credit report - How to Evaluate and Raise Your Credit Score

Why do some people get offers for pre-approved credit cards and others don't? What do car dealers know about your financial health that you don't know? The answer is your credit score. Your credit score is a number generated by a mathematical formula to estimate how likely you are to pay your bills. Based on the information in your credit reports from the three credit bureaus, Equifax, Experian, and TransUnion, your credit score has been a factor in your ability to qualify for loans and good interest rates for more than twenty years. Lenders compare your credit report with millions of others to determine your score. While there are a variety of credit scoring methods available to lenders, the most widely used is the FICO score. Based on a scoring system developed by Fair, Isaac & Co., FICO scores range from approximately 300 to 800 points and are provided to lenders by the three credit bureaus. You also have access to your FICO scores but will be charged a fee by each credit agency providing your report. According to Fair Isaac, the credit scores of the American public are divided as follows: ? 499 and below 1 percent ? 500-549 5 percent ? 550-599 7 percent ? 600-649 11 percent ? 650-699 16 percent ? 700-749 20 percent ? 749-799 29 percent ? 800 and above 11 percent A score of 720 or higher will probably get you the best interest rates on a home mortgage. Your credit card company looks at your credit score to decide whether or not to raise your credit limit or charge you a higher interest rate. The higher your credit score, the better you look to lenders and the lower your interest rates. Several factors affect your credit score including your payment history, the length of your credit history, any outstanding debt, how long and how often you've had derogatory credit information, such as bankruptcies, charge-offs, or collections, and the amount of credit you are using compared to the amount of credit available to you. So how do you raise your credit score? Well, the first thing to do is to order a copy of your credit report with the score included from each of the three credit bureaus. Review your reports and note any discrepancies. Correcting blatant errors is the first step to repairing your credit, and changes can take up to three months to be recorded. Next, remember to pay your bills on time. It may seem like a small thing at the time you're writing that monthly check, but an accumulation of timely payments says a lot to a potential lender looking for a reliable client. Prompt payments in the last few months can actually make a big difference in your credit score. While collections, bankruptcies, and late payments have the greatest negative effect on your credit score, your debt is a factor as well. Keeping your account balances between 25% and 50% of your available credit signals a responsible borrower. For example, if you have a credit card with a $2000 limit, keep your debt below $1000. For this reason, consolidating your credit card debt can actually lower your credit score, as it raises the ratio of your debt to your available credit. The best solution is to simply pay off your existing cards as quickly as possible. Excessive inquiries over a short period of time also damage your score. When lenders, banks, or credit card companies check your credit report, the inquiries are recorded. Several of these "hard inquiries" in the same time period may signal to other lenders that you are opening multiple accounts due to financial difficulty. If you discover that you have accounts on your report that you didn't open, or your public records such as tax liens or judgments that are not yours, you may be a victim of identity fraud. It is up to you to deal with the damage that can happen to your credit score because of this criminal activity. Being aware is your first step, but when the items end up on your report, you have no alternative but to clean it up. Overall, give yourself time to build a good credit score and even more time to correct serious problems. The length of your credit history is another determining factor in a good score. Lenders want to know that you are able to maintain prompt payments and good standing for a period of time. So check your reports yearly, do your due diligence, and your score can improve. Cathy Taylor is a marketing consultant with over 26 years experience. She specializes in internet marketing, strategy and plan development. She can be reached at creativecommunications@cox.net or visit http://www.apscreen.com Article Source:http://EzineArticles.com/?expert=Cathy_Taylor credit report - Poor Credit History? What Does Your Credit Report Say About You? When you apply for a loan (home, vehicle, personal, etc) the lender will review your credit report. Based on the information listed in your personal credit report, a lender will either refuse or approve your loan request. Credit reports are important for several reasons. Primarily, they decide your creditworthiness. Benefits of Credit Report Scores Credit report scores benefit you and a lender. By reviewing your credit report and credit score, lenders are provided knowledge about your credit history. Individuals with a high credit score are generally dependable with credit. Thus, a lender is excited to grant a loan. The likelihood of a good credit applicant defaulting on the loan is low. On the other hand, individuals with a low credit score may make a lender nervous. This person may have acquired a large debt amount and refused to pay the balance, or undergone misfortune (loss of employment, medical problems, etc). Low Credit Score and Credit History Various reasons justify a low credit score. If you have several missed or late payments, this decreases your credit score. Moreover, failure to pay for a loan, repossessions, or foreclosures has a negative effect on your credit report. Too many credit inquires is also bad. Together, these factors are damaging to your credit history. A low credit score may prevent you from getting that house or car. In addition, if you are able to get a loan, you may pay higher interest rate and fees. Improving Bad Credit History The best way to increase your chances of getting a new car or home is to improve your credit score. Increasing your credit score is challenging. To begin, you must make an effort to pay credit accounts on time. If you have past due accounts, contact the credit lenders and negotiate getting the accounts current. This may involve the lender extending the length of the loan. Moreover, pay down the balance on credit cards. Limit your amount of credit inquiries. If you have recently filed bankruptcy, open new credit accounts and begin rebuilding credit. If you have too much debt, consider consolidating all your bills into one loan.

credit report - Poor Credit History? What Does Your Credit Report Say About You?

When you apply for a loan (home, vehicle, personal, etc) the lender will review your credit report. Based on the information listed in your personal credit report, a lender will either refuse or approve your loan request. Credit reports are important for several reasons. Primarily, they decide your creditworthiness. Benefits of Credit Report Scores Credit report scores benefit you and a lender. By reviewing your credit report and credit score, lenders are provided knowledge about your credit history. Individuals with a high credit score are generally dependable with credit. Thus, a lender is excited to grant a loan. The likelihood of a good credit applicant defaulting on the loan is low. On the other hand, individuals with a low credit score may make a lender nervous. This person may have acquired a large debt amount and refused to pay the balance, or undergone misfortune (loss of employment, medical problems, etc). Low Credit Score and Credit History Various reasons justify a low credit score. If you have several missed or late payments, this decreases your credit score. Moreover, failure to pay for a loan, repossessions, or foreclosures has a negative effect on your credit report. Too many credit inquires is also bad. Together, these factors are damaging to your credit history. A low credit score may prevent you from getting that house or car. In addition, if you are able to get a loan, you may pay higher interest rate and fees. Improving Bad Credit History The best way to increase your chances of getting a new car or home is to improve your credit score. Increasing your credit score is challenging. To begin, you must make an effort to pay credit accounts on time. If you have past due accounts, contact the credit lenders and negotiate getting the accounts current. This may involve the lender extending the length of the loan. Moreover, pay down the balance on credit cards. Limit your amount of credit inquiries. If you have recently filed bankruptcy, open new credit accounts and begin rebuilding credit. If you have too much debt, consider consolidating all your bills into one loan. View our Recommended Sources for Free and Cheap Credit Reports Online. Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. Article Source:http://EzineArticles.com/?expert=Carrie_Reeder credit report - Finding Options For Fast And Easy Private Student Loans For Bad Credit The gap between your actual cost of education, and the amount granted by the government, can be bridged by a private student loan. However, imagine seeking a student loan with a bad credit score! Nevertheless, even though it may seem impossible to get a fast and easy private student loan for bad credit, there are several ways of getting one, without worrying too much about your existing credit report. Credit score is an important criterion that lenders keep in mind before extending loans, but you can get the loan if your credit history has been good, besides the present credit problem. Several banks and universities offer private loans to students or their parents, making it easy for them to seek fast and easy private student loans for bad credit. Drawbacks Of A Bad Credit Report: If you want to avail a student loan on bad credit, you may have to pay a higher interest rate, compared to other private student loan options. Lenders could refuse to approve your loan due to your bad credit history. However, there are many borrowing options that can help you get fast and easy private student loans for bad credit to complete your education. Funding options: The funding options for students who seek fast and easy private student loans for bad credit are: Credit repair: You can opt for a credit repair if you are facing problems in getting a student loan. A lot of student loan providers give credit counseling to students. It is like a non-profit business for them. If you have been denied a student loan from a loan provider, you can go through credit counseling, so that it is possible for you to get fast and easy private student loans for bad credit. Subsidized and un-subsidized student loans: Many schools and universities offer subsidized as well as unsubsidized student loans. Subsidized loans are given based on the economic needs of a particular student. While, unsubsidized loans are offered to students irrespective of their economic needs. These loans do not require any form of credit checking. The government pays the interest on the subsidized loans, until the borrower becomes a graduate, and is capable of repaying the loan. On the other hand, students are responsible for the interest payment of unsubsidized loans. There are some loans which are a combination of government funds and funds from the college which the student is applying to. Consolidation: These loans are ideal for students who want to make their loan repayments easy and affordable. Parents can also look for private education loans for flexible repayment options. This allows them to defer the repayment of the loan until their child graduates. Grants and scholarships: Many states offer special grants and scholarships for students who are eligible for them. You can check the state government's education fund for such provisions. These grants or scholarships are given without any credit check. A credit worthy co-signer: Lenders can extend you loan if you find a credit worthy co-signer. Students can ask their parents to become the co-signer. If the co-signer has a good credit report, there are chances that a loan with low interest rates will be granted. It is important for a student and the co-signer to be known with each other. Non-credit based loans: These loans can also be helpful in getting fast and easy private student loans for bad credit. For instance, if you are pursuing studies in health science, there are loans designed particularly for such courses. The loan is granted to the students who are considered eligible. With the cost of education going up each year, it is often difficult for students to fund their education, especially when they have bad credit. You can take advantage of these options to ensure a good education. However, the fastest and easiest way to seek a private student loan is to maintain a clean credit report, to avoid putting your career at stake.

credit report - Finding Options For Fast And Easy Private Student Loans For Bad Credit

The gap between your actual cost of education, and the amount granted by the government, can be bridged by a private student loan. However, imagine seeking a student loan with a bad credit score! Nevertheless, even though it may seem impossible to get a fast and easy private student loan for bad credit, there are several ways of getting one, without worrying too much about your existing credit report. Credit score is an important criterion that lenders keep in mind before extending loans, but you can get the loan if your credit history has been good, besides the present credit problem. Several banks and universities offer private loans to students or their parents, making it easy for them to seek fast and easy private student loans for bad credit. Drawbacks Of A Bad Credit Report: If you want to avail a student loan on bad credit, you may have to pay a higher interest rate, compared to other private student loan options. Lenders could refuse to approve your loan due to your bad credit history. However, there are many borrowing options that can help you get fast and easy private student loans for bad credit to complete your education. Funding options: The funding options for students who seek fast and easy private student loans for bad credit are: Credit repair: You can opt for a credit repair if you are facing problems in getting a student loan. A lot of student loan providers give credit counseling to students. It is like a non-profit business for them. If you have been denied a student loan from a loan provider, you can go through credit counseling, so that it is possible for you to get fast and easy private student loans for bad credit. Subsidized and un-subsidized student loans: Many schools and universities offer subsidized as well as unsubsidized student loans. Subsidized loans are given based on the economic needs of a particular student. While, unsubsidized loans are offered to students irrespective of their economic needs. These loans do not require any form of credit checking. The government pays the interest on the subsidized loans, until the borrower becomes a graduate, and is capable of repaying the loan. On the other hand, students are responsible for the interest payment of unsubsidized loans. There are some loans which are a combination of government funds and funds from the college which the student is applying to. Consolidation: These loans are ideal for students who want to make their loan repayments easy and affordable. Parents can also look for private education loans for flexible repayment options. This allows them to defer the repayment of the loan until their child graduates. Grants and scholarships: Many states offer special grants and scholarships for students who are eligible for them. You can check the state government's education fund for such provisions. These grants or scholarships are given without any credit check. A credit worthy co-signer: Lenders can extend you loan if you find a credit worthy co-signer. Students can ask their parents to become the co-signer. If the co-signer has a good credit report, there are chances that a loan with low interest rates will be granted. It is important for a student and the co-signer to be known with each other. Non-credit based loans: These loans can also be helpful in getting fast and easy private student loans for bad credit. For instance, if you are pursuing studies in health science, there are loans designed particularly for such courses. The loan is granted to the students who are considered eligible. With the cost of education going up each year, it is often difficult for students to fund their education, especially when they have bad credit. You can take advantage of these options to ensure a good education. However, the fastest and easiest way to seek a private student loan is to maintain a clean credit report, to avoid putting your career at stake. When it's time to learn to get more student loan information or you need to know the considerations when filling out a student loan application click on over to Mike Herman'a site http://www.StudentsAndCredit.com where you will also find help with student credit cards as well as student loan consolidations after you're done with school. Article Source:http://EzineArticles.com/?expert=Mike_Herman credit report - Lost or Stolen ATM Debit Cards - Your Liability As our economy becomes more and more digital, ATM debit cards have become a frequent payment method. This article discusses your liability for lost or stolen card charges. ATM Debit Cards ATM debit cards have certainly made life a lot easier. For many people, carrying around a checkbook is a thing of the past. My debit card has been used so much I can barely see the numbers on it anymore. The downside, of course, is inevitably you will lose the card. For the unlucky, the card may even be stolen. If this occurs, you need to act quickly to cut off liability for any of the charges. ATM debit cards are not credit cards for legal purposes. With a credit card, your liability is limited to $50 so long as you let the credit card company know about fraudulent charges when you get your statement. The laws governing ATM debit cards provide much less protection. If you report an ATM debit card missing, you cannot be held liable for any subsequent withdrawals or charges. However, the rules are different if the unauthorized charges happen before you report the card missing: 1. You are responsible for losses up to $50 if you report the card missing or stolen within two business days of unauthorized charges occurring. 2. If you report the card lost or stolen after two business days have passed, you could be on the hook for up to $500 in unauthorized charges. 3. If you fail to report the lost or stolen card within 60 days of receiving a bank statement with unauthorized charges, you are totally and completely liable for all charges. While these laws may see unfair at first, they really aren't. I procrastinate as much as the next person, but even I wouldn't wait 60 days to report a stolen or lost debit card. At some point, you simply have to take responsibility for your life. Heck, I don't think I could survive two days without a debit card. If you suffer a lost or stolen ATM debit card, contact your banking institution immediately. You'll regret it if you don't.

credit report - Lost or Stolen ATM Debit Cards - Your Liability

As our economy becomes more and more digital, ATM debit cards have become a frequent payment method. This article discusses your liability for lost or stolen card charges. ATM Debit Cards ATM debit cards have certainly made life a lot easier. For many people, carrying around a checkbook is a thing of the past. My debit card has been used so much I can barely see the numbers on it anymore. The downside, of course, is inevitably you will lose the card. For the unlucky, the card may even be stolen. If this occurs, you need to act quickly to cut off liability for any of the charges. ATM debit cards are not credit cards for legal purposes. With a credit card, your liability is limited to $50 so long as you let the credit card company know about fraudulent charges when you get your statement. The laws governing ATM debit cards provide much less protection. If you report an ATM debit card missing, you cannot be held liable for any subsequent withdrawals or charges. However, the rules are different if the unauthorized charges happen before you report the card missing: 1. You are responsible for losses up to $50 if you report the card missing or stolen within two business days of unauthorized charges occurring. 2. If you report the card lost or stolen after two business days have passed, you could be on the hook for up to $500 in unauthorized charges. 3. If you fail to report the lost or stolen card within 60 days of receiving a bank statement with unauthorized charges, you are totally and completely liable for all charges. While these laws may see unfair at first, they really aren't. I procrastinate as much as the next person, but even I wouldn't wait 60 days to report a stolen or lost debit card. At some point, you simply have to take responsibility for your life. Heck, I don't think I could survive two days without a debit card. If you suffer a lost or stolen ATM debit card, contact your banking institution immediately. You'll regret it if you don't. Richard A. Chapo is a San Diego business lawyer with http://www.sandiegobusinesslawfirm.com - providing legal services and legal advice to businesses in San Diego, California. Article Source:http://EzineArticles.com/?expert=Richard_Chapo credit report - Travel Expense Reports Travel expense reports are the records of the travel and expense (T&E) spending of the employees of business organizations. Indeed, travel and expense spending is the third largest but controllable cost after salaries of employees and data-processing costs of an organization. Every business traveler has to submit expense report to the Accounts Department of his company for claiming reimbursement. Almost all organizations, whether business or service, have their own formats of travel expense reports to be filled out and submitted by the employees at the end of their trips. Along with the submission of the report, an employee has to submit the receipts and vouchers of his expenses. However, some companies may not insist on the receipts if the total claim is less than certain amount. If the employees meet the expenses by credit card, the statement will serve as an evidence for claiming that amount from the employer. If the employee submits the travel expense report online, then he can attach electronic receipts. Generally for frequent business travelers, it is useful to submit T&E reports online to save time. Nowadays, companies are using expense report software to enrich the process of submission, approval and reimbursement by reducing the costs involved at the same time. The travel expense report should include the details about the full name of the employee, his designation and level, purpose, dates and locations of travel, list of all the expenses, advance amounts taken by the employee, if any, attachments of all the vouchers and receipts, preferable mode of payment to the employee and signatures of both the traveler and the authorized person who has given approval for the travel. While mentioning the expenses, the employee has to clearly segregate the credit card payments and cash payments. Once the report has been submitted with the concerned department for approval, it should be reviewed, and if everything is as per the rules, reimbursement should be sanctioned. Then the payroll department would reimburse the amount to the employee.