Archive for the ‘Credit’ Category

What’s your Credit Score?

Wednesday, December 21st, 2016
Credit Score image

Credit Score identification

It is very important to build up a good credit score. Well, it can be said, a good credit score is what each of aspires for. When it comes for borrowing money from the market, only a good credit score can help you in building the scope. With good credit score, you can easily borrow an amount with low interest rates. But, pinpointing out that where does your credit score lies is very difficult. After all, there are many ranges decided that helps the lenders to identify that it’s trustworthy or not. In simple words, it’s the identification factor for the lenders, the chances of amount to be recovered when lend the money. Find out where your credit score is lying on the chart of credit score range specified below.

Credit score range:

How would you rate your credit score?

Well, most of the range of credit score lie from 300 to 800. Within that range, there are many different categories such as excellent, bad, fair, better and poor. Generally they look like:

Excellent range: 750 & above

Good range: 700 to 749

Fair range: 650 to 699

Poor range: 600 to 649

Bad range: 600 & below

Credit Score Chart

Credit Score Bar Chart

But even these are not the range that is accepted by the money lenders. They don’t act on the chart or the range. They are also concerned with the, money they are lending and the amount of interest rate to be decided.

It’s advisable keeping a good credit score record. It helps the lenders to confirm upon you, for lending the money or not. According to different money lenders different credit score range is prepared. It’s upon the wish of money lender that how he or she wants to prepare the scale.

Why it’s more important for having good credit score? Simple answer to it is, if you’ll have better and up to date credit score, you won’t have to be in worries for the approval of loan. Your credit score is already more, so you’ll be definitely getting the loan you opted for.

The money lenders will simple recognizes your score, and decides in which your credit score falls. They will fit the score of numbers into the range.Here are certain score of companied with different ranging scale:

Credit Score Co.


Name of the co.s Range of credit score scale
Vantage Score 3.0 Credit Range 350 to 800
FICO Credit Range 300 to 800
TransUnion New Account Credit Score 2.0 300 to 850
Experian’s Plus Credit Score 340 to 840
Equifax Credit Score 200 to 800

With all the data mentioned above, it’s proved that the higher the numbers of your credit score, the more are the chances to get it. You can easily lower the risk by maintaining a good credit score. It simply means that there are more chances of approval for your loan requirement because of higher score on your credit.

Even there are more chances of getting discount on the insurance you take. The higher amount of credit score depends upon the earlier financial records. If any of your financial transaction is spoiled, it might get your credit score with a bad impact.

How To Improve Your Credit Score

Saturday, June 25th, 2016

Credit scoreIf you are planning to increase your credit score then keep in mind it is not going to be easy. Improving your credit score is not like increasing speed of a car where you can feel the result very instantly. Improving your credit score is a long term process and you need to put on efforts and wait patiently for the results. In addition to being patient, you also need to make right moves and be consistent for getting the best optimum results. Improving your credit score is more like your driving record where past records are taken into consideration along with your present actions. Here are some of the easy steps to improve your credit score.

  • Watch your credit card balances

One of the major factors to be considered while improving your credit score is how to revolve your cre4dit from the way you used in past and the way you use it now. The smaller your percentage is the better will be your credit rating score. The optimum percentage is 30% or lowers than that.  For increasing your credit score, pay up all your bills and balances and then try and maintain it to keep it low. This will help you a lot to improve your credit score. Being regular in paying off your credit card balances will keep you out of debt and also give you a tendency of paying offal other bills on time. This will be a great impact on improving your credit score.

  • Leave old debt on your report

Many of the people think that leaving old debt on your report is not a nice thing. Whenever you have a debt for car ort home and as soon as it is paid people want it to get removed from their credit report. It doesn’t matter at all if they are on your credit report as they are now paid and you are out of debt. It can give a positive impact as it shows that you have capacity to pay old debts and manage your finance in appropriate manner. Keeping old good debts in your credit report is sign of improvement which should be definitely revealed and not hidden.

  • Use your calendar

When you are managing your finances in right manner and have collected enough to pay all the bills and debts but what if you forget to pay of the bill even after making savings for it. Thus if you are not a kind of person who is good at remembering all the dates of payment of bills then it’s is a great idea to use a calendar and mark up all your dates on that for making payment. This will help you remember the dates and help you make payment of all the payments on time. It will definitely improve your credit score a lot as all your payments will on time and no debts or late payments will be recorded.

Improving Credit History to Acquire a Mortgage Loan

Sunday, December 29th, 2013

Improving Credit HistoryReal estate investment is highly attractive because of which a majority of you must be planning to invest in different kinds of real estate properties. Real estate investments are usually very costly because of which you might require a mortgage loan. However, if you have a poor credit history, your application for the mortgage loan will not get an approval. Thus, it is your responsibility to ensure that you improve your credit history before you can acquire a mortgage loan.

Depending on your credit history and credit score, the rates of interest related to the mortgage loan will be decided. The monthly payments that you will have to pay will also depend on your credit history. Therefore if you want to get hold of the best rates of interest and want to save some of your precious money by getting cheap monthly payment options then you should make an effort to enhance your credit history and score.

Before you try to improve your score, find out what your present credit score is because once you have that information, you will be able to plan out your next move conveniently. You can get hold of a credit card that is secured. This credit card will make sure that you do not spend uselessly on unwanted things and use your money to meet your basic requirements only.

Pay all your monthly bills such as utilities bills, water bills, cable bills, telephone or cell phone bills on time. You can utilize the credit card that is secured for these payments. If you have not repaid any of your previous loans then ensure that you repay them as soon as possible. Your older bank accounts or credit cards should be utilized by you as and when required so that your credit history can be improved and you can get hold of the mortgage loan.

How can a bad credit report affect you?

Wednesday, December 5th, 2012

bad credit report, financial tipsThere are a lot of ways in which a bad credit may affect you. When you apply for a loan, your credit report plays a very important role. The organization that would grant you the loan will look at your credit condition in order to analyze your position. On the basis of the analysis they will judge your ability of paying the repayment of the loan on time.

Therefore, if the credit report is not in a good condition, you would not stand a good chance when it comes to getting your loan. Therefore, it is very important that you take care of your credit condition in order to make your portfolio impressive so that you do not find difficulty in getting a loan. You would be happy to know that there are a number of credit repair companies that may be of great assistance in this regard. They will look into your situation and help you in every possible way so that you can revive the condition of your credit report.

How to use your travel and airline credit cards

Monday, August 27th, 2012

Airline credit cards, travel cardsIf you travel on a particular airline continuously, one of the best options for you would be to go for the airline credit cards. If you are an individual who would carry a balance, the airline credit cards would not be very suitable for you as you may find that the rates of interest are pretty high. The rates are increasing lately.

These cards may not be very useful if you do not reside nearby the airport that is dominated by the airline that you are using. It is a better option to go with those airline credit cards that are based on banks as you would be able to get more options in terms of incentives. You need to consider the plans of your travel and the patterns of your company finances in order to choose the best airline credit card. There are a number of good options in the market. Therefore, make sure you choose a card that meets your requirements.

The benefits of Credit Cards for entrepreneurs

Friday, June 29th, 2012

Benefits of Credit Cards, credit cards for entrepreneursThe entrepreneurs can be in various different forms and in many different professional spheres. The entrepreneurs can be an advertising executive, a businessman, a seller of home appliances and many other various kinds of fields. Credit cards are very beneficial for the entrepreneurs. When they are starting a new venture in the business, they can face many unexpected monetary charges and hidden fees. These fees can very well come from the contracts signed with clients and suppliers.

The credit card companies will help you to cope with the various extra fees and charges. The credit card companies offer various types of cards to suit your purpose the best. After the research you can see for yourself what kind of card will suit you the best. You can visit www.creditcardrates.com to find the various kinds of credit cards and see which will suit your purpose.

5 Tips to Maintain a Good Credit History and Score

Tuesday, May 22nd, 2012

Tips to maintain a good credit score, credit score maintenanceCredit history and score needs to be maintained well in this competitive world where the need of money can come up any given day. Taking loans will require a respectable credit score and history. Following are some useful tips:

1. Bill payments play an important role in your credit score. On time payments will improve your credit score a great extent.
2. If you already have a loan under your belt, then its repayments should be done on time. If you can clear the loan without any defaults, it shows a positive credit history.
3. Stop spending money on things which are not necessity for you and your family. Making savings will benefit your credit score.
4. If you use a credit card, keep its balance as low as possible, and keep the payments clear all the time.
5. If your credit history is not a strong one, go for a small loan to start off with.

An Account On The Zero Percent Transfer Credit Card

Monday, May 21st, 2012

Zero percent transfer credit card, credit cardA 0% transfer credit card is a boon to users because they save you money as you can transfer all your existing debts to one account. There are loads of banks offering the plastic money to their clients. It not only helps them to attract more consumers but start earning revenues for them after the introductory period.

Actually the introductory period lasts for 6-9 months within which period the bank charges no interest. But as soon as the introductory period expires, the bank would start charging interest at the prevailing rates on whatever balance, the card stands on. While the policy differs with every card, sometimes the bank agreed to charge a pre-fixed rate of interest, so keeping a track of all debts become easy. But they tend to attract heavy penalties with repayment break.

Some annual benefits are offered but they tend to exit if penalties are charged. The rates of interest are quite high compared to the existing ones. Actually you are just buying some more time in repaying the debt. The more you flash your card, the more debt burden gets on your back.

How Does Bankruptcy Affect Credit Score

Saturday, May 12th, 2012

Bankruptcy,  Credit ScoreAs far as your credit score or FICO score is concerned, running into bankruptcy will get you a negative effect on your FICO score.  Although the impact will be highly dependent on the entire credit profile of yours, for instance someone with a spotless credit along with a very high credit score can expect a big drop in their credit scores; Whereas, a person with a lot of negative areas on their credit report can experience a drop in the score which may be very modest.

One more thing that you should keep in mind is that the more the number of accounts you have included in your filing of bankruptcy, more will it affect your overall credit score. It can affect you in a long term basis as well as long as the bankruptcy is mentioned on the credit report. This is why it’s necessary to maintain a healthy credit balance all throughout.

How to get a free credit score

Monday, April 30th, 2012

Credit crisis and recession has made people go over their credit reports over and over again to look for suspicious happenings. A bad credit report leads to several problems with mortgages so it is very effective to have free credit scores with the help from online sites. The formulas to calculate credit scores by these sites are based on the formulas provided by National Credit Bureau but the accuracy and authenticity of these credit scores is often questionable.

Using regression tables, you get an approximate result on how bad or poor debt a prospect could make. Free credit scores are not offered by government. So be careful to stay away from the clutches of cyber crime and check your credit scores regularly, like every month as suggested by experts and pay over a few hundred dollars for free credit score over a year. Monitor your credit report avoiding the hassle of hard enquiry.