A Good Credit Score - Do You Have One?
There are many confusing and conflicting criteria for determining where you fall on the sliding scare of credit worthiness in our plastic society. And quite frankly, as I write this in late 2007, what you can get approved for today is VASTLY different than what you would have qualified for even 1 short year ago. But the good news is that most of the basic benchmarks have stayed the same for most of mainstream Americans, so unless your score is VERY high (in which case you probably have other worries in life than money. :-) or VERY low, wherein even liberal lending policies weren't really helping... the following is a pretty simple guidepost for where you will find yourself in the loan approval process.
Disposable Credit Card Numbers
Many people are extremely intimidated at the mere thought of using their credit card to make online purchases. The fear of an invisible thief getting a hold of your information can be scary. The good news is that there is a way to make online purchases without jeopardizing any of your personal information. Disposable credit card numbers are becoming more and more popular to both consumers and businesses alike. Disposable credit card numbers are random numbers that are generated by the issuing card company that are intended for one time, online purchases. They are valid only at the website that you make your purchase from and they expire after a short period of time, usually within a month or two from the time they are issued.
Fast Credit Repair Can Start In Only 5 Minutes
Did you know that you can actually perform a simple task in the next 5 minutes that could boost your credit score by an additional 30 points? I bet you didn't realize that you could do this without having to jump through hoops on the phone and without having to wait another 6 months. If this sounds remotely interesting to you, then read on. One of the coolest things that consumers now have complete control over in the age of fast credit repair is the fact that they can prohibit the sharing of information by credit affiliates. This is any information about you that would inevitably be used for marketing purposes. This means essentially, that you can stop some of those unsolicited credit card offers that you see in the mail.
Do It Yourself Credit Repair
Mortgage applicants often ask me "what can I do to fix my bad credit? How can I get my bad credit back on track? How can I improve my credit scores quickly & free? " They are shocked at my answers because the HONEST truth often contradicts what creditors and collectors tell them. Creditors do not have any interest in your long term credit rehabilitation - they just want their money, NOW! I am not concerned about paying off any old debts, only in improving your credit right away so that six months from now your credit WILL BE GREATLY IMPROVED. My reward is helping good people who have been screwed by big banks and predatory lenders. I've done well enough in the lending business, now I can give something back.
Report Your Credit Reporting Agency - Unfairness Lurks
Americans have a problem with instant gratification that leads them ever farther into debt. However, sometimes the debt that is reported to the credit agency isn't theirs. The instant gratification along with easily obtainable information on other people creates a situation where identity theft becomes a big underground business. A problem results when the credit reporting agencies make you responsible for someone else's debt. A person, who becomes unemployed, is on welfare or is a victim of fraud may get a free copy of their credit report. The Credit Reporting Agencies are obligated to send you this information and they have been relatively accurate in doing so.
Your Fico Score - How it is Comprised
We hear about the importance of the FICO scores. We hear about how our score can get in our way of getting loans. We also know that this number determines the interest rate that we receive. Over a 30-year mortgage, this ends up being the difference between tens--or hundreds--of thousands of dollars. In short, you want your FICO score to be as high as possible so, in turn, your interest rate can be as low as possible. HOW A FICO SCORE IS CALCULATED FICO scores are calculated by Fair Isaacs & Co. Scores that are above 720 are considered excellent. The majority of Americans have scores in the 600-700 range. So, exactly how does Fair Isaacs come up with your FICO score?
Learning the Basic Fundamentals of Credit and Debt
Nobody and I mean nobody likes the feeling of being up to their eyeballs in credit card debt. I mean let's face it, life is difficult enough financially without needing to worry about paying off credit card bills that seem to be always piling up. I can assure you that you are not the only one feeling like this. Millions of Americans suffer from debt problems accumulated over time. As a matter of fact, the average American household is over $9, 300 in debt and that doesn't include the extra interest rates on those debts, either. It can be quite overwhelming. All of this affects you when it's time to apply for credit or even sign up for a simple bank account.
Credit Repair - If You Have Bad Credit, You Have Limited Options
Ah Credit Repair, what can be said about it that hasn't already been said? Let's look at this a bit differently shall we? Instead of focusing on how to repair your credit, let's look at what bad credit and good credit can do for you. Plain and simple, and this is no secret, the better your credit the better your buying power is. That's just common sense, right? Here's another way to look at this situation; Bad Credit = Options Good Credit = Lots Of Options What do I mean by this? Well, it's a concept that I could go into a great deal of depth with, but it would be a LONG article, so we'll save that portion for another time. But in basic purchasing power terms, look at it like this.
When Your Credit, Debit or ATM Card is Lost or Stolen
With many of us, use of credit cards, ATM, or Debit cards are much more convenient and safer than carrying cash everywhere. If you lose your card, the Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA), offer you with the protection on your lost card, there-by limiting your financial loss. In losing your card, or with your card being stolen, you must immediately report the loss or theft to the card issuing authority. Most of the card companies have toll-free numbers for you to call free, and others offer 24-hour service, by which you can easily pick up your phone and report the situation. You would do better if you follow this up with a letter, sent by certified post, requesting for a signed acknowledgement for your record.
Understand Your Credit Card Minimum Payment!
The 'minimum payment' is probably the most misunderstood aspect of credit card debt today. Many of us stick to the minimum payment option on a monthly basis in the mis-belief that we are actually reducing our debt, unfortunately this is not the case at all. We need to keep in mind that credit card companies are in fact businesses, with the ultimate aim of making money and increasing profits. To this end it is in the best interests of the credit card company to keep a balance on your account and keep you in debt! One of the most effective ways of accomplishing this is through the 'minimum payment' option you will see on your monthly statement. Let's face it, most of us don't have the money to clear our outstanding balance in full each and every month, so when the card provider gives you the option of a low payment, some of us will jump at the chance!