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Credit Counseling Or Bankruptcy: Which Is Best For You?
People often get to a place where they simply can't pay their bills, especially in today's economy which is not particularly sympathetic toward the poor or even the middle class. Inflation has impacted nearly every facet of daily life including...
Finding What is on Your Credit Report
A credit report is basically a file about you kept by lenders and banks. As annoying as it may be, it's still perfectly legal for them to gather all sorts of details about you. In turn, you have the right to check this file - and you should do so...
Home Loans For People With Bad Credit - When You Should Wait And When You Should Get A Home Loan
Home loans may seem like a bad idea for people with bad credit, but there are times when a home loan can help your credit score and your budget. To know if a home loan is best for you, consider factors such as your current financial situation,...
Student Credit Cards
With graduate debt averaging over £12,000, the ability to spread the cost of further education using a student credit card is obviously attractive. Adding to their appeal is the fact that these cards are relatively easy to obtain. Unlike many...
Which Business Credit Cards with Reward are the Best?
Thinking of applying for a credit card with a reward program to help you and your business? Here is a brief guide to some of the best programs on the internet.
The Platinum Business Credit Card with rewards from American Express is a great...
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Best Car Loan Rate - How To Get The Most From Your Credit Score
Your credit score is the most important factor to getting the
best car loan rate. Many shoppers make the mistake of going to
the car dealership and applying for a loan before checking their
credit report and score. By checking your credit score ahead of
time, you will know where you stand before seeking a lender. If
you have an excellent credit score, you should expect the best
car loan rate possible. Do not expect the lender to tell you
that you could save money by applying for a loan elsewhere. Make
sure you do your homework before applying for the loan. The
little time that it takes to receive your credit report from the
three major agencies could end up saving you a lot of money.
Understanding Your Credit Score
Your FICO credit score is more than just a number. Understanding
how your credit score is determined can help you to maintain or
improve your credit rating. Most credit scores will range in
number from 300-850 points. The higher your number, the better
your credit rating. Your credit score will be determined by five
different categories. Some items
will have a greater affect on
your credit score than others.
1) How timely you pay your bills carries the greatest amount of
weight on your credit rating. While it is a good idea to always
pay your bills on time, lenders will look more at your recent
payment history.
2) Amount of debt- lenders will look at your total debt and the
outstanding debt on your credit cards. It is a good idea to keep
credit card balances well below the maximum amount allowed.
3) Length of your credit history- how long have you had open
credit accounts? Do you use credit on a regular basis.
4) How many credit accounts do you have open? What types of
credit accounts do you have?
5) Recent credit inquiries and newly opened accounts - lenders
will look unfavorably upon your credit record if you have had
numerous recent credit inquiries or if you have opened several
new credit accounts in a short period of time.
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