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Credit Cards And Loans - So Many Options - So Little Time
Credit Cards and Loans sounds like just two things, but in actuality, it is dozens of things. Due to a combination of user preferences, lifestyles, and marketing ideas, there are dozens of different types of credit cards out there. Because of the...
Personal Credit Report
Your personal credit report is an electronic record of your
credit activities. These activities include borrowing money to
buy a car, applying for a loan or credit card and your payment
history of the loans you have taken. Every time you...
Personal Loans For Bad Credit- Credit Profile Sees A Decline In Loan Decisions
After Mrs. Denise, your next door neighbour, came back from his
second trip in a month, you were bound to marvel. What makes
Mrs. Denise, who is on the same rank as you, enjoy innumerable
expensive holidays, when you have your wife and kids...
The Top 5 Secrets to Managing Your Credit Cards—So They Won’t Manage You
You’ve probably never heard of Frank X. McNamara, but he revolutionized the way you shop on a daily basis. One evening in 1949, McNamara—head of the Hamilton Credit Corporation in New York City—was dining out with two business associates. Their...
Watch Your Credit Cards Or End Up With Bad Credit
If you are not careful with your spending on your credit cards
you could find yourself with bad credit. It is not a good idea
to let yourself develop bad credit these days as it is getting
more and more common for others to check your credit...
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Myths and truth about credit scoring.
Credit score is the key factor determining approval of almost any type of credit. It is based on the information contained in your credit report files. The widely used FICO score was developed by Fair Isaac Corporation, and it is a formula which assesses your potential credit risk.
The information used to calculate credit score can be broken down into five major parts. Your payment history with banks and other lenders will account for 35% of the score, the amount of money you owe for 30%, and the length of your credit history for 15%. New credit and a statistical assessment of how healthy your credit mix is will both account for 10%.
Credit score is not based in any way on the following information:
- references to debt management or credit counseling programs.
- person’s marital status.
- current employment status, including how long with the same employer.
- credit report inquiries made by you, employers, insurance companies, or banks if made without your knowledge.
- what interest rates are charged on your credit cards, etc.
- public assistance received.
- person’s
age.
- child or family support received.
You can increase your score by:
- always paying bills on time.
- paying off or reducing credit card and other debt.
- keeping old, unused credit cards, departments store cards and other “revolving” credit accounts open, even if you don’t use them.
- not applying for credit very often.
- correcting mistakes on your credit reports.
Banks decisions are made according to their own standards. While the majority of lenders use credit score as a key factor in approving credit, other facts play their parts as well, among them: your income, employment status and length of time at present address, to name a few. Each bank has its own standards. What score is acceptable for a particular loan or credit product depends solely on a lender. The person’s credit score might not be high enough to get credit with one bank, and perfectly acceptable with another.
More about credit scoring and tips on improving your credit can be found at: How Much? http://www.howmuchanswers.com
About the Author
Simon Fox is a writer for How Much? - Answers.
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