Archive for May, 2009
jane w asked:
Wondering…I’m young and just got my first real credit card about 3 months ago. I’ve paid everything off every month so far. What does your credit score start as? Before I got it, I had no credit history whatsoever, but I expect to now or very soon since I now have credit. Anyone know what number I may have started at? Would it just be the national average? Or does it start higher?
Wondering…I’m young and just got my first real credit card about 3 months ago. I’ve paid everything off every month so far. What does your credit score start as? Before I got it, I had no credit history whatsoever, but I expect to now or very soon since I now have credit. Anyone know what number I may have started at? Would it just be the national average? Or does it start higher?
Thanks!
I mean…I know I had no score at all, but I guess I am really asking: once you open a line of credit, where does your score immediately fall when it is initially opened?
David
jnk686 asked:
I have checked my credit score in the past, however, it required me to sign up for some service, check my score, then call and cancel afterward. Is there a way to avoid this process and just check it for free without the hassle of having to cancel a service?
Of course I never had to pay money to do it, but it is still a pain to have to call and cancel.
Adolfo Shofestall
I have checked my credit score in the past, however, it required me to sign up for some service, check my score, then call and cancel afterward. Is there a way to avoid this process and just check it for free without the hassle of having to cancel a service?
Of course I never had to pay money to do it, but it is still a pain to have to call and cancel.
Adolfo Shofestall
MoneyTalksNews asked:
If you borrow money, you probably know that your credit score is important. The company behind credit scoring, Fair Issac, recently announced changes in the way they’ll soon be doing it.
Lucilla Wegrzyn
hunny asked:
i recently ran my credit report and got my credit score, but it’s not the usual fico score i received, instead i got what is called advantage score which is supposed to be a combination of three credit bureaus and determine your availability for loans etc…but what’s the difference? i’ve asked around but some never heard of it.
Erick Masden
i recently ran my credit report and got my credit score, but it’s not the usual fico score i received, instead i got what is called advantage score which is supposed to be a combination of three credit bureaus and determine your availability for loans etc…but what’s the difference? i’ve asked around but some never heard of it.
Erick Masden
DebtReducer asked:
http://www.fastdebtreducer.com Get a Free Credit Score and watch this video report on the new 2008 FICO credit score algorithm. Your credit score is about to change and you need to know how and why.
Mason Woll
Before you pay your bills this month, learn more about what actions will harm your credit score. Your credit score is used by the credit bureaus as a measure of your credit worthiness. The national average credit score is 692, according to Experian Information Solutions, Inc. Credit scores fluctuate by credit bureau, but they are usually in the same range and the national average can serve as a good benchmark. Lenders, credit card companies and other entities use your credit score as a major factor in determining your credit worthiness. So, what actions will harm your credit score?
What Makes Up a Credit Score
A number of factors go into a credit score. The exact formula used by any company is proprietary, but credit scores are usually broken up into several categories. 35 percent of your credit score covers your payment history. 30 percent is based upon the amount you owe. 15 percent of your credit score is related to the length of time that you have had a credit history. 10 percent of your credit score is tied into the types of credit that you have. The final 10 percent of your credit score reflects your new lines of credit.
Late Payments Do the Most Damage to Your Credit Score
Based on the factors that make up a credit score, it’s easy to understand that certain actions will be harmful to your credit history. While most of your credit history is made up of lines of credit and loans, energy companies and wireless phone companies are also starting to report to the credit bureaus. Making late payments has the biggest impact on your credit score. In addition to making late payments, the number of days’ delinquency also impacts your credit history. A payment that is 30 days late is weighted less heavily than a payment that is several months late and ends up in collections.
Other Factors that Will Harm Your Credit Score
Owing too much on any account, and the total amount of credit you have vs. the amount you owe will also harm your credit. The length of time that you have had any credit at all, the number of new lines of credit and credit inquiries will also impact your credit score. The credit bureaus like to see a mix of account types to include installment loans, different types of credit cards and other accounts, like mortgages.
You can order your credit report and credit score online to see where you stand based on the national average credit score.
By: Lisa Nichols
About the Author:
What Makes Up a Credit Score
A number of factors go into a credit score. The exact formula used by any company is proprietary, but credit scores are usually broken up into several categories. 35 percent of your credit score covers your payment history. 30 percent is based upon the amount you owe. 15 percent of your credit score is related to the length of time that you have had a credit history. 10 percent of your credit score is tied into the types of credit that you have. The final 10 percent of your credit score reflects your new lines of credit.
Late Payments Do the Most Damage to Your Credit Score
Based on the factors that make up a credit score, it’s easy to understand that certain actions will be harmful to your credit history. While most of your credit history is made up of lines of credit and loans, energy companies and wireless phone companies are also starting to report to the credit bureaus. Making late payments has the biggest impact on your credit score. In addition to making late payments, the number of days’ delinquency also impacts your credit history. A payment that is 30 days late is weighted less heavily than a payment that is several months late and ends up in collections.
Other Factors that Will Harm Your Credit Score
Owing too much on any account, and the total amount of credit you have vs. the amount you owe will also harm your credit. The length of time that you have had any credit at all, the number of new lines of credit and credit inquiries will also impact your credit score. The credit bureaus like to see a mix of account types to include installment loans, different types of credit cards and other accounts, like mortgages.
You can order your credit report and credit score online to see where you stand based on the national average credit score.
By: Lisa Nichols
About the Author:
Lisa Nichols is a freelance writer, website content strategist and marketing and PR strategy consultant. Originally from Eugene, Oregon, Lisa is currently based in Covington, Kentucky (also known as greater Cincinnati, Ohio).
Kirby Mcgivney
mooknlez asked:
I have good credit but am trying to improve my overall score…. I have a major credit card and a major store card and keep both balances low/pay them off, house loan, car loan and all accounts paid on time. Do I need to obtain more credit to improve the score or should I make a major purchase such as a new car?
Carey Skweres
I have good credit but am trying to improve my overall score…. I have a major credit card and a major store card and keep both balances low/pay them off, house loan, car loan and all accounts paid on time. Do I need to obtain more credit to improve the score or should I make a major purchase such as a new car?
Carey Skweres
, more than ever, it is crucial to rebuild your credit score if you’ve had trouble with it in the past. The unfortunate thing about rebuilding your credit score is that you may not be aware of everything that your credit score impacts, so you are just reaping the results of having a less than optimal credit.
To help you gain a little more understanding on why it is critical to have a good credit score, here are the top 10 reasons to rebuild your credit score;
1. Stop Wasting Money On Extra Interest – the lower your credit score, the higher your interest rates are. This can mean paying thousands of dollars extra each and every year for the same exact things that others with better credit pay much less on.
2. Get Approved For Loans Much Easier – it’s a fact that lenders will be more lenient on individuals with a higher credit score because they have a higher chance of getting their money back on time.
3. Pay Less On Your Auto Insurance – not only do insurance companies look at your driving and accident records, they even look at your credit history. Statistics show that people who are responsible with their money have a smaller chance of filing insurance claims.
4. Borrow Money At 0 Percent Interest – if you are going to borrow money, why not borrow it interest free, right! These offers are only extended to people with a proven track record of making their payments on time and having low balances on their cards.
5. Keep More Of Your Money – when you have a lower credit score, then you are always required to put a much bigger down payment on purchases like a car or a house. The lender isn’t willing to take on the risk without a sizable amount of collateral.
6. Be Favored Over Others – if you are looking to get a lease on an apartment, having good credit can give you the advantage over other tenants with less than perfect credit scores. Believe me when I tell you that the last thing landlords are looking to do is chase down the rental payment every single month as opposed to having it in the mailbox on the first of the month.
7. Get A Green Light On That New Job – many times, new applicants go through background checks and screenings. Part of the background check includes your credit profile and history. There are many cases that people get turned down for a new position due to bad credit because it is looked at as lack of discipline and responsibility.
8. Achieve The American Dream – one of the biggest reasons that you want to rebuild your credit score is to be in the position to purchase your own home or upgrade to a bigger and better house. Without a good credit score, your options for homeownership become very limited, and in many cases, non-existent.
9. Good Credit Attracts Better Opportunities – think about it, without good credit, there aren’t very many opportunities that come along for you to make money. Most people with bad credit don’t have much money put away either. Opportunities always find the right person who can take advantage of them. With good credit, people will look for you to offer you opportunities to invest or buy at discounts because you are in the position to take advantage of them
10. Because You Owe It To Yourself – you owe it to yourself to pay the absolute lowest on everything you borrow. You owe it to yourself to save and invest the money that you would be spending on higher interest or fees due to a lower credit score. You owe it to yourself to have the absolute best lifestyle available to those who have control of their credit and finances.
So there you have it, the top 10 reasons to rebuild your credit. There is much more that a good credit score can do for you, but hopefully these examples were enough for you to realize it that it is critical to your life and your finances to rebuild your credit score.
By: Alex Navas
About the Author:
To help you gain a little more understanding on why it is critical to have a good credit score, here are the top 10 reasons to rebuild your credit score;
1. Stop Wasting Money On Extra Interest – the lower your credit score, the higher your interest rates are. This can mean paying thousands of dollars extra each and every year for the same exact things that others with better credit pay much less on.
2. Get Approved For Loans Much Easier – it’s a fact that lenders will be more lenient on individuals with a higher credit score because they have a higher chance of getting their money back on time.
3. Pay Less On Your Auto Insurance – not only do insurance companies look at your driving and accident records, they even look at your credit history. Statistics show that people who are responsible with their money have a smaller chance of filing insurance claims.
4. Borrow Money At 0 Percent Interest – if you are going to borrow money, why not borrow it interest free, right! These offers are only extended to people with a proven track record of making their payments on time and having low balances on their cards.
5. Keep More Of Your Money – when you have a lower credit score, then you are always required to put a much bigger down payment on purchases like a car or a house. The lender isn’t willing to take on the risk without a sizable amount of collateral.
6. Be Favored Over Others – if you are looking to get a lease on an apartment, having good credit can give you the advantage over other tenants with less than perfect credit scores. Believe me when I tell you that the last thing landlords are looking to do is chase down the rental payment every single month as opposed to having it in the mailbox on the first of the month.
7. Get A Green Light On That New Job – many times, new applicants go through background checks and screenings. Part of the background check includes your credit profile and history. There are many cases that people get turned down for a new position due to bad credit because it is looked at as lack of discipline and responsibility.
8. Achieve The American Dream – one of the biggest reasons that you want to rebuild your credit score is to be in the position to purchase your own home or upgrade to a bigger and better house. Without a good credit score, your options for homeownership become very limited, and in many cases, non-existent.
9. Good Credit Attracts Better Opportunities – think about it, without good credit, there aren’t very many opportunities that come along for you to make money. Most people with bad credit don’t have much money put away either. Opportunities always find the right person who can take advantage of them. With good credit, people will look for you to offer you opportunities to invest or buy at discounts because you are in the position to take advantage of them
10. Because You Owe It To Yourself – you owe it to yourself to pay the absolute lowest on everything you borrow. You owe it to yourself to save and invest the money that you would be spending on higher interest or fees due to a lower credit score. You owe it to yourself to have the absolute best lifestyle available to those who have control of their credit and finances.
So there you have it, the top 10 reasons to rebuild your credit. There is much more that a good credit score can do for you, but hopefully these examples were enough for you to realize it that it is critical to your life and your finances to rebuild your credit score.
By: Alex Navas
About the Author:
Alex Navas is a financial coach who writes informative articles on various subjects including credit scoring and credit repair. You can download his free report “Credit Secrets Special Report” just by clicking Raise Your Credit Score
Bruno Kovalaske
firstamericantv asked:
Trying to increase your credit score? I got some quick tips coming up next.Hey, this is Joseph Yomtoubian and you are watching FirstAmericanTv.com. Having a good credit score will not only make it easier to get loans but also to get them at a lower interest rate. The first step is to get a credit card, not to spend on buying lavish gifts, but to establish credit. To establish good credit you must pay off the credit cards on time and in full every month. Once you are able to control having …
Galen Aslanian
GLMILLER1 asked:
http://secretstocreditrepair.com A consumers guide to credit repair.
Gary Farell