Credit Score Basics
Posted on April 28, 2008 - Filed Under Credit | Leave a Comment
Your credit score is very important and you should know the basics of it. The credit score you have is in your credit report. Your credit score is determined on the amount of debt you carry and your repayment of loans history. Your amount of available credit that you have will also be looked at in determining what your credit score will be.
Usually credit scores are in the range of 350 to 800. The average credit score is around 600. If you have ever been referred to a credit agency or you have defaulted on a loan it will have a negative effect on your credit score. One of the worst things that can happen to your credit score, in terms of lowering it, is if have ever filed for bankruptcy.
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Why Credit Crisis Means Lower Tuition Rates
Posted on April 20, 2008 - Filed Under Credit | Leave a Comment
The Boston Globe this past week had several articles on the changing student loan landscape. It seems that the mortgage crisis has spread to the student loan sector and more than 50 lenders have left the market for federally backed student loans in recent months.
Last week Citigroup, one of the largest private student loan lenders, said it would stop lending at some schools and end its federal loan consolidations.
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7 Simple Things You Can Do To Improve Your Credit Score
Posted on April 8, 2008 - Filed Under Credit | 2 Comments
If you have a good credit score there are many more financial options available to you. No matter what your credit score is there are simple things that you can do to improve it. You have to be aware that improving your credit score is not quick fix and it does take time, but if you have a little patience and perseverance you can get a good credit score.
Here are 7 simple things you can do to improve your credit score.
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Best Money Posts
Posted on October 28, 2007 - Filed Under Credit, Debt, Investing, Money | Leave a Comment
There is a lot of financial information on the Internet, and I try and read as much of it as I can. Some of the best financial posts that I read last week were:
- Another Reason to Value Your Credit Score – If you have a low credit score and move your new utility accounts might require a large deposit.
The Worst Mortgage in the World and a Look at Creative Loans - The mortgage industry keeps coming up with new and creative financing options that usually end up making them money and screwing you the lender.
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Getting Your Credit Score To 850
Posted on October 19, 2007 - Filed Under Credit | Leave a Comment
Looking for an early New Years Resolution? How about a perfect credit score of 850?
Under the FICO scoring formula, credit scores range from 300 to 850. Excellent credit is anything over 750 and most consumers (58 percent) have FICO scores of 700 or higher.
According to Craig Watts, public affairs manager for the Fair Isaac Corporation there are three main ways to improve your credit score. They are:
- Never miss a bill payment date
- Take out new credit only when you really need it
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10 Signs Of Serious Debt Trouble
Posted on October 16, 2007 - Filed Under Credit, Debt, Money | Leave a Comment
Bankrate and Yahoo both had articles recently around signs that you are in serious debt trouble. I tweaked their lists to come up with the top ten signs that you are in serious debt trouble.
- Your credit card balances are rising while your income is decreasing.
- You’re unable to make the minimum payments on your credit cards
- You use cash advances from one card to pay another
- You are at or perilously near the limit on each of your credit cards.
- You are frequently charged fees for late payments or for going over your credit limit
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8 Credit Score Myths
Posted on September 21, 2007 - Filed Under Credit | Leave a Comment
Your credit score, or FICO score, is arguably one of the most important pieces of information in your financial life. Lenders, landlords, insurers, utility companies and even employers scrutinize this rating — which sums up all of the information in your credit reports with three digits ranging from 300 to 850.
With so much importance associated with a number that very few people understand, it is no surprise that some urban myths have grown up around credit scores. Recently CNNMoney.com put together a list of the biggest 8 credit score myths and CNNMoney interviewed Ryan Sjoblad, a spokesman for Fair Isaac about these myths.
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Why Your Credit Score Is Important
Posted on September 19, 2007 - Filed Under Credit | 1 Comment
We have all seen the TV and radio commercials asking if you know what your credit score is. While most people associate their credit score with the cost of borrowing money, did you know that your credit score impacts how much you pay for home and auto insurance?
According to Money Magazine, in most states now insurance companies are allowed to use your credit information to formulate premiums and the U.S. Supreme Court has said that the insurance company doesn’t need to tell you if your credit has caused you to pay more!
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Is Credit Repair Legal?
Posted on September 3, 2007 - Filed Under Credit | Leave a Comment
Are you wondering; Can I legally repair my credit report? Can I legally increase my credit score? The answer to both of those questions is YES!
The Fair Credit Reporting Act (FCRA) protects you from mistakes made by the three major credit agencies (Experian, Equifax and TRW). By law you are allowed to dispute questionable items on your credit reports on the basis of “completeness and accuracy.” If the credit bureaus are unable to verify the accuracy of information found on your reports within 30 days, those items MUST BE DELETED. It is as simple as that.
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