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Buying A Car With A Bad Credit Record
People with a poor credit record are likely to have as much need for a car as anybody with a good credit record. However, if they want to buy a car, that bad credit blemish may make life difficult for them.
Regardless of whether it is your own...
Credit Card Processing:Step by Step Processing
Internet credit card processing is done by following a series of
steps to transact the credit card online. The process begins
when the consumer decides to buy something; this is when the
merchant's commerce application prompts the consumer for...
Earn cash when others spend on their credit/debit card
How many times in the past month have you seen someone use their credit or debit card? How does of thought of earning a substantial income every time some one else spends on their cards on their everyday shopping? For more information e-mail...
Various Types of Credit Cards - Part 2
Copyright 2005 Gibble LLC
Several different types of credit cards offer several different options, depending on what your needs are. Some are geared toward individual consumers while others are set up in ways that work best for small business...
What Does Your Credit Score Tell You?
When you apply for a loan or a mortgage, the first thing the lender does is to check your credit score. Based on your credit score, the lender decides the amount of finance you are eligible for and the interest rate at which you will be charged. So...
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About Credit Scores
You may know that different businesses from cell phones to home
mortgages base a large part of their decision for giving you
their services is based on your credit score. This score is a
number between 300 and 850 and is often referred to your FICO
credit score. FICO is short for Fair Isaac Company. This company
got together with the three credit reporting agencies, Experian,
Equifax and Trans Union, in the early 1980s and created a
generic and uniform credit reporting score. Each company uses
slightly different factors to give you your score, but a 720
from Equifax is equivalent to the same score from Trans Union.
The credit agencies look at your current loans, other debts and
financial obligations, and create a credit profile of you. They
then take this profile and compare it to other people in similar
situations and give you a rank based on those peoples' past
credit performance and how likely they were to repay their
debts. Your score is the supposed to represent how likely you
are to repay your debts.
Companies will have their own method for using credit scored to
issue you credit or services. A normal evaluation would be that
a person with a score of 650 and above has good credit and the
process for getting more credit will be fast and easy. At the
620-650 range, consumers have average credit scores. They may
need to show additional information like where their income
comes from or talk with the creditor so that they may asses the
person more carefully. The terms may not be as favorable as
someone with a higher credit score. People in the low category,
620 and below, can normally still get credit, but the finance
charges will be higher and with more restrictions.
You are legally entitled to have free access to your credit
report from each of the three companies once a year. There is a
website that is a joint venture from all three companies at
www.annualcreditreport.com. This site lets you view all
the
information in your reports and can help you resolve any
inconsistencies in the report. Many people have been denied
credit based on a low FICO score, only to find out that an old
credit card still has a small balance and was never fully paid
back.
There have also been reports of video stores leaving bad
information because of rentals that were never returned. In that
case, the consumer had to pay all the late fees to have the bad
mark removed. First, a company must have your social security
number to get a credit report, and most video rental locations
do not go this far. This does, however, make a point to show
that there may be long-term consequences for misusing your
credit.
This also makes the point that it is fairly simple for a company
to put a blemish on your credit report. If there is incorrect
information reported against you, you have the right to remove
it. First you should keep in mind that the problem can often be
easily cleared up with only a few phone calls. You should keep
in mind that it may be more difficult than this and may result
in having to make your case in front of a judge in court. Keep
track of everyone you contact and what was said. Keep in mind
that if you have to argue your case in court, all of your
detailed information about how you tried to fix the problem will
be invaluable.
Don't forget, your credit score is your reputation. In the past
people would be issued credit because they knew the person and
could estimate their credit worthiness. Today the economy is
global and requires a universal system whereby someone who has
never met you can gauge your credit worthiness. Your credit
report and credit score is your reputation and it is your right
and responsibility to fix your reputation if it gets tarnished.
About the author:
Credit Card Resource, Credit Card
marketplace for the people, has been in business since 2005.
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| AnnualCreditReport |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
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| The National Foundation for Credit Counseling |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
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| The Credit Card Prank |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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