Protecting A Good Credit Score
Credit is hard these days. You may be drooling over a new car or perhaps home. You may want a student or personal loan. In all these instances, you will need to have a good credit score. It aids you in establishing your credit-worthiness. With a good credit score to boot, you have easy access to loans and practically any form of financing, of course at the best rates. Heed these tips to have or maintain a good credit score.
You must always have a low credit card balance. If you have a low credit balance, then it will help you make a good credit risk. Never go beyond 30% of your credit limit. Always see to it that you keep a balance between used credit and available credit. The higher your balance goes, the more damaging it can be to your credit score.
Additionally, paying your bills on time is key. Credit experts claim that approximately 35% of your credit score is in accordance with your payment history. By always paying the bills promptly, whether it be credit cards or utility bills, you get too boost your credit score. Late payments cause massive impacts on your credit score, in a negative way. It can only reduce you possibilities with regard to getting loans and any form of credit.
Furthermore, you should not co-sign a loan.Co-signing for loans is a wrong move. If you’re looking to help a family member or a dear friend in getting a loan, your kindness will be detrimental to your credit score. Given that you agreed on co-signing, if the other person’s payments are always delayed, you credit-worthiness will take a blow. Always be cautious about this, most especially when there is no guarantee that the person you are co-signing for will pay on time.
Keep all of your accounts active. Majority of lenders will like it if you have a verifiable credit history. Nevertheless, do not ever try practicing transferring your balances from a credit card to another. This will cut massive points from your score.
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Tips to Raise Your Credit Score Fast
Credit is hard these days. You may be drooling over a new car or perhaps home. You may want a student or personal loan. In all these instances, you will need to have a good credit score. It aids you in establishing your credit-worthiness. With a good credit score to boot, you have easy access to loans and practically any form of financing, of course at the best rates. Heed these tips to have or maintain a good credit score.
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Tips on Debt Relief and Your Credit Score
Nowadays, access to public information can be very easy. A lot of prospective employers are looking for information about you as much as they possibly can before they even offer you the job. It depends on the type of employment that you’re looking to have, though. Before we get deep into it, let me share something about debt relief. I’ve come across this video and I want to share it to you guys.
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A Good Credit Score Is Your Passport To Paradise
Your credit score could be your passport to paradise. There’s no way around it, when you have money, you can have almost anything in the world. If you don’t have moolah in hand, you can always apply for a loan. And what better and faster way to apply for a loan and get a guaranteed approval than a great credit score?
However, a lot of people just can’t seem to have or maintain a good credit score. With all the temptations surrounding us, it’s not easy to not drown yourself in debt. And I know a significant number of people who are up to their nose in debt.
When you apply for a personal loan, you should always have a plan to pay it as soon as you can. That’s where people get off track, when they fail to think that debts should be managed the right way. What do I mean when I say ‘the right way’, you ask? It’s the immediate payment of any money borrowed. An installment plan can work out better than waiting for a year or two to receive a lump sum repayment from a personal loan.
It would be convenient to repay in equal installments each month for the stipulated period, until the loan is paid in full. If the loan is not that huge, then you can opt to pay in whole amount right away.
Before you even think of taking a personal loan, whether it be for yourself, a friend or family member, think cautiously and meticulously about your decision. Will taking a personal loan put you in a debt trap? Will the loan be used productively? How will you feel if the other person defaults on the loan because a job loss? Will you be writing off the loan amount or will you be increasing the life of the loan? So be sure you think of all these factors before signing up for a personal loan.
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Better-Than-Subprime Credit Score
Credit scores range from 300 to 850. Exact information about a credit score is not made public, but we do know that the lowest Fico score possible is 300, with 850 being the highest.
Most lenders consider 620 as the bottom cut off for prime loans, which is the dividing line between fair and bad credit. So having a credit score a little above it may cause you to panic, say, 630. It’s still practically average, but it falls on the low side or below average. However, a 630 score is rather better than being in the “subprime”.
Such credit score would possibly be considered as a sensible credit. You won’t automatically be denied loans, but you will certainly not get the best rates. Securing loans may also be very difficult at this level. The interest rates are always pretty high and the conditions are far less than ideal.
Truth be told, if you plan on buying or refinancing a home or a brand new or used car, you’re sure to have a higher mortgage rate. So you’re better of improving your credit score.
Needless to say, the higher your can enhance your score, the better, but your score should not hit below the average before you even try to get a loan. Anything below the prime credit score is pretty much a bad credit score. Your risk of default is basically high and before a creditor even thinks of approving you a loan, you will be required many different compensating factors.
If your credit score marks a little above 620, you may have made a few financial mishaps in the past. This can happen if you own credit cards that are maxed out. Going beyond your credit limit makes it even more damaging for your credit score. When you max out several credit cards or go beyond the credit limit, you give prospective lenders the thinking that you have troubles living within your means. The money you make is not adequate, so you use your available credit to get what you want or need. This can unconstructively affect your score.
You should keep in mind that your credit score depends on all the data in your credit report, so it’s a must that you regularly monitor it.
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How Credit Scores Really Work
Your credit score is a 3 digit number which is assigned as a convenient way for the lenders to be able to understand how credit worthy they will consider you to be. It aids them in deciding whether you qualify for credit and what the associated interest rate will be. How do they really work? Watch this video.
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Understanding your Credit Score | by Wall Street Survivor
Even though there are no universal guidelines in regards to what represents a very good credit score, look up on the Internet and you will see that quite a few creditors deem a 700 credit score as “very good” to “excellent.” In accordance with the creator of FICO scores, about 18% of Americans have ratings in the 700-749 range.
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Factors Affecting Credit Score
Credit score is too important in our lives to be too lax and not mind it. Even if you’re hit down low and your rating isn’t exactly ideal. You can always do something about it.
But sometimes, we all get confused. What do we have to focus on to boost our credit score, really? The factors that make up a credit score isn’t made public, but we have an idea what aspects in our financial lives we have to work on. Here are the most important ones.
1. Payment History
The golden rule is to always pay the bill on time. Delayed payments, even just for days, will affect your credit score negatively. Just so you know, payments that are done 30 days after due date will be considered late. Majority of the creditors report all delayed payments and report them to the credit bureaus in different batches. Therefore, if you are paying late even just for a day, your account could be reported together with those that are more than 59 days late.
2. Credit Balances
Your credit balances are there to show your prospective lender how much cash you keep and it can be an indicator of how good you are as a borrower. Higher balances on credit accounts are most likely to cause a negative impact on your credit score.
3. Recent Credit
Individuals who open multiple credit card accounts at a time could be a red flag to creditors. This just shows that you are strapped for cash, and lenders aren’t thrilled about it.
4. Utilization of available credit
If you’re the type of person who maxes out credit cards, well, fair enough, your rating will definitely suffer. It is recommended that you keep your balances down to less than 35% of the available credit. Difficult? Yes. Doable? Totally.
5. Length of credit history
The further your credit history goes , the better it will do good for your score. Just make sure that you have been good with your financial responsibilities!
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Credit Repair – You Can Do It By Yourself
Credit is definitely a huge a part of our lives. It can be your shot at buying a house, getting financed, and even opening a banking account.
Truth be told, when your credit score is not very pretty, you’re actually on a downward spiral. You can fix this by raising your credit. However, you need not get help from any credit repair agency. You can do it all by yourself. I’ll give you some tips in boosting your own credit score without having to shell out extra cash for the credit repair companies.
Check your credit at all times just to be very accurate. It is definitely best to contact the three major credit agencies (Experian, Equifax, and TransUnion) and get your updated credit evaluation to make sure about the accuracy. Also, download letters written in advance which you will be needing for credit reporting agencies, it will be very helpful.
Know your annual credit history, you won’t be paying for it. In addition, don’t hesitate in requesting for a “proof of debt” out of your loan provider and work together in regards to your repayment plan to dodge any problem from arising in the long run.
If there are any judgment proceedings, see to it that you appear, no matter the situation. Moreover, it pays that you know the statue of restrictions for all your financial obligations.
There are actually tons of ways in enhancing your credit rating. Do your homework and do some research but don’t just stop there. All this information will go down the drain if you don’t implement it.
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Bankruptcy and Your Credit Score
After bankruptcy, it’s no surprise if you want to target repairing your credit. With no proper credit record, you may be consider to be among the untouchable by many creditors and banks. If ever you get credit after bankruptcy, you should be extra astute and don’t default in terms of payments or you’ll never be able to boost your credit back to being good.
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