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A Credit Card Glossary of Terms
The Credit card industry comes with a lot of jargon. You can't
be expected to recognise all the technical phrases employed and
some of them could be very important. Listed below you will find
a quick description of the most common credit card...
Bad Credit Car Loans - Why They Are Easier To Get Than They Ever Have Been
Car loans are easier to get by using an online financing company, even if you have bad credit. You can compare financing rates for the purchase of a new or used car, apply in minutes, and receive a blank check within days.
Car Loans Online
Online...
Moneynet warns credit rating at risk when consumers switch current account
As Barclays Bank turns up the current account heat with the launch this week of a new, features-laden current account, online financial data analysis company Moneynet ( http://www.moneynet.co.uk ) warns consumers to look before they switch. "On...
New Credit Card Balance Transfer Alert Service
Who wouldn't want interest free credit for years and years? In
theory that's possible. You just ensure you sign up for a 0
interest credit card balance transfer every time your 0 interest
period expires. But is your bank ever going to...
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...
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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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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
| Credit.com offers a variety of credit related products and services including credit reports and credit scores, credit cards, car loans, home loan and ... |
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| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
| National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
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| The FTC's web site on Credit |
| Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
| www.ftc.gov |
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| Federal Trade Commission - Consumer Credit Center |
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| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
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| Springboard - Non-Profit Consumer Credit Management |
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| Credit Suisse Group is an international financial services group. - Shares part of SMI. |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
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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" ... |
| en.wikipedia.org |
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| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
| www.freecreditreport.com |
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| Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
| www.moneysupermarket.com |
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| Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
| www.fordcredit.com |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
| www.creditmag.com |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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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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