management and credit improvement for individuals looking to learn more about their credit score, and what affects it. Scores are made up of essentially five categories, including: the account holder’s payment history, amounts owed, length of credit history, amount of new credit, and types of credit in use. Contrary to popular belief, canceling credit accounts as a method of managing one’s credit actually lowers the score rather than improving it. This is because canceling credit accounts erases the payment history, thus causing the person to lose all points gained by timely payments on that account.
Quicken Loans has also created Fresh Start™ – a personalized program to assist people looking to improve their credit. Fresh Start is aimed at helping homebuyers who are not able to purchase a home due to a low credit score take the steps necessary to qualify to purchase a home.
For more information on how to improve your score, how to monitor your credit and what impacts your credit, check out the Quicken Loans Home Loan U Guide to Managing Your Credit. Home buyers looking for a home loan with less than perfect credit should also check out the flexible requirements of FHA loans.
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