credit score, employers, Los Angeles Times

[10/1/2010.  See Update.]

From:Greg Fisher
Mission: Saturday, September 25, 2010 8: 17 AM
To:Robin Abcarian, national correspondent, Los Angeles Times
Cc: Edgar Deirdre, readers of the representative, Los Angeles Times
  Subject:RE: credit score, employers, Los Angeles Times, presumptuousness

This is not because I ask. the question is: where did you find this information?

Further, if you cannot name a source for what he believed was a fact, then I just did what?In other words, how it happened?

The biggest question (not you): why are members of Congress, the Federal Reserve and US Treasury concludes that employers use credit scores, and what caused the ithikoplastiko media trend?

Citizens looking for jobs you have enough to worry about already. Deserve an explanation.

From:Robin Abcarian,
Mission: Saturday, September 25, 2010 1: 13 AM
To: ' greg@creditscoring.com»
Subject: Re: credit score, employers, Los Angeles Times

Ah …See why you are asking: credit score, credit report vs.. I will examine performs a correction.

?p?:Robin Abcarian,
Mission: Saturday, September 25, 2010 12: 54 AM
To: ' greg@creditscoring.com»
Subject: Re: credit score, employers, Los Angeles Times

It is a fact that has been reported about ad nauseum.

From: Greg Fisher
To: Robin Abcarian, national correspondent, Los Angeles Times
Sent: Thu Sep 24 22: 40: 22 2010
Issue: score credit, employers, Los Angeles Times

You write, "and the ruins of the credit score, frequently Check what prospective employers."

What is the origin on credit score use by employers?

View the original article here

Benchmark result good credit rises

Credit scores can be a valuable asset to consumers, helping to secure loans important needs, such as a car, college tuition or a House. But recent studies suggest that what do consumers want he'd been tricked may not be the perfect result.

A new report suggests that despite the reduction in the general economic situation of the Americans must take the benchmark for good credit. this trend could prevent consumers know even fiscally save extra money.

That were previously that a credit score of 680 label consumer most desirable to he'd been tricked. However, this number has risen in recent years. currently, most borrowers will be at least 720 to obtain large loans with the best conditions and/or credit cards with 0 percent APR, according to a report by SmartMoney.

Consumers with the highest grade somewhere between the old standard can now be included in the current standard for low interest rates, leading to thousands of dollars of expenses that have been added over the life of the loans.

With credit scores one point slightly make a huge difference as how he'd been tricked show consumers.Since he'd been tricked the majority use the bracket system, even those with credit score 719 find themselves in rank on the same level as score-holders in the range 690. This may cost consumers more than US $ 600 per car three years for a loan and $ 2,500 for loan capital home 15 year according to the report.

Dan Gumbinger, Vice President of HSH Associates, the firm's mortgage data tracks, told that he is another SmartMoney this evolution back economic crash of 2008.In reality, when Fannie Mae Gumbinger and Freddie Mac, he'd been tricked reestablished backup mortgages SAT score of 720 limit credit for the consumer the best pricing. Since the Giants mortgage backed most home loans, he'd been tricked major series soon followed.

Americans struggling with a narrow economic and rejects credit scores, 720 may include more out of reach than ever to achieve this status and credit, consumers need to go to the fine line between financial integrity and financial stability.

According to the credit Bureau, credit score perfect is somewhere mid-800s. However, since a perfect score to consumers is likely less hold balance or incur charges, are less profitable than he'd been tricked with imperfections.

Those with poor credit history, statements longer, a few missed payments and find themselves with the result of 720. consumers with coveted 720 result could also be traditional scorers in the middle of the 700s who have applied for credit recently. obtain a credit score consumers of 720 by making payments consistently but also holding balances of more than 30 percent of the credit lines, according to a report.

For those on the threshold of this purpose, financial report said, even small fluctuations may result in a credit score drop. These include minor changes even credit history, which is fired when employers see report consumer credit in the past or will purchase a sudden large.

Average credit score as of September was 666, down 10 points from the figures are taken in January, according to a report by Post-Intelligencer, Tel-Aviv.

Current numbers suggest that, while the number of consumers likely to be good or above 720, many Americans, financial goal is still out of reach.

View the original article here

Wednesday Trends in credit card & debt

20 October 2010

Using your credit or debit card will make you fat?

A recent study reported in the New York Times, found that the payments with credit or debit cards people most likely to make purchases of impulsive, unhealthy food.

Research shows that consumers were significantly more likely to buy the "bad" things like junk food and other products "vice" when you use a credit or debit card.

The psychological argument behind it is that when consumers spend plastic, reduced the "pain", the feeling that physically, delivering a dollar bill takes away the pleasure of consumption, the article States. Thus, spending via credit or debit card made it easier to give impulses, because the pain was felt less payment.

The lesson here Is that cash payment will help you keep up with your diet? Maybe the key takeaway is that, in General, paying on paper there makes it more likely for the impulse purchase — if we're at the grocery store or shopping for clothes or electronic. Responsible about your use of plastic, and you'll avoid debt and any extra calories.

Roundup today deserves a big thumbs up for the awesome places to credit card debt help and advice from primary sources around the Web! happy reading!

View the original article here

Cost of living rises in the u.s.

The cost of living in the United States Aleh September-more bad news for consumers is already dealing with harm score debt vashrai.

After two months of modest gains, consumer price index, survey work measures changes in the price class of consumer goods and services, rose 0.1 percent in September. economists had predicted a space 0.2 percent.

Department of labor reported that despite the rise in prices, there were few signs of inflation acceleration.

"Expectations of inflation is likely more than resorting to continue to increase in size," Paul Dales, Economist USA economics wealth, told Bloomberg.The downward pressure on wages and prices should be slightly offset by the upward pressure on prices of food and energy. "

Wall-Mart, target both among a group of retailers offering more discount items to lure shoppers at holiday approaching, reports Bloomberg.

Last year, prices rose 1.1 percent, while the core rate rose only 0.8 vibration rates, the smallest percentage gain since 1961.

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Credit expansion threatens barrier wine country

Winery operators were trouble growing their business this season, with a lot of add-on programs, as well as the hotel and tourism projects stalling due to a lack of credit lending.

After struggling with a full season of mist, evergreens, exports are down and prices flat many wine developers but winemakers say local banks made matters worse, stop lending because of recent credit barrier.

Jim Carter, owner of South Coast Winery Resort & Spa, designed to build a new project of the full suite 180, restaurant, amphitheatre. However, his project is on hold, and he believes ??? banks refused to give the green light.

"Very tight credit right now," Carter said Times North District."Banks are very tight. If you have a hard time selling grape or wine, you'll have to deal with the banks."

Credit barrier has hit the wine industry because of the increased competition is difficult, and the need to expand the business.Some of them even had to be abandoned entirely because of projects or tight credit lines, according to the schedule.

Agricultural dealers to mention the loss he'd been tricked during recession as big as the reason, reports the times.

Tags: denied credit, consumer credit loans barrier

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Influence: Equifax credit score distribution company botches

On the heels of this week other fun with Equifax ("UPDATES > ENRICH > EMPOWER"), consumers top finance expert and Equifax blogger Ilyce Glink cross-promotes another of the myriad of projects with a link to a video with some muckety-muck is described as an Equifax Executive.  And it's a hoot.

CBS moneywatch.com, Glink writes: "according to the blog of FICO credit approximately 18 percent of the population has a credit score FICO between 800 to 850, but the highest score credit I've heard is 830 (feel free to post yours below).A little more than 25 percent of the population has a credit score below 600. "[incidentally: creditscoring.com, see: "two and two: Credit scores fall, AP, part II"]

However, there is an angle of edge as the hijinx sinks with a link to a slinks rinky dink-Glink think video. Executive, some dude named Steve, identified as "President, Equifax Personal Information Solutions" Member, "I think that less than one percent of the population has more than 800."Activate the camera and watch him Go ().

It is more than a startling flub: misinformation is accompanied by the actual words on the screen, in writing, in your face: "less than 1% have 800 or higher."

Get more equi-Facts with Steveorino here wild, Wild Web. making sure one of the most hilarious moments live radio.

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Low credit scores can cost jobs young adults

A new report suggests that the average consumer's credit score and the acquisition of new credit card or for the first time has fallen over the years. Requirement lowered opens the door for adults approx. 6 million and fashion, young purchase credit cards, putting them at risk of a compilation of credit debt, as a new report suggests, increased granular of employer.

The average American society has lost an estimated $160,000 year employee fraud, according to a report by the Association of Certified Fraud Examiners (ACFE), leading many employers to take up the employee's financial history. in fact, 60 percent of employers to check credit histories of employees, reports CBS MoneyWatch.

The report suggests that it can put many young Americans, who is currently looking for work, only 17 percent of college students tend to pay the full balance of their credit cards every month.

Accountability of credit card, responsibility and law of discovery (card), came into effect on 21 February 2010 requires people under the age of 21 is the co-signer's when applying for a credit card, unless they prove that they have the resources to pay.

This legislation is designed to restrict credit for poor behavior with young consumers. as a result, many of these people do not have a credit card; research ACFE found 60 percent of the parents I co-sign a credit card.

View the original article here

Loan master in 5 minutes

26 October 2010

** Welcome to 5 minute Monday here at credit Karma Bootcamp: Plan. * health * 31 days credit

** Special guest post by Michael, editor-in-Chief of doughroller.net, that helps consumers find the best online banking available today. **

With interest rates of mortgage loan interest rates low and other times also to record lows, now is the best time to look for a line of credit, if you need it. But even with low interest rates, there are actions to run before and after you get the loan that ensure that the interest rate and your credit score is the best they can possibly be.

Pre-Loan enhancements

Before taking a loan, you should first do everything they can to improve the current credit score. You would be surprised what can be done in a few minutes to sit down and strategizing.

First, you must have a copy of your credit report.This can be done by visiting annualcreditreport.com or a variety of free trial offers, from online credit monitoring services.After getting your credit report, locate all accounts that have negative information. This includes any late payments, collections or a credit report extremely high debt. (For example, if you have a credit card with a limit of $ 1000 and your current balance is $ 990). Gather contact information for Auditors and call them to request that the negative information to remove.Depending on how many years during the late payments, you'd be surprised at how can be the forgive some creditors.Not everyone will force but also one will improve your credit score. Last but not least, if your credit score is not in the category outstanding (750 +), pay down as much of that debt as high as you can. one of the factors that hurt your credit score is a credit report high debt and a couple of quick payments to reduce the debt immediately should improve your credit rating.Can only be a few points, but that can be the difference between thousands of dollars in interest payments.

Post-Loan enhancements

Taking the above measures must ensure that you have done everything possible not only get the credit you need, but get a low rate of interest in the process.But this is only half the battle. now the task is to ensure that this loan not only helps monetary needs, but also improves your credit score good for the future.

Always pay more than the minimum – minimum payments are great for a positive credit history, but making it just the minimum payment will do two things: first, it will reduce your debt faster, improving your credit score and, secondly, to drastically reduce the amount of interest you pay over the life of the loan.Avoid consolidation – if you can satisfy your payments every month, avoid consolidating this loan in another. consolidation loans can be effective in reducing the interest rate, but when you close an account positive, open-minded, will pass your credit score. Consolidation should be used only if you are able to meet your obligations monthly and I fear that they will be effected payments on time.Subscribe for automatic payments – some loans offer interest payment reductions up to 0.50% if you sign up for automated online payments. remember to ask your lender if you will reduce the interest rate for signing.

CK Bootcamp Council: each of the steps above do not take more than a few minutes to complete and the results could end up saving a lot of money. remember, your credit score is extremely complex and each decision that you make could not affect it. credit application should be executed only if absolutely necessary and even then, handle with extreme care.

___________________________________________________________________________

Credit Karma Bootcamp: 31 days credit Health Plan

In October, credit Karma Bootcamp you daily information on what you need to take wise decisions, credit-expert when it comes to credit cards, mortgages, insurance, loans and credit, especially, of all things.

Follow to get financially fit and healthy credit.

___________________________________________________________________________

Related post:

Dear credit Karma – Student Loan Consolidation dear credit Karma, I just graduated from college and I have lots of student loans to pay off. ...Save Money On Your Mortgage in 5 minutes before you are unexpectedly drowning in their own domestic situation, protect yourself now doing what you can do to ...Beyond the basics: 4 Tricky credit rules to Maestro there are some unexpected facts that many consumers don't know utilization of credit even if you know all the basics of ...Payment credit cards with a Home Equity Loan most of all American citizens are carrying some kind of credit card debt. Unfortunately, there are so many ...Score points in your day Credit Score in 5 minutes before credit Karma Bootcamp! are you ready for you whip in great financial shape? is it really possible to add ...

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CBS encourages employers & scores which myths segment

Things always happen in threes.

The three national consumer reporting agencies all indicate that they do not provide credit scores for employment screening and today, complete a sweep 2010 from all three major networks morning coffee klatches, CBS took up this: "the score is a number which traders look, you know, employers look".

In the print version of the story, CBS business and Economics correspondent Rebecca Jarvis has the opportunity to be louder and make clear, says, "From your prospective employers to candidates some, most organizations will check your credit score to assess their risk."

Is cruel fate. Cross-promotiong a good employee, from the air, the correspondent refers to MoneyWatch, a website CBS MoneyWatch but an article stating the opposite of information transmission. yesterday Says: "so for those of you who believe, suspicious or insist that a bad credit score will your labour costs, take comfort: that simply isn't true."

Watch "first occurrence" host Harry Smith take while Jarvis company:

And with this, The Tiffany network won a place in history, and the next exciting video.

The hilarious part: the part entitled "Major Credit Card myths Debunked."

View the original article here

Payments end result in a credit Score for the lowering of borrowers

Most consumers are aware that late payments can undermine on their credit scores, but Fair Isaac, the developer of the FICO score, says this ??????? bills may take off points more than the rest and late payers.

Payments that are the 30 days later large loans can knock between 40 and 110 points from a credit score, according to the company at a time when tight. restrictions on lending, many people cannot afford to fall below the scale of the credit score.

During the 90 days late mortgage payments, homeowners could be in danger of facing foreclosure, the Daily Herald reports.In General, these payments "seriously" is a vile can deduct points 70-135 from credit score.

You may want to consider bankruptcy as an option to those who make themselves from debt also rethink their decision, this can reduce your credit score by 130 up to 240 points, making it difficult for people to borrow in the future.

Filing of bankruptcy remain on record for up to 10 years.Despite filing bankruptcy may remove some outstanding payments of consumer credit history, probably still do damage over time its payment history.

View the original article here

Unemployment Rate Delays Economic Recovery

This week, Consumer Reports index that was released in September, and it found a national unemployment caused economic growth ???????? directly. Although Americans view the better reflects their personal finances, many are still pinching and currencies to afford the monthly expenses.

"Growing ranks of workers employed, dampen the Outlook remains anemic consumer moving forward," said the Director of the national consumer research centre, Ed Farrell.

Almost 1.6% with low-income missed Bill monthly payments this month, according to Consumer Reports, another indication that many consumers are still struggling to pay their existing debt. The large expense payments and others, such as loans, damage your credit score.

On a positive note, the number of Americans affected by changes in a negative credit card interest rates, fees fell from 8.9 percent in August to 7.2 percent in September.Per capita spending over the last 30 days also fell to $ 185 from $ 286 last month, indicating that consumers that the adoption of new financial responsibility.

Tags: consumer, debt credit card debt

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Festival: a personal blog downloads of funds

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Festival: a personal blog downloads of funds

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Unemployment Rate Delays Economic Recovery

This week, Consumer Reports index that was released in September, and it found a national unemployment caused economic growth ???????? directly. Although Americans view the better reflects their personal finances, many are still pinching and currencies to afford the monthly expenses.

"Growing ranks of workers employed, dampen the Outlook remains anemic consumer moving forward," said the Director of the national consumer research centre, Ed Farrell.

Almost 1.6% with low-income missed Bill monthly payments this month, according to Consumer Reports, another indication that many consumers are still struggling to pay their existing debt. The large expense payments and others, such as loans, damage your credit score.

On a positive note, the number of Americans affected by changes in a negative credit card interest rates, fees fell from 8.9 percent in August to 7.2 percent in September.Per capita spending over the last 30 days also fell to $ 185 from $ 286 last month, indicating that consumers that the adoption of new financial responsibility.

Tags: consumer, debt credit card debt

Was this entry is filed under credit problems, personal finances. you can track all responses to this entry through the RSS 2.0 feed you can leave a response, or trackback from your own site.

View the original article here

10 Ways to boost your credit score

1. Deleting Errors in 48 Hours

This is the absolute fastest way to correct errors on your credit
report and raise your credit score. However, it can only be done
through a mortgage company or a bank. If you apply for a home
loan and find errors on your credit report, request the loan
officer to conduct a Rapid Rescore. But don't mistake it for the
credit clinic tactic of multiple dispute letters.

The Rapid Rescore strategy requires proper paperwork. You need
proof that the item is incorrect. It must come from the creditor
directly. For example, a letter stating the account is not your
account, a letter stating the account was paid satisfactorily,
a release of lien, a satisfaction of judgment, a bankruptcy
discharge, a letter for deletion of collection account or any
relevant evidence.

This is the same documentation a bank or mortgage company would
require for the credit accounts anyways. The difference is, now
you can improve your credit score and receive a lower interest
rate. The results are not guaranteed and will run you about $50
per account.

2. Deleting Negative Credit

This is the infamous area where you've heard of all the scams.
Credit repair clinics charge "an arm and a leg" and promise a
clean credit report. Sometimes even a new credit profile! People
spending hundreds, or even thousands, of dollars for something
they can do themselves.

Removing errors is simple. Deleting negative credit that is
accurate requires advanced methods. But that is not the scope
of this report. So I'll focus on the deleting the negative
errors.

Credit report errors easily disappear by using a simple dispute
letter. If you have the paperwork proving the error as mentioned
above in Rapid Rescore, send copies of that along with the
dispute letter. This will make the credit bureau's job easier and
you will get faster results.

If you don't have the documentation to prove the error(s), send
the dispute letter anyway. According to federal law, the credit
bureau's have a "reasonable time" to validate your claim. They
will contact the creditor for verification of your dispute. Then
the account will be reported accurately - or deleted. It has been
generally accepted the "reasonable time" to complete this task is
30 days.

If you're not the do-it-yourself kind of person. Or don't have
the time. You could hire someone who is very economical.

3. PiggyBack Someone's Credit

This is a fast and great little credit score booster. But it
requires a very trusting relationship. Simply put, someone else
adds you to their credit account. For example, when applying for
a credit card, you may have seen the section to add a card holder.
If your trusting person adds you, their payment history is now
reported on your credit report too. If they have perfect credit,
now you have a perfect account.

To make this more effective, use an aged account. Imagine if your
trusted person has a 10 year old credit card account with a
perfect payment history and a balance of only 50% of the credit
limit. Wouldn't you love to have this on your credit report? The
easy part is your trusted person just calls the credit card
company and requests a form to add a cardholder. Once completed
and activated, their entire account history and future is now
firmly planted on your account. Imagine if you secured 3-5 of
these accounts - especially installment accounts. Your credit
score could sky-rocket!

The challenging part? Finding the trusted person. Since you already
have a low credit score and bad credit, how eager will someone be
to make you a cardholder? Even your parents don't want you to
damage their credit. But, no one says you need to possess the card!
In other words, your trusted person could add you as a card holder
and never give you the card or PIN or any information. Since the
bills and all account information is still mailed to the trusted
person's address, you won't know anything about the account. This
scenario could land you many trusted persons. And you still benefit
with a higher credit score.

4. Playing Round Robin

This strategy is one of the oldest credit building techniques
around. It used to be accomplished with secured savings accounts.
But now, it's much easier with secured credit cards. In fact,
I've used this method myself.

Here's how it works: Take ,000 (or what you can afford) and get
a secured credit card. Once received, get a cash advance of 70%
of your credit limit. Get a second secured credit card. Once
received, get a cash advance of 70% of your credit limit. Get a
third secured credit card. Once received, get a cash advance of
70% of your credit limit.

Open a new checking account with the final cash advance. Use this
account only for making payments on your three new credit cards.
If you make your payments on time every month, your credit score
will increase because you now have three new perfect payment
credit cards. (Initially, your credit score might drop a few
points due to the rapid, multiple accounts being opened. However,
be patient because within 4 months of no new accounts or any
delinquencies of any account, you will see your credit score
increase. Mine increased 60 points in 60 days!!)

5. Pay on Time

This one is quite obvious. But after 12.5 years in the mortgage
business, I discovered it still needs repeating. Your creditors
were gracious enough to loan you money. Now pay your damn bills!
If you don't, your credit score decreases. EVEN IF ONLY 30 DAYS
LATE!

That's right folks. For some reason people think, "I'm only a
few weeks late. What's the big deal?" Well, for the loan company,
if you pay late but consistent, they make a lot more money with
late fees and more interest (if a simple interest loan). For you,
your credit score is damaged. If you think long-term and credit
score, I'm certain you would not have a cavalier attitude.

6. Pay Down Debts

This seems like an obvious method, doesn't it? But it is not as
transparent as you might think. Remember, we're playing with
high-level statistics and probabilities which evaluates and
forecasts trends in your behavior. Here's what you do...

Never pay off your revolving debt in it's entirety! Isn't that a
surprise? Think about it. Your credit score is a reflection of
your ability to manage your credit. Paying off your debt is not
managing your debt. If you have a zero balance, how can you manage
it? You don't. It no longer exists. And you cannot manage what
does not exist, right? Therefore, in terms of credit score, you
have demonstrated your ability to swiftly pay off accounts to
avoid managing them. Thus, slightly decreasing your credit score.

One exception, of course, is if you're over extended to begin
with. Pay off what's necessary to make your credit profile look
great. Then manage the remaining credit.

7. Don't Close Accounts

Even if you pay off revolving debts, do not close the account.
The longer an account is open with no negative reports, the
better it reflects in your overall credit score. This is due to
the weighted-average in the credit score formula. Many credit
experts suggest a balance of 30% of your credit limit. That's
ideal. But you can go as high as 70% and still maintain a
healthy credit score.

8. No New Credit

You must be vigilant in your credit behavior if you want the best
credit score. Therefore, do not get any new credit unless it is
absolutely necessary. Each time you apply for credit, an inquiry
is added to your report. This usually drops your credit score
slightly. When you have fresh credit, there is no track record
how you will manage (or pay) this account. Therefore, it's a
higher risk which results in a minor drop in your credit score.
Remember, your credit score is about risk assessment.

Here's what you do: obtain credit for your housing, transportation,
college or continued education and 3-5 credit cards. That's really
all you need for personal credit. If you want more credit, request
a credit limit increase on your current cards rather than apply
for new ones.

9. Maintain A Mix of Credit Types

If you show you can handle different types of credit at the same
time, you are rewarded with a great credit score. In other words,
get installment loans like vehicle, personal loan or mortgage.
Get revolving credit like credit cards: Visa, Mastercard, Sears,
Sunoco Gas, Costco. By mixing it up, you demonstrate you can
manage your credit because you will have short term and long term
credit with a fixed payment. As well as a "variable" monthly
payment on your credit cards.

Keep these accounts open with a balance of 70% or less and paid
on time and you will witness your credit score climb to great
heights.

10. Don't File Bankruptcy or Foreclosure

Here's the most obvious advice: Don't file for bankruptcy or
foreclosure. These stay on your credit report for 10 years and
always decrease your credit score. The older the bankruptcy or
foreclosure account becomes, coupled with re-built credit
history, the less of an impact they play on your credit score.

Contrary to popular beliefs, you can legally delete a bankruptcy
and foreclosure. It's not easy. But it's possible. See the
advanced methods for that solution.

To quickly rebuild your credit history after a bankruptcy or
foreclosure, use the Round Robin strategy above and get secured
credit cards. Now you can even get a car loan or mortgage right
after bankruptcy.

© 2004 David Czach.

-------- Editor's Note ----------

Dave Czach has 12 years experience in the mortgage business and
a Bachelor's Degree in Real Estate. He can be reached at
http://myLoanHero.com/go.cgi/daveczach.

This article may be reprinted without compensation provided
there are no changes whatsoever to the article, the copyright
notice and the complete Editor's Note. Any reprinting or
duplication without these conditions is copyright infringement.

-------- Editor's Note ----------

-------- Editor's Note ----------

Dave Czach has 12 years experience in the mortgage business and a Bachelor's Degree in Real Estate. He can be reached at http://myLoanHero.com/go.cgi/daveczach.

5 quick solutions for the financial year adjustment

In requesting our Jewish friends happy new year, we want to share a simple five resolutions this year we're entering a financial adjustment operation of change:

1. check your credit scores.

Given this type not only we are entitled to a free credit report once a year from the three major credit bureaus, but test scores, and helps to ensure that credit errors. this way, when it comes to taking a loan is approved for a mortgage or transportation, and we will be wonderful!

2. tackle your debt.

By using income ??????? cover debt is key, especially credit card debt. we want to find the card with the highest interest rate, first pay out of one.

3. automatic switch.

Automatic enrollment in payment for all bills, helps prevent missed payments, late fees and credit card payments execution time! is indeed one of the causes of good credit score generated key.

4. stick a budget.

As the holidays approach, we probably want to keep track of how much we spend on the little things that add up. whether the supplies, gas, or credit card bills, it is important to know where the money is going to help make available when needed.

5. reward ourselves.

And last, but not least, we always want to make sure that we can treat ourselves something nice (but the budget) for the hard work we put our finances management responsibility.

Happy new year!

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The new Vantage credit score-(Ihre_"Ad"_Vantage_oder_Ours?)

It's no secret that your Credit score affects every aspect when your financial life. Your three-digit Credit score impacts your mortgage interest rate, your ability to secure credit cards low interest rates, and possibly your ability to land this great new job were the viewed, have. Your Credit score is to your financial DNA, you as a person who is a high risk identify or not.

One of the most popular companies to calculate your Credit score is the trade fair Isaacs Corporation (FICO). The number or Credit score calculated is known as your FICO Credit score based on a mathematical formula that you have developed. The average consumer Credit score is 677.Only about 11% of respondents population ranks counts over 800; 29% between 750 and 799.Es are more than 30 million people in the United States with credit problems that is severe enough, see 620, loans and credit cards at favourable interest rates make difficult score collection ("subprime").

The Fair Isaac Corporation differs Isaacs, which is sole activity to calculate Credit score s from the three major credit bureaus, Experian, TransUnion and Equifax, in this, fair and sell to consumers and lenders. They have pushed to the forefront of this industry and have high name brand recognition in profitable business of selling Credit score-s for lenders who want to lend money. At the same time the big three credit bureaus compile and sell s credit report but also calculate and sell our Credit score your own version-s. Each Office has its own name for your Credit score and developed. Equifax known as beacon Credit score your Credit score.Empirica is called to the TransUnion.Experian is named "Experian/Fair Isaac risk model".Noch confused? also this Credit score s all different numbers will be expected with any business, if your result with each individually to check.

The "vantage"-Kerbe

So do we really need another three-digit number that describes a consumer credit risk to lenders? Obviously think to Equifax, Experian and TransUnion. They have announced this week that a more consumer friendly Credit score developed industry more understandable to be produced. But it really is and who really benefits from this change?

Here are some facts to consider. Apparently Equifax, Experian and TransUnion are all want to delete their former names for the Credit score s and are all now be known as Vantage Credit score. First I thought, what consumers have a great idea, now a vantage score that represents the Credit score from Equifax, Experian and TransUnion.Consistency will occur in all areas finally! false.That's not the case at all. Each major credit Bureau is still customized compute a consumer's Credit score and sell it to the financial community.Various numbers with each company to be, should this Credit score s when to check your score with each.The only thing you changed is that the three offices have agreed to your Credit score numbers the number of new Vantage score.

So basically, what we have here an old Produkt.Sound is a name change and packaging how generates a huge buzz on new focus to give an old product that has a shiny new now to make "Bells and whistles" angefügt.Um, Experian, TransUnion and Equifax decided more confusing to interpret your Credit score s, using a scale that you have created the industry standard abweicht.Vor which this week was a consumer Credit score interpreted as immediately below gezeigt.Vergleichen you below, that the manner that the vantage score be interpreted.

CREDIT SCOREFICO

(Range is from 300-850)

720 + Awarded

680 719-Good

640 679 Fair

599 639 Poor

VANTAGE CREDIT SCORE

(AREA IS 501-990)

901-990 = A

801-900 B =

701-800 C =

601-700 D =

501-600 = F

As you can see, consumers who say a perfect FICO Credit score, 850, would only B credit under the vantage, adapting the scoring system considered it. course has taken into account, but why need we benefited more confusion to the consumer with a very important number to erstellen.Wer really here?

So there you have es.Sie will know, up to Geschwindigkeit.Analysten expect that approximately six months to a year to see whether this new change will take off and how it affect the industry be. for now remember the importance of your Credit score, regardless of which scale is used to interpret it.

By Robert H. Tenorio, lawyer and owner of http://www.Creditegghead.com a personal finance site offers free advice for consumers to help you achieve credit scores with financial wellness and better.

Tighter credit standards to create even more important to credit scores

In an effort to reduce the amount of them write every year the debt, he'd been tricked has tightened their restrictions borrowers since the recession of 2008. As consumers struggle to pay down their existing debt, many find that they are not qualified to take out a loan with no credit score high.

Understanding what to look for in a candidate he'd been tricked can help consumers, before applying for loans.Three factors play a major role for calculating credit scores: the payment history of the person, the size of all outstanding balances, and the length of a person's credit history. he'd been tricked to pay attention to some of these factors when you review your application.

By stay up-to-date with their credit card debt and other monthly payments, consumers build a solid credit histories, responsible. Additional points when borrowers must prove they are paying their way at the time.

FICO reminds that borrowers, marital status, age, employment history or rental housing, assistance, agreements, participation in the public consultation are not factored into credit scores credit.However, banks and preserve the right to request this information from borrowers as needed.

View the original article here

Get a mortgage of a low credit Score: how it really hurts you

In 2007, Fannie and Freddie Mac unveiled standards-based pricing "risk", which makes it more difficult for consumers with poor credit scores get mortgages. Since the recession of 2008, he'd been tricked has continued to tighten their standards, that is, that building up payment history has become a priority for many Americans.

Mortgage interest rates should be based on credit scores of borrowers, says Bankrate.Consumers with higher scores of 740 has a better chance at a fixed rate lock is lower than those below this level. Unfortunately, homebuyers who are uneven or credit score now pay this target you thousands of dollars more each year on their mortgages.

"Typically, the risk-based pricing tiers shift about all 20 points," the analyst industry Nicholas Gibran says Bankrate. "If the result your 640, you must pay for all three points on a $ 400,000 loan closing. ", which means that you need 6000 $ or $ 12,000 from more."

The Federal Housing Administration loans, don't rely on a minimum credit score at that time, it may be good for borrowers who do not meet the requirements of other home loan he'd been tricked.

Tags: credit Score, credit scores, mortgages rates

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Basic too easy a credit score

Have you ever wondered how some people can easily and effortlessly waltz into a bank and walk out with a home loan, car loan, or line of credit, while others get rejected time after time?
Have you ever been puzzled at the complex science behind credit scoring? It is a somewhat confusing and mind-numbing mix of numbers, ratios, and complex algorithms used by our lenders these days to supposedly calculate your risk as a borrower.

Are you tired of feeling confused at the lingo that so many lenders throw around as if you knew what they were saying as they turn you down for having insufficient credit scores?
You are about to discover the simple credit scoring secrets that lenders use to help evaluate your risk as a borrower.

I will pull apart the few components of a credit score for you so that by the end of this, you will be able to better understand exactly what you must pay attention to with regards to your own credit, so that you can become and maintain status as an "A" borrower forever more.

What is a Credit Score?

A credit score is a number that lenders use to estimate their risk if they should choose to lend you money.

Experience has shown them that people with a high credit score are usually going to pay them back with little or no problems. Conversely, borrowers with lower scores tend to be a higher risk to them and tend to be more likely to pay late or perhaps stop making payments altogether.
Credit scores (usually) range from 340 to 850 points. As your score climbs, lenders tend to offer lower interest rates and better terms. Conversely, the lower your score dips, the more likely you are to have higher interest rates, higher fees, tougher terms, and potentially even get declined by the lender altogether.

How are Credit Scores Calculated?

The three major credit reporting agencies don't necessarily use the same scoring. So don't be surprised when you see 3 different credit agencies come up with 3 slightly different scores.
Your credit score is a number generated by a mathematical formula based on the information and data in your credit report. Your information is further compared to millions of other people's information and data.

This number is a pretty accurate prediction of how likely you are to pay your bills and honor your commitments to your lenders.

What's a Good Credit Score vs. a Bad Score?

The scale runs from 300 to 850. The vast majority of people will have scores between 600 and 800. A score of over 700 is usually considered "excellent credit" and will usually get you the most favorable interest rates on loans, mortgages, and credit cards. If the score is in the low 600's or below, then you are viewed as a higher risk, and considered to have "mediocre" to "poor credit".
Here's a look at national averages for credit scores among the US population in 2003:

Up to 499: 1%

500 - 549: 5%

550 - 599: 7%

600 - 649: 11%

650 - 699: 16%

700 - 749: 20%

750 - 799: 29%

Over 800: 11%

What Goes Into The Score, and Which Parts Are Most Important?

35% - Payment History

30% - Amounts You Owe

15% - Length of Credit History

10% - Types of Credit

10% - Newly Established Credit

Let's break this down and make it simple. Bottom line is, at the end of this conversation you need to know just what this means to you. So let's keep going here.

Payment History:

This category of the score reflects things like...

...Number of accounts paid as agreed

...Delinquent accounts

...Number times past due on payments

...How long you've been past due

...Time elapsed since you had a past due payment

...Collections, foreclosures, liens, judgments, etc

...Negative public records

How you pay your bills is a huge deal. Paying all your bills on time is good. Paying them late on a consistent basis is not good. Having accounts that were sent to collections is worse yet. Going into bankruptcy is even worse still.

What You Owe:

Basically this category is looking for signs of being over-extended, and making sure you are paying down your existing debts consistently

-How much you owe

-How much of your credit limit you've actually used

-Amounts you owe on installment loans vs. their original balances

-Number of accounts that are paid down to zero

-Remaining available credit

People with the high scores tend to use credit sparingly and keep their balances low. People who consistently max out their balances are usually considered to be a higher risk. People who never use credit will never have a history (good or bad) to monitor or track.
Also keep in mind that if you have $50,000 of available credit spread over 5 cards or accounts, then you are best advised to keep your balances at $25,000 or less. Furthermore, you should spread that debt over all 5 cards. This is better than maxing out 3 of your cards for the $25,000 and having 2 cards with a zero balance.

Length of Credit History:

Length of time since accounts were opened, time that's passed since the last activity, and the total length of time tracked by your credit report are all components here.
Basically, the longer you have good history, the better your scores tend to be.

Mix or Type of credit:

The best scores will have a mix of both revolving credit (credit cards) and installment credit
(mortgages or car loans). When you are lopsided one way or the other your scores will slip downward. Even if your payments are good and account balances in check.

Your New Credit:

The final category to explore is new credit. Basically this is a question of how much new credit have you been applying for. How many credit applications have you been filling out with different lenders of any type?

This section wants to know the number of accounts you've recently opened. It further analyzes the time that's passed since recent inquiries or newly-opened accounts. It analyzes the number of recent credit "inquiries" or "credit pulls" you have asked for recently even if it didn't result in a loan.
In general, it just monitors that you aren't trying to open to many accounts at any one time, thereby stretching yourself too thin.

Conclusion:

Well there you have it. A short, sweet, bullet point synopsis that helps us better understand the nature of the credit report, and how is used and calculated.
Keep in mind that credit scores are not perfect.

It is quite common that a person's report may have some or a lot of misinformation. This would not be the end of the world. So don't sweat it. But do take it seriously. There are ways to improve your credit.

It is in your BEST INTEREST to make your score as high as possible, as quickly as possible. And now that you know how your score is based, your can target your game plan to effectively become the perfect borrower.

BIO Dan Ostler is the owner of LeaseOptionHomeBuying.com . Dan is an author, speaker, business owner, investor, and one of the nations leading Lease Option Consultants. He has been offering housing solutions and consulting advice to families with credit issues in all parts of the country for the past 8 years, and welcomes all visitors to his website for tons of **FREE** Information.

Raise your credit score in 30 days!

OK, so you have a little (or maybe not so little) problem with your credit report. All is not lost, but you will have to dedicate some effort and time to "fix or repair" your credit score. Keep in mind that it took more than 30 days to screw your credit score up, so make sure that you follow the basic guidelines of restoring it.

There's a lot of jargon and information you need to know before you start your repair project. Repairing your credit score is not brain surgery but you do need to adhere to some basics in order to accomplish your goal of a higher credit score. There's a lot of misinformation out there about just exactly what a credit score is and how you improve it.

Don't Get Ripped Off

Another problem with credit repair is there are 100's if not 1000's of scoundrels out there that prey on the unsuspecting person with less than stellar credit. They will make unrealistic claims that promise to fix anything for a price. And the worst part is that not only will they take your money, they can actually cause damage to your credit score.

Our less than perfect credit rating system is regulated by the government. Which can be both a good thing and a bad thing. But you should know a few facts and don't get fooled.

You can also get a FREE credit report from all three major credit bureaus. Don't pay for something that you can get for FREE. Go o the Federal Trade Commission's site here to get the full details:
[http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm]

The only catch 22 is that you don't get a credit score with your credit reports. But if you have been turned down by a creditor (or given what you think is an unfair rate) you can request the information from them and they will provide the score they used to determine your rate.

But it's still pretty clear on the credit reports what might be having a negative impact on your credit score. So these reports are the first step in working on raising your credit score.

And keep in mind there are no secrets, no special methods, and certainly no one has any better chance than you, the owner of the credit score, to repair or fix your credit score.

What Is A Credit Score?

A credit bureau, or credit repository, is an entity that gathers information about consumers' credit histories. Your credit history/report includes information regarding the following items:

-- Identity information such as your name, address, social security number, spouse and date of birth.

-- Payment habits such as how promptly you have made payments to previous creditors.

-- Public records such as records of arrests, indictments, convictions, lawsuits, tax liens, marriage, bankruptcies, and court judgments.

-- Debts.

-- Other relevant credit data Information concerning your current employment such as the position you hold, length, and possibly your income.

-- Information about your personal history such as the number of dependents you have, your previous addresses and information about your previous employment.

Credit bureaus sell credit reports to credit grantors, such as banks, finance companies, and retailers. Credit grantors use credit reports to determine whether or not a potential borrower is creditworthy.

There are three major credit bureaus in the United States:

* Equifax: 800-685-1111

* Experian: 888-397-3742

* Trans Union: 800-916-8800

These three bureaus provide nationwide coverage of consumer credit information. The credit bureaus are a for-profit system that generates billions of dollars in revenue each year from selling copies of credit reports to creditors and mailing lists. Trans Union made 1.5 BILLION dollars last year.

It is essential to understand that Credit Bureaus are nothing more than record keepers, and sometimes not very good ones. Consider the fact that these organizations are tracking millions of people with up to 40-50 entries per individual. In all fairness, I can't even type a letter without making a couple of typos.

So mistakes happen, wrong information gets into the wrong file, and all three credit bureaus don't talk. They are competitors so they don't share information and all three can generate a different score. They all loosely base these scores on the FICO method.

FICO scores are based on 22 pieces of data collected by the three major credit bureaus. The lowest possible score is 300, while the highest is 850. None of the credit bureaus will apply these methods exactly the same and also may not have the same data so it's common to get a different score from each one.

The lending companies (or creditors) will usually use this FICO based score provided to determine the risk of lending money or granting credit. The higher your score, the less risk, so the lower the rate. The difference in credit cost can be dramatic. If you are applying for a $216,00 mortgage and have a score of 630, your rate could be $1568 per month at 7.89%. If your rate was 680, you could get a rate of $1394 at 6.7%. That's a $2100 per year difference so you can see how 50 points can have a big impact on your credit cost.

Basic Repair/Fixing Methods

You often hear that you should dispute (challenge) any and all negative information. But most people don't know or advisors fail to mention that the creditor and the credit bureau may declare the disputes "frivolous" and not have to respond. So before you go crazy on disputes, keep that in mind. Many of the negative items do have a time limit imposed, depending on the item. Here's a good set of guidelines on what to challenge:

-- Information is not based on you (mistaken identity)

-- Information is inaccurate based on what actually occurred.

-- Information is outdated - there was an issue but it has been resolved.

-- The time limit on the information has occurred.

-- The information is totally incorrect with no valid basis

So once you have requested your FREE copies of your credit reports, you need to review them to find any inaccurate or false information. When you find a negative entry that you want to dispute, you need to send a letter of dispute, or file the dispute on line directly from the credit bureau website. Some say the online method is much quicker and since USPS does take days it probably is faster. The credit bureau has up to 30 days to verify the dispute with the filer of the negative information. If you forget to give all the necessary information and they request more information they can get an additional 15 days (total 45).

You can get a sample credit dispute letter here: www.newcleancredit.com/creditdisputeltr.pdf. So it's important to make sure you provide all required information to shorten the process. Once filed the credit bureau will respond to you with the results.

The good news about our credit reporting system is that time marches on and you can start improving your credit score immediately. Most experts in the financial industry agree that the last 18 months is the most important. Try and negotiate any negative items that are true (bring payments up to date, settle old claims, work out new payment plans, whatever). Most creditors will be more than willing to work with you if you make an honest effort in resolving the negative issue. But make sure the creditor agrees to update your credit record.

You can also make sure any good credit information is listed. If you have credit experience that is favorable, write or contact the creditor and as to have it added to your credit report. Many times good information is never reported. You can also open new credit accounts from creditors and pay them off early (even if you have the money to pay cash) to get addition good credit entries.

Get our Free Repair Your Credit In 30 Days Guide for more details on how to raise your credit score here: www.newcleancredit.com/resources.shtml

Everyone should check his or her credit report each year. It's now Free and won't take much time as long as you stay on top of it. You can request one credit bureau at a time every 4 months and have a good idea of what's been entered in the past 12 months.

New Clean Credit is a website that provides free information on Credit Repair. Along with their Free Repair Your Credit In 30 Days Guide they have a large amount of articles on just about every credit related subject. Increase your credit score today. Click here to learn more: www.newcleancredit.com/

Jim Baines is a staff writer for the New Clean Credit web site. Jim has worked in the credit industry for over 20 years and helps address credit repair issues for our users.

As Americans pay debts and Delinquency rates, Tumble

Credit card ??????? fell again in the second quarter as consumers continued to pay down their debt, according to TransUnion, one of the national credit bureaus. Delinquency rates are based on the number of accounts with membership card holders at least written since 90 days late on payments.

The rate dropped 0.92% second quarter, down 17.1 percent from the first quarter. Year, the credit card has fallen ???????-21.3%.The average consumer credit card debt in the u.s. dropped for the fifth consecutive quarter, to $ 4,951, a decline of 4.1 percent last quarter, the average ... hovering around $ 2,293.

"It seems that consumers have come to realize the material improvement is likely to unemployment in the short term, this is the time to save vs. spend balance. it remains to be seen whether this dynamic short-term or new paradigm of consumer behavior," said Ezra Becker, TransUnion representative.

Due to the recession, the Americans have been focused on reducing their debt on their credit management, restructuring of their savings.

Tags: credit card debt, credit cards, savings

Was this entry is filed under economy, global economy, personal finances. you can track all responses to this entry through the RSS 2.0 feed you can leave a response, or trackback from your own site.

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Five tips to the raise your credit score

The "American dream" is a reality for more families than ever before. The US Department of housing and urban development (www.hud.gov) over 67.7 percent of Americans are homeowners now. This is the highest home ownership rate ever.

The chances of becoming a homeowner are significantly enhanced if you know your credit score are. Lenders use many factors in determining whether a loan and your Credit score to approve, is one of you.Lenders look at your income on the amount of your debt, your employment history and how much money are haben.Obwohl in reserves for emergency your Credit score only is a factor in determining if your loan is approved, it is important, and it's one that can improve.

Under the fair and accurate credit transactions Act have a free copy of your Credit report annually from each of the three national consumer credit companies claim auf.Zentral at http://www.annualcreditreport.com established. Get your Credit score (one from each of the companies) for a small fee.

Your Credit score is a "snapshot" your credit history which change frequently. It can be called your FICO score, since the three national consumer credit companies use software to determine the score by Fair Isaac and company developed. FICO scores range from 300 to 850 and the higher the score the better your chances of credit.According to MyFICO (a division of Fair Isaac and company) http://www.myfico.com integrates the national average 723.Dies doesn't mean is that if your Credit score is lower than the national average, you are not a homeowner. There are many loan programs available to allow the lower Credit score s. You can a higher interest rate on your mortgage numbers, but achieve the American dream of owning a home.

MyFICO says there are five factors, in calculating your Credit score represents 35% of the number verwendet.Ihr payment history. This is followed the amount to owe the 30 percent. The length of your credit history is 15 percent your FICO score and a new loan and the types of loans that use 10%. Knowing these factors help to improve your score.

Your payment history makes the most of your FICO score.Want your score to improve, which, how easy it can be to pay your bills on time. If you have missed payments, catch.In the course of time this will be your score verbessern.Je longer you pay your bills on time, the better your score.

A factor in determining your Credit score is the amount of debt you actually versus loan amount debt that will give you steht.Daher available payment your obligations your Credit score improve. She want, because you show well more credit available than you actually verwenden.Zahlung debt, while the paid debts actually close your score may violate not to close your unused credit cards.

To determine a credit history, you need at least a piece of Credit report-Ing for at least six months.So if you find that you need no Credit score, you find a way for the various credit card scams to see credit for a period of six months to schaffen.Obwohl must credit cards available to meet this need, is, it backed up.

Because your Credit score is a"snapshot," t0o opening many new accounts in a short time your Credit score is verletzt.Dies by age of the average account is reduced caused by all newly established credit.

If you credit (i.e. mortgage, auto loan or credit card number request) the company will be your credit report betrachten.Dies is called a credit request.Although too many credit inquiries can lower your Credit score, open new credit and pay for it in good time the overall score improve.You your own credit card, check, as long as you obtain your Credit report from an organization authorized credit report s of consumers, not your Credit score affects.

It is better to have credit cards and pay a mortgage loan or large rate debts on time, to have seen at any credit überhaupt.Ein lenders more than a small Kreditkarte.jedoch all types of credit, including paid and closed accounts that are used in calculating your credit score.

If your Credit score is low, the best way to your chances of becoming is often a homeowner to increase debt to pay through your time, and for a period of Zeit.Je longer you demonstrate your ability and willingness to pay your obligations, the greater the chances that are able to reach the "American dream" home.

Jim Campanella is the operations manager of fresh start financial services, a mortgage broker in rolling meadows, IL.

Since 1989, Jim is in the State and national professional associations/trade organizations in the mortgage industry has been tätig.IM year 2004 Jim Campanella as mortgage broker operations manager of the year by the Illinois Association of mortgage brokers anerkannt.Er has spoken on a number of mortgage related topics from coast to coast.

Fresh start financial services is a licensed mortgage broker in the States of IA, IL, WI and comes in CO, loans IN and mo.In 2003 captures the mortgage broker as the subprime mortgage broker of the year of the Illinois Association of mortgage brokers.

Jim and his family make their home in Rockton, IL.

Tighter credit standards to create even more important to credit scores

In an effort to reduce the amount of them write every year the debt, he'd been tricked has tightened their restrictions borrowers since the recession of 2008. As consumers struggle to pay down their existing debt, many find that they are not qualified to take out a loan with no credit score high.

Understanding what to look for in a candidate he'd been tricked can help consumers, before applying for loans.Three factors play a major role for calculating credit scores: the payment history of the person, the size of all outstanding balances, and the length of a person's credit history. he'd been tricked to pay attention to some of these factors when you review your application.

By stay up-to-date with their credit card debt and other monthly payments, consumers build a solid credit histories, responsible. Additional points when borrowers must prove they are paying their way at the time.

FICO reminds that borrowers, marital status, age, employment history or rental housing, assistance, agreements, participation in the public consultation are not factored into credit scores credit.However, banks and preserve the right to request this information from borrowers as needed.

Tags: credit card debt, credit score, credit scores

Was this entry is filed under credit problems, personal finances. you can track all responses to this entry through the RSS 2.0 feed you can leave a response, or trackback from your own site.

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5 Common credit score myths

Your credit score is an integral part of your financial
life. It is important that you understand what it's all
about. Lenders, landlords, insurers, utility companies and
even employers look at your credit score. It is derived from
what's in your credit reports, and it ranges between 300 and
850.

Yet, according to a survey that was recently conducted,
nearly half of all Americans don't know how these scores are
derived or even what factors are used to come up with them.

For example, if your credit score is 580 you are probably
going to pay nearly three percentage points more in mortgage
interest than someone who had a score of 720.

Or another way of looking at it, if you had a $150,000 30-
year fixed-rate mortgage and your credit score was good
enough to qualify for the best rate, your monthly payments
would be about $890. This is according to Fair Isaac, the
company that created the FICO score and who the rate is
named after (Fair Isaac COrporation). If your credit is
poor, however, it is very likely that you would have to pay
more than $1,200 a month for that same loan.

With so much depending on the credit score, it's important
to understand what it is all about and what are the things
that affect it.

Unfortunately, people commonly have a lot of misinformation
and misunderstandings about their credit score. Here are
five of the most common credit score myths and along with it
the true facts:

MYTH #1: The major bureaus use different formulas for
calculating your credit score.

FACT: The three major credit bureaus - Equifax, TransUnion
and Experian -- give the score a different name. Equifax
calls their score the "Beacon" credit score, Transunion
calls it "Empirica" and Experian gives it the name
"Experian/Fair Isaac Risk Model." They all use different
names for the credit score, but they all use the same
formula to come up with it.

The reason that the credit score you receive from each
bureau is different is because the information in your file
that they base the score on is different. For example,the
records that one bureau is using may go back a longer period
of time, or a previous lender may have shared its
information with only one of the bureaus and not the other
two.

Usually the scores are not too far from each other. Unless
there is a big difference between what each bureau says is
your credit score, many lenders will just use the one in the
middle for the purpose of analyzing your application. So,
for this reason alone it is a good idea to correct any
errors that exist in each of the three major credit bureaus.

MYTH #2: Paying off your debts is all you need to do to
immediately repair your credit score.

FACT: Your credit score is mostly determined by your
past performance more than your current amount of debt. It
will definitely be very helpful to pay off your credit cards
and settle any outstanding loans, but if yours is a history
of late or missed payments, it won't remove the damage
overnight. It takes time to repair your credit score.

So definitely pay down your debts. But it is equally
important to consistently get in the habit of paying your
bills on time.

MYTH #3: Closing old accounts will boost my credit score.

FACT: This is a common misconception. It's not closing
accounts that affects your credit score, it's opening them.
Closing accounts can never help your credit score, and may
actually hurt it. Yes, having too many open accounts does
hurt your score. But once the accounts have been opened,the
damage has already been done. Shutting the account doesn't
repair it and it may actually make things worse.

The credit score is affected by the difference between
the credit that is available and the credit that is being
used. Shutting down accounts reduces the amount of total
credit available and when compared with how much credit you
can use your actual credit balances are made to seem larger.
This hurts your credit score.

The credit score also looks at the length of your credit
history. Shutting older accounts removes old history and can
make your credit history look younger than it actually is.
This also can hurt your score.

You generally shouldn't close accounts unless a lender
specifically asks you to do so as a condition for them
giving you a loan. Instead,the best thing you can do is just
pay down your existing credit card debt. That's something
that definitely would improve your credit score.

MYTH #4: Shopping around for a loan will hurt my credit
score.

FACT: When a lender makes an inquiry about your credit, your
score could drop up to five points. Some borrowers think
that if they shop around by going to a number of different
lenders that each time a lender does an inquiry it will
generate another reduction in the credit score. This isn't
true. For credit score purposes, multiple inquiries for a
loan are treated as a single inquiry, as long as they all
come within a 45 day period. So it is best to do your rate
shopping within this 45 day window.

MYTH #5: Companies can fix my credit score for a fee.

FACT: If the credit bureaus have accurate information,
there's nothing that can be done to quickly improve your
score if in fact you have a history of not handling your
debts well. The only way to have an effect on your credit
score is to show that you can manage your debts in the
future.

Also,if there are errors in your file, you can contact the
bureau yourself. You don't need to pay someone else to do
it. Each of the major credit bureaus has a website which
clearly explains what you need to do to correct an error.

So, the best ways to improve your credit score are: pay down
the debt,pay your bills on time, correct existing errors on
your credit reports in each of the three bureaus and apply
for credit infrequently.

Jack Black has helped a lot of people with credit score issues, including himself. So, if you are looking for credit score information, go to his Credit Score Resource website.

What is a good credit score?

If questions can be, what a good Credit score, is the answer be as simple as a single number or complicated. There are many credit scoring-systems used in the United States. The Fair Isaac score is often used Credit score scale or the FICO, but there are others.

Partly because of advertising on television, radio and Internet, many people are now concerned about; what is a good Credit score. Since something that were familiar with only lenders and financial years which was Credit score scale, but today consumers are more knowledgeable about credit.Want answers to questions like; what is a good Credit score and what factors affect a Credit score. in short, in this article we look at your Credit score-scale, of good, bad, to determine the factors that are used a Credit score and some ways to improve your Credit score s.

You may already know that an individual's Credit score used by lenders to determine "Credit". The lender is questions, "What is the probability that this person will repay this loan?", the original Credit score scale established in the United States to prevent that creditors borrowers to discriminate because of factors such as race or family status. If you have a questions lenders, "What is Credit score a good?"The answer will depend on what Credit score scale verwenden.Die FICO is hack one frequently, but an individual lender can beacon, Vantage, or an other credit score scale use. Furthermore, each of the three major credit bureaus, Equifax, TransUnion and Experian, an assessment to individuals with a credit record points.

The FICO Credit score scale runs from 300-850. If you are applying for a home mortgage and the FICO used lenders Credit score scale creditworthiness, then determine his reply to; be what is Credit score, so something like this a good. A person with a score of 760 and above is generally eligible for the best interest and the lowest monthly payments. Additional amount of the prepayment, income and income stability factors intended interest rates and eligibility.Lenders have higher interest rates to people with lower Credit score-s, smaller payments and income Instabilität.Eine series below 759 on the FICO Credit score scale does not mean the application is rejected unless the interest rate may be higher. A number less than 600 on the Credit score scale may be refused. This person can be considered not creditworthy.

Credit scoring-systems such as those created by FICO, try to consider many factors which can determine the probability that a person will pay back a loan. None of these has nothing to do with income. A person may have an excellent credit history and score high on a Credit score-scale, but still be unable to repay a loan. So, the system is not perfect.It happens to be the only one that we can haben.Man easy questions what is a good Credit score and what factors contribute to a good Credit score. FICO answer would be, these factors are used to a person to determine the Credit score; payment history, amounts, duration of credit history, new credit and types of credit used. Payment history and amounts payable accounts for 65% of the Credit score. Only FICO you might say, exactly how you a numerical Credit score-scale created using this information.

A Credit score scale makes use of the information on your Credit report s recorded.If you improve your number on the Credit score scale are interested, you can start checking the information recorded on your Credit report s.In response to a recently adopted law creates the three main credit bureaus a site http://www.annualcreditreport.com where consumers view and print your Credit report for free s can see no specific Credit score.Are you not find an immediate answer to the question what is a good Credit score, but you can start the process of learning about your credit Geschichte.Einige of the information on your Credit report you may have negative credit history removed from your Credit report s suspected or veraltete.Wenn, then improve your ranking on a Credit score-Skala.Besuchen for more Credit fix solutions.

The authors at credit fix solutions offer free and accurate information about the credit score scale, credit scores and general credit information to verbessern.Besuchen us on http://creditfixnow.blogspot.com