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Bad Credit Personal Loan
There are many people who are in a situation where they need a personal loan but they also have a tarnished credit history. Many people with poor credit do not think that they will be approved for a loan because of their previous credit activity....
Car Loans For People With Bad Credit
Car loans for people with bad credit are readily available online. After completing an online car loan application, you can expect an approval within a few minutes. By the next day, you can have check in hand to purchase your vehicle. Car Loans...
Credit Repair Help
When it comes to life the majority are always assuming, and the
most of them assume the worst. Creditors, debtors or anyone
today all base their theories on assumptions and assumptions
from the beginning of time have caused nothing but failure....
Establishing Credit, the Great Task
"How do I establish credit, when I don't have a credit history"? This is probably the most commonly asked question by most consumers looking to open a credit account. Not having credit can be just as difficult as having bad credit unless you know...
New Car Loans - How You Buy A New Or Used Car With Poor Credit
Consumers buy a new or used car with poor credit everyday. By using an outside lender, you can be assured you are getting the lowest rates on your car loan and put yourself in a better position to leverage for rebates and extras.
Shopping For Car...
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New Concepts In Credit Scoring
Did you ever think that applying for a car loan would
require scoring well on a test that you've been taking for
years but never really studied for? Scores are how
creditors determine your creditworthiness and the
likelihood that they are going to give you a loan.
Credit scoring was first developed in the 1950s, but over
the last couple of decades, it has become more
sophisticated and a crucial part of seeing whether giving
you money is worth the risk.
All three major credit agencies (Experian, Equifax and
Trans Union) worked to develop a generic scoring system
based solely on the information reported to them about an
individual. Credit scoring is a scientific method that
uses statistical models to assess an individual's credit
worthiness based on their credit history and current credit
accounts.
When you apply for a mortgage, a car loan, a student loan,
and a credit card or in some cases even employment, the
offering company can order a copy of your credit report.
While each credit agency has a common value system for
their scores, how they tabulate the scores is individual to
each company based on the data in their system. It's also
worth noting that all three are not uniform in how much
information is reported to them or requested from them.
While all three are accessible, information for a
particular creditor may only be reported to one of the
agencies. So if Equifax has a positive report from Company
A, you might not find that same report at Experian or Trans
Union.
So when a score is requested, a computer compiles it by
using information from an individual's credit report, such
as how much money is owed and whether payments have been
made on time.
Then that score is compared to the credit performance of
others with similar profiles. The system awards points for
each factor that helps predict who is most likely to repay
a debt. A total number of points per credit score
helps
predict how likely it is that you will repay a loan and
make payments on time.
Credit scores range from 375 to 900 points, but those
numbers mean little on their own. The numbers really don't
mean much without knowing what the specific sliding scale
You can assume that you are a better credit risk the higher
your score is. Under mortgage standards, a score of 650 or
higher indicates an excellent credit risk and good credit
history.
A score below 620 may prevent a borrower from getting the
best interest rates, as they may be considered a greater
credit risk-but it does not mean that they can't get
credit. The process will probably be lengthier and, as
noted, the terms may be less appealing, but often credit
can still be obtained.
While the credit scoring system is far from perfect, it is
under improvement all the time. With the Fair Credit
Reporting Act going into effect, people will actually have
more access to their own credit histories without having to
pay for it.
The act also requires agencies to respond to requests for
investigation of dubious items on the credit history. In
years past, it was not uncommon to write letter after
letter and never receive an answer. Come September that
will all change.
===========================================================
Find out how to repair your credit. Discover why a good
credit report is vital to your financial future, and how to
make it the best Click
http://www.credit-repair-101.com/
** Attn Ezine editors / Site Owners ** Feel free to reprint
this article in its entirety in your ezine or on your site
so long as you leave all links in place, do not modify the
content and include my resource box as listed above.
About the Author
John Simpson works in software development. A few years
ago, he got in trouble with credit card debts. Now he's
written a series of articles explaining how he recovered,
and repaired his credit.
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| National Credit Union Administration - Home Page |
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| Credit - Wikipedia, the free encyclopedia |
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| The Credit Card Prank |
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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, ... |
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