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Saturday, 3 March 2012
Credit Scores: What You Need to Know

You may not have checked your credit score lately, but there’s a good chance someone else has.

If you have applied for a mortgage or a loan — or even received a credit card offer in the mail — someone accessed that three-digit number to help determine the amount you can borrow and the interest you’ll owe on it.

So what goes into this all-important score? And how can you make sure you’ve got a good one?

The term what is a good credit score    usually refers to your FICO score, a number based on a formula developed by the Fair Isaac Corporation. Fair Isaac looks at a summary of all your credit accounts and payment history. If you’ve got a mortgage, a MasterCard or a Macy’s account, it will be included in the report, as will late or missed payments. FICO scores range from 300 to 850, and Fair Isaac calculates them for each of the three big credit-reporting agencies: Equifax, Experian and TransUnion. That’s one reason why your FICO score with each may differ slightly. Generally speaking, the higher your score, the more money you can borrow and the less you’ll pay for the loan.

Here’s how your score is determined:

¶ 35 percent is determined by your payment history. Do you regularly pay your bills or fines on time to any creditor that submits your information to the credit bureau? Even unpaid library fines, medical bills or parking tickets may appear here.

¶ 30 percent is based on the amounts you owe each of your creditors, and how that compares with the total credit available to you or the total loan amount you took out. If you’re maxing out your credit cards, your score may suffer.

¶ 15 percent is based on the length of your credit history, both how long you’ve had each account and how long it’s been since you had any activity on those accounts. The fewer and older the accounts, the better (assuming you’ve made timely payments).

¶ 10 percent is based on how many accounts you’ve recently opened compared with the total number of your accounts, as well as the number of recent inquiries on your report made by lenders to whom you’ve applied for credit. Your score can drop if it looks as if you’re seeking several new sources of credit — a sign that you may be in financial trouble. (If a lender initiates an inquiry about your credit report without your knowledge, though, it should not affect your score.) Shopping around for an auto loan or mortgage shouldn’t hurt, if you keep your search to six weeks or less. But every inquiry you trigger when you apply for a credit card can affect your score, says Craig Watts, a spokesman for Fair Isaac. So be selective.

¶ The final 10 percent is determined by the types of credit used. Having installment debt — like a mortgage, in which you pay a fixed amount each month — demonstrates that you can manage a large loan. But how you handle revolving debt, like credit cards, tends to carry more weight since it’s seen as more predictive of future behavior. (You can pay off the balance each month or just the minimum, for example, charge to the limit of your cards or rarely use them.)

For the best rates on a loan or credit card, you want a score that’s above 700, at least. To achieve that, make sure to pay all your bills on time. It’s also a good idea to have at least one credit card you plan to use for a long time, but not too many. Keep a low balance — generally less than one-third of your total credit limit. Of course, it’s best to pay off your balance entirely each month. And stay on top of the information in your reports.

You can get a free copy of your credit report from each of the three major credit agencies once a year. Be sure to order it through annualcreditreport.com, the only authorized online site under federal law. If you notice information that’s inaccurate, you can submit a request for removal online at Equifax, , Experian or TransUnion. Or submit your request by mail. Be sure to specify what information you think is inaccurate and why, and include any documents that support your argument. Ask in writing that the information be corrected or removed from your report. By law, the bureaus must investigate your complaint, usually within 30 days, and give you a response in writing (or via e-mail, if your request was made online) and a free copy of your report, if the information is changed as a result. Your score should reflect that change shortly after.

To see your actual score, you’ll generally have to pay. You can go through Equifax, Experian or TransUnion directly, but be aware that the score you order may be one developed by the agencies themselves, like the TransUnion TransRisk New Account Score, Experian Plus or VantageScore. These are different than the FICO scores lenders generally use when they evaluate your loan applications. Myfico.com offers two reasonably priced options on its site. The $15.95 FICO Standard package (as of December 2008) gives you 30-day access to one FICO score and a credit report from one of the three major credit agencies. The $47.85 FICO Credit Complete package gives you 30-day access to your FICO scores and credit reports from all three major agencies. Myfico.com and other sites also offer services that monitor your score and report for a monthly fee (ranging from about $4.95 a month for myFico’s quarterly report to $6.65 a month for TransUnion’s Credit Monitoring Service).

Whether you need to monitor your credit that often is debatable. For most, a close look at the free annual reports from each bureau is probably enough. But if you plan to apply for a loan or credit card, check your score and report at least a couple of months beforehand. Not only will you be aware of how creditworthy you are, you’ll also have time to remove any errors you spot and make sure your score reflects the changes before you fill out any applications.


Posted by halin989 at 11:34 PM EST
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Know Your Credit Score Well
Why you should know your score

Looking to purchase a new car? Or maybe you're looking to apply for a loan? If so it is a good idea to know your credit score first. Many times checking your credit score is a good indicator of the type of interest rate you might have to pay, and if you will be approved or not.

You might be wondering, "How can I check my credit score"? You can check your what is a good credit score score for free from the three major credit reporting agencies (Equifax, Experian, TransUnion). This is done by accessing each individual website due to the differences in reporting.

A major reason you check all three is because Credit Reporting Agencies are "subscription based". Let me explain this in more detail. Creditors (dealerships, mortgage companies, American Express, etc,) subscribe to credit bureaus to check and report information on their clients (such as late payments, defaults, etc.). There are times when a company may report information to one bureau and not the others. This is one of the reasons your score differs (there are others).

The range of your credit score could be between 350 to 750 points. Remember, the higher your score is the better your chances of an approval. A good credit score is a minimum of 700 points. Anything below this mark you will need to improve upon.

By routinely checking your credit score you can search for errors. 80% of the information reported to credit bureaus is erroneous information (dated, inaccurate, or plain incorrect). When you find this incorrect information you will need to take a couple of steps to correct it.

You have the option of contacting the credit bureau directly by phone or letter. With either method it is wise to send copies of supporting documentation in the mail to the corresponding bureau (the credit bureau that shows the error) along with a letter detailing the incorrect accounts.

Once your information has been received by the credit bureaus the creditors will then have to investigate your claims. If nothing is produced during this investigation (usually they are given 30-35 days to conduct the investigation) the errors are removed and you are sent a revised copy of your credit report free of charge.

However, if the information on your credit report is correct you will need to take steps towards removing it. Unpaid loans, late payments on your credit card all play a factor in lowering your score. Usually it is possible to contact the creditor directly and setup payment arrangements. Once paid off the creditors can then update the information at the credit bureau improving your credit score.

I have seen a lot of things in my years assisting individuals with self credit repair. There are some things you should avoid. One of these things is disputing truthful and factual information. There have been many so-called "credit-specialist" who will tell you to do this to improve your credit score. Remember, disputing factual information that you know to be true is fraud. If you are accused of fraud you can be prosecuted, fined or even imprisoned.

In conclusion, it is vital that you know your credit score. It can be the difference between approval of a loan request or a new car.

Posted by halin989 at 11:10 PM EST
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Credit rating Array: Tips on how to Attain the Very best Credit worthiness
The financial lending score system has numerous bizarre features just like infrequent credit scoring range that will starts with Three hundred plus finishes using 850. I am aimed at the make any difference considering that discovered have learned to pay attention to this to own preferred consumer what is a good credit score speed. The most effective credit score point you can actually complete is without a doubt Eight hundred fifty. You might be mixed up mainly because 800 thirty five a brand new lower the probability that these days and it's also deemed corresponding to Seven hundred and fifty. Exactly what? In case the most effective history is usually 850, just how do a 100 grade minimize are exactly the same? Providers are seeking the ideal standing mixture and that is anything greater than 749. In the event you get the preferred rating collection (750-850), your scores will probably be noted just as "A" that means you can see the most effective loan terms together with quotes.

The rest of the status quantities because of their correlated dirt is a subsequent: 900 ( space ) 749 = "B" score, 800 To 699 = "C", Five-hundred * 599 = "D", all sorts of things directly below 700 Equals "F". Typically the even further a person's history varies from the ideal consumer credit spectrum, any more painful it can be our loans as well as prices. Working with a nominal credit standing is the reason why you can't be approved to your loan product or simply debit card. For anyone who is in the "D" or even "F" selection card issuers look at you considering excessive a danger and won't home loan everyone their.

Your credit ranking might possibly influence not just your financial loans but also the pre-existing financial loans. Lenders may possibly look at credit ratings data files occasionally to make certain that you just aren't becoming a problem thus to their enterprise. When your credit rating is lower at the time individuals released one credit profile, ones own financial institution might possibly grow your quotes and/or lower your limits. Banking account task states there after be your rating, show your existing complete try to receive the best credit history rate and look when them.

Here are some tips in order to keep the best history: pay your bills in a timely manner month for month, sustain account balances here thirty percent, work with a healthier combination of consumer credit, unfolded debt, be a part of unique credit score provided that critical, you should not similar credit to be a tactic to raise your status.

Sorry to say a majority of these guidelines are not easy to check out, specially when anyone achieve difficulty. Should they have happen to be simple and easy, almost everyone will be inside the finest credit rating collection. Sometimes deliver your easiest work to control to hold in addition to far better, to increase an individual's rating. Always be persistent not to mention regular and then you're going to receive and maintain your very best self credit score.

Posted by halin989 at 1:01 PM EST
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Best Ways To Improve Credit Score
You might be thinking here, “how does this help improve my credit score? Personally, I do this whether I’m trying to improve my credit score or not. And don’t let your creditor close it due to inactivity (a ‘closed by grantor’ listing lowers your credit score). If you wish to improve your credit score then leave a $5 – $10 remaining monthly balance. ” You have to understand that your credit history affects 35% of your credit score. Think hard prior to buying something and be sure that you pay your monthly bill promptly. * Ensure that your accounts open and active. Paying revolving debt is better since it could improve credit scores compared to an installment debt. Listed below are the five strategies to “How can I improve my credit score? * A healthy mix of credit is a must-have step. The bureaus take it as being in responsible use of your credit. Never assume that all of your positive efforts are being reported, or that everything on your report is accurate. * Spread out the debt. Will it really improve my credit score? You should make your credit report as accurate as you can since you shall be evaluated according to it Whenever a $0 balance is reported in the reporting agencies -you do not no when the credit card issuer will report to the reporting agencies – it appears as if you’re not utilizing the account consistently, that may not increase your credit score. If you don’t wish to give the incorrect impression to creditors then don’t get lots of credit. A proper combination is usually an installment account and two revolving accounts. So, why must you take this step? Will paying installment payments help me improve my credit score? * Keep an eye on your credit by looking at your credit report. A $0 balance is good to avoid interest charges but, interestingly enough, not to build your credit score. Since too many inquiries can have a negative impression, be careful when trying to get loans.

In today’s economy it’s more crucial than ever to have a good credit score, but millions of consumers simply don’t and all too often find themselves asking how can I improve my credit score? Once you take your pursuit in improving your score it can be unhealthy to close any credit accounts. ”

* Be sensible in establishing and what is a good credit score. One single card with a giant balance is worse than small balances on a few cards. Your revolving debt’s balance and limit should also have a broad gap so that it is better. It is very beneficial to do it. ” could possibly be playing on your mind at this point. The reporting agencies should have a credit profile after getting credit accounts. You will reap greater benefits if you will keep your balance down to 10% of your available limit. Allowing an account balance that’s under 30 percent on the available limit is good enough for your personal credit scores. This is a significant step that anyone should take in order to improve their credit score. Your credit utilization is responsible for 1/3 of your scores that’s the reason you have to be very careful in this part. Also, it is better not to use your card up to its limit even if you’re able to paying it. Here I will discuss reasons why you should improve your credit scores. Inform the bureaus of any erroneous data listed on your credit report so that they could do the necessary changes. The question “how can I improve my credit score?

Posted by halin989 at 1:26 AM EST
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Astrology compatibility established a successful relationship
Now, a lot of people really see astrology compatibility, determine whether they are going to have a good relationship that will last a long time with their spouse. People turn to Astrology compatibility report, because a lot of couples who end up divorced. Astrology compatibility may be known under several methods. You can use the sun signs pair fits their personality and determine if they can develop their relationship.

This technique to measure some of the compatibility of the birth chart to determine the sign of the Zodiac, as well as the planet, according to the day he was born. There are some things that you can find when you choose these astrological Compatibility. The planetary symbols, you can define how one will be close partners in the relationship. Now, this planet is their compatibility within signs of another planet. With this you can find the sign You are compatible with your partner. There may be a compatibility test, you may call tellers to test for you and your partner. If this is not feasible, you can go online and look for sites that offer this type of service. There is actually run Web sites that offer free services for couples who want to know if they are compatible and if their relationship will last long.

Astrological compatibility is very effective in knowing about the future in a couple through the signs of the Zodiac, as well as a symbol of the planet. This can be used to identify the person and may vary in characteristics to determine how this feature functions compatible with partners. In a few will have the opportunity to understand each other according to their different characteristics.

But when looking for a type of compatibility tests, one should not forget that love is the strongest thing in the world. This can surely defy all odds when it comes to relationships. Compatibility tests, such as tests of compatibility Astrology made just for guiding couples in a relationship. This, in essence, entertaining and fun. It is not made for the supervision of the relationship. When you are in a relationship, decisions, or would like to last or not, there's always going to be your choice.

Posted by halin989 at 12:26 AM EST
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