Here’s How Your Credit Score Is Calculated

There are three major companies in the United States that participate in reporting credit scores and histories of each with a different method. Therefore, your credit score is a little different in each of the companies. Here are some of the factors you can consider if you want to calculate your credit score yourself.

The first thing is that you have a credit score of zero if you have never owned a credit card or had any type of bill in your name or if you haven't borrowed money of any kind. It is difficult to get a loan if you have no credit but this is not considered bad credit. However, some companies will give the opportunity to someone who has no credit. It's much better to build your credit slowly as you go by having cards in your name and a comfortable and stable life within your means of income.

What is Credit All About?

Your credit history is very important and represents about 35% of your total credit score. If you have debts that have defaulted or invoices are not paid, it will hurt your credit score from 7 to 10 years before it deletes all. You need to know that if you make bad decisions with credit will hurt your credit in the future. Even if you are paying the debt now, it may still be displayed on your credit report and the accounts that were paid late. It's a good idea to start building credit as soon as you can even if you do not need to borrow money. You will need a good credit score to buy a house. While you have a bank account, your credit score will improve as time passes. You will have a better score for the already employed or maintain the same residence. This shows that have a stable life.

30% of your credit score depends on what you currently owe to creditors. Even if you are late paying your bills, if you have many loans out at one time, it may be possible that he refuses to have another. Therefore, it is important just to get the loans you really need and pay on time or earlier if possible. If you pay your loans on time, you not only see your credit score rise, you also save money on interest payments. This will show favorable credit history. You also want to try to keep your money in one place if possible. 10% of your credit score will be based on new accounts. They will look at different types of loans that have applied and how many have opened now. Not recommended for opening and closing accounts too fast.

Make sure you just use common sense and you'll be fine. Knowing what your credit score is and how it is calculated will help you find errors in it. You should review your credit report annually and is entitled to see a free copy.

Payday Loans: Quick Cash No Credit Check Personal Loans

No credit check cash advances are ideal for eliminating short term cash flow problems. When emergencies arise, many people have difficulty finding the money. In this case, a cash advance is the answer. While fast personal loans offer convenience and fast approvals, applicants should know about short-term loans before accepting the funds.

Cash Advance Minimum and Maximum Loan Amounts

Each cash advance or payday loan company varies, so the minimum and maximum loan and can vary. Classic loan companies will allow you to borrow up to $ 1500 until your next payday. If you are a fresh new borrower, companies need to establish trust, and for the first time in loan limit the loan to $ 500. If you pay the entire initial loan within the specified period, you'll be allowed to borrow a higher total on your next visit.

Because cash advance companies charge fees, it's important to borrow only what you need and what you can afford to payback. Short-term loans must be paid within two weeks. Some companies will extend credit up to 30 days. If the acceptance of a loan over time, be prepared to pay double fees.

Requirements For Payday Loans And Cash Advances Approvals

Individuals with good or bad credit will have smooth success with a short-term loan. However, the cash advance companies will need to have confidence in your ability to repay the funds. That said the cash advance lenders require all applicants to have a stable job, earn a minimum monthly income and have a valid checking account. To confirm the information, the lender will require faxed copies of paycheck stubs and banking information, or contact your employer and monetary institution.

The Purchase And Payment Of Cash Advance Loans

Once the cash advance lender confirms the stated information, you can have funds directly deposited into your checking account within 24 hours. During emergencies, funds can be expected within an hour. The lender keeps the information of your bank account for the interest payment and draws the funds from your account on the due date, usually within two weeks.

Avoid Credit Card Debt And Live Debt Free

Avoid credit card debt? With the right mood, plus a dose of determination and discipline is possible. No, do not throw it away yet, because its use has some good points in his favor. There are frequent flyer miles and cash dividend to win and to boost credit rating.

A dose of prevention is worth a pound of cure. While it is true that teaching young people all the money could be like a detour, it is more worthy to take them out of debt by then would have cost hundreds if not thousands of dollars. There are many resources that can help you do this.

It is no secret that despite winning the majority of this plastic money has to be used properly. To avoid credit card debt is easier to get out of it that is a very difficult task. Many have fallen into this financial hole and discovered how hard it is to get out. The following are some simple rules that help prevent credit card debt.

  • Manage your finances by creating a budget and stick to it with monthly income and expenses and 5 to 10% is reserved for emergencies appeared in before using plastic money.
  • Develop good spending habits, like not buy anything that you cannot pay in full later this month.
  • You do not need more than one or two letters. Each comes with a different set of rules and will be quite a responsibility to remember all the penalties, interest rates, etc especially if you do not pay the full balance each month.
  • Use the right card with no annual fee and low interest rate.
  • Ascertain the rate of interest even on the street looking up in his statement that the credit card company can change its interest rate at any time without any apparent reason, even when you have no balance.
  • Read the fine print though is so boring, because this can save you hundreds of dollars and a headache later.
  • Treat as cash instead of plastic money to buy anything you can only pay in full at the end of the month.
  • Do not use the credit card as a loan for what will be at a rate of interest.
  • Little extra cost may surprise you to avoid them.
  • Also avoid cash advances for those who incur the highest interest rate up to 20% and you continue to pay this high interest until you have paid all your purchases. There are also transaction fees and no grace period for it.
  • It will also seek to sell some protection products do not really need, so just say no.
  • Choose wisely for purchases to ensure that they are not building up a balance with higher interest or dividends flyer miles you'll receive. Check all rates and fees charged.
  • Keep all receipts and check with the sentence. Report on all charges you do not recognize.
  • Monitor your positions so you do not go more than 30-50% of the available limit, because if you miss that, your credit score can go down and interest rates could rise.
  • Pay the full balance each month or will pay much money for them for the privilege. When this happens keep plastic money until you pay the balance.
  • Paying on time all the accounts that have been delayed either of which could affect its credit card interest rate. Pay online so do not delay.

Some Helpful Credit Tips

You are at home watching your favorite TV show…and since you are enjoying it a lot, you run out of snacks. So you put on a jacket, and fight your way outdoors to go to the nearest store. When suddenly you stop and walk your way back toward home. What could be the reason behind this?

Well, it's pretty simple. You cannot go to the store because you need to pay your debt. If you continue to do the same thing, there is great possibility that you won't handle large debts. You need to always think to yourself “how do I fix my credit score so I can enjoy more and pay less”.

High credit scores help building a good credit history, so if you constantly leave your bills unpaid, and do not manage your credit seriously, eventually your credit score will drop.

If you have credit, you must be responsible enough to pay what you owe, otherwise this will be reflected in your credit report. Now suppose you have a low credit score its time you start improving or cleaning it up little by little. How do you do that?

Consider The Following Credit Score Improvement Tips:

Check your credit report on an annual basis. There are three credit reporting agencies, so they must obtain a copy of your credit report from each agency. Check for errors, and if you find any, you should have it corrected. This usually takes about three months before the change takes effect. If you are planning to apply for a loan, you must do this ahead of time.

Start paying all your dues on time, and if you can afford it, always pay the bill in its entirety. Do not leave balances because this will help to improve your score.

If you have a credit card, you may want to start paying the balance until it has reached about 25% of credit limit.

Credit insurance is important if you want to buy a car. Having a car nowadays is important especially if you need to travel occasionally. Car dealers can help in organizing your finances. This is called replacement insurance. While it may be expensive, it is a way to improve your credit score and secure vehicle loan.

Start applying for account overdraft if you have a checking account. This means you can issue a check for more than they actually have in your checking account without additional charges. The excess amount will be reflected in your monthly bill. Banks report to credit agencies, so make sure you pay your debt in time for your credit score improved.

Join clubs which charge an annual fee that the credit reporting bureaus. Just make sure you meet all the requirements of the club. Some clubs arrange funding, and if you receive the credit, pay your bills on time. This is also a way to improve your credit score.

If you follow the tips mentioned, you're on your way to repairing your credit report. Your credit score is your only way to get financing on credit, so make sure that once you've improved, stay on track and avoid bad debt again.

Maintaining a high credit score entails great responsibility and discipline. Start now, while you still have room for improvement.

What about Your Credit Report?

A credit check is usually done to verify if you qualify for a loan or any other form of credit based on your past credit performances. This will reveal your past as well as your current credit transactions with different lenders and how you deal with them. Therefore, a credit check is a reflection of your credit performance in general. It works like a report card that reveals whether you have “passed” or “not” on a particular topic.

Credit checks are conducted by lending institutions such as credit card companies and banks for people wishing to apply for a loan or other form of credit. In addition, credit checks could also be accessed by a homeowner to question if a person would be a good tenant or not, as reflected in their past credit performance. Insurance companies also run credit checks on individuals wishing to use their insurance policies.

You can get your credit report, which contains information concerning the statistics of any of the three major credit reporting agencies. In addition, you can get your free credit report as outlined in the FCRA or Fair Credit Reporting Act. Under law, everyone is entitled to receive a free credit report from any of the three major credit reporting companies in the United States once a year – Experian, Equifax and Trans Union. Your credit report contains your personal information (such as name and address), how you've paid your past and previous bills, and any defaults you have such as late payments and whether you filed for bankruptcy.

To get your free credit report, you need to complete the required form through a centralized website credit report in any of the three credit bureaus in the United States. You are required to provide certain basic information including your name, permanent address, social security number and birth date. Your credit report is important to insure itself against any attempt of identity theft such as misuse of credit cards and other forms of fraud. In addition, you must update your credit report regularly as lending institutions would be using such reports to determine if they are worthy of being awarded the loan you have requested.

After receiving your free credit report, you should read each section carefully. All aspects should be included in calculating your credit score. So make sure you have paid attention to them. Check your report for any discrepancies and make sure it has not missed any payments at all. Your credit report also comes with a list of persons or business entities that have requested credit information. You can also check the names of such agencies or entities that you are familiar with.

Your credit report is used in the operation of a credit check for a loan or any other form of credit request. Therefore, make sure it is free of discrepancies or erroneous entries. Note that this report reflects the performance of your credit – make sure you do not stumble anywhere so that your loan application would always be a success.

A Cure for Credit Card Telemarketing Fraud

Thousands of dollars are charged to victims credit card and in some cases scammers apply for a loan under the victims’ names. Unfortunately, credit card scams are rising every day.

Con artists use various methods to deceive and manipulate you, making you believe they are legitimate and convincing you they can help solve your financial situation. For now, we will focus only on one of them, but, once you understand how to apply this Telemarketing Credit Fraud Prevention Formula you will be able to identify if the offer you are given is fraudulent or not.

The Scam or, One of Them!

With the financial situation these days and the competition among credit companies, more and more people are applying for lower interest rate credit cards. Criminals take unethical advantage of the situation.

A recent method identified by the Federal Trade Commission shows con artists pretending to be financial institutions offering you a lower interest rate on your credit cards. Striving to live a financially balanced life and with temptation of the “best deal till now”, you decide to take action. Unknowingly you are caught in the “fraud net” and before you realize what really went on, you get your monthly bank statement only to see that you’ve applied for a $5000 loan without a dime left in your account, bought a car that you never drove and even paid for expensive gourmet meals that you’ve never tasted.

A Recorded Scam Attempt

The video below is a recorded fraudulent conversation where the criminals offer a consumer a low rate interest card offer. View to see how the criminal “phishing” for the victims private credit details.

Developing the Formula

After doing proper due diligence and by researching governmental, educational websites, this and other videos over the internet covering the topic of credit card fraud, I’ve identified specific patterns con artist use to disguise themselves, gain your trust and “phish” for credit information.

One of the most interesting things I found is that scammers will always find excuses to why they can’t give you there office phone number or in some cases they’ll give you a cellular phone number (making sure they can’t be traced). A trustable and respected financial institution will have a toll-free number 99.9% of all times.
Besides if it were a legit offer the company could supply you with alternative ways of entering your credit details rather than just shooting out “so, what your credit card number?”

These facts opened my eyes! I decided to create a formula anyone can apply to reduce and prevent telemarketing credit fraud – guaranteed!

Ask These Questions to Prevent Credit Card Fraud.

If they are too persistent about your credit card details or your personal information try to find out if you can get in touch with them directly by phone.
A polite, yet straight forward question to ask would be something like:

You caught me at a really busy time, let me get back to you in a few minutes – What’s Your Telephone Number?

That alone will catch them off guard. Make sure you get a number!
A legit company would naturally have a 1800-, or fixed land line telephone number for customer service, wouldn’t they?

In other words… if the crook’s answer resembles anything like “you can’t contact us”, or, “we contact you” their offer is 100% Bull S*** and even if the offer were legit, I personally wouldn’t want “long term financial services” from a company that doesn’t have a customer care center, would you?

If they did give you a 1800 number most likely the company is legit. However, make sure you write down the number and call them back. It’s very important that you call them, this way you know that you can really get in touch with them.

I don’t give away my credit card number or credit details over the phone, what solution do you have for people like me?

I love the 21st century everything is digital. Just to let you know today: you can touch tone your details keeping them safe, 128 SSL Encryption online or the old fashion way of visiting the office. You must get an alternative than just shouting out your credit details over the phone.

I want you to really grasp this! Credit card companies pay thousands of dollars for alternative ways there clients can enter their credit details and keep them safe.
So there isn’t any reason on earth you should deal with a company that doesn’t offer you safer ways to enter your credit details, right?

The company would, at a bare minimum, give you an address where you can visit them as well. If you didn’t get one after asking, or, got a cluttered answer, I advise you to hang up the phone, what do you think?

Conclusion: Control

The whole idea behind this credit fraud prevention formula is to identify weather the offer is legit or not. By asking questions you are doing 2 things at once:

  1. Taking control of the conversation
  2. Showing the Crooks that you won’t be fooled

Remember you don’t need to be polite when you feel someone is trying to take your money, stand up for what belongs to you and ask the questions with full confidence. A legit company would appreciate you asking these questions. It only shows that you care about yourself and your financial well being.

By now you might have a few questions that you see better to ask, if you do, by all means, post them. Your questions can help more people prevent credit card debt!

Refinancing a Mortgage at the Best Time Possible

There are some dilemmas that people have to cope with before refinancing. Among the most popular ones is the timing. It often can be frustrating when planning on refinancing a mortgage because you don’t want to pay the down payment or for any other reason. When proper research is done prior taking action, one will understand the market better and eventually make an educated decision.

Identify the Main Reason for Refinancing

In cases where you need extra cash for home improvements it is said that any time is a best time for refinancing. You may also use this opportunity to lengthen the repayment period which will eventually give some relief with the monthly payments that are to be paid.

When the main purpose is to consolidate debt things tend to be a bit tricky. You know that you need the cash to pay off debt but are worried about placing your house as collateral against unsecured credit card debt. The best advice you can get is to refinance as the last option.

Refinancing at an Early Stage

If you have obtained a mortgage and are at an early stage of repayment, however, you’ve found that the repayment plan you chose to work with is too high and for any reason, find it difficult to keep up with the payments, refinancing may be the best option you have. It will give you a chance to spread out the payments for a longer time, eventually giving you some peace of mind.

Calculate Before You Take Action

Make sure that if you refinance don’t do it more than once. It will be expensive and time consuming. If at any point you get the idea to refinance for the main purpose of improving your credit score you are headed in the wrong way. Paying your bills on time is the best way to improve your credit ratings.

Payday Loans: Failing to Pay, Pay the Price!

So you needed some extra cash and decided to apply for a payday loan. That’s not a bad idea as long as you’ve paid the loan back on time. Fast payday loans are great cash advances and can help anyone in need for extra cash. That all sounds great however, failing to pay the loan back on time, can be very unpleasant and expensive.

Taking a look at the payday loan rate

Depending on the amount you plan on borrowing, your repayment plan and the lender you decide to work with, the rates quoted range anywhere from 10% – 30%. Once you get the loan you have max 30 days to pay back the borrowed amount depending on your repayment plan.

For example; you decide to borrow $1000 for 14 days at a 15% rate making the interest you pay $150. In 14 days you will have to pay back $1150. If you fail to fulfill that payment the interest you have to pay doubles. Meaning that in 14 days from the last day of the initial repayment plan you will have to pay a total amount of $1300, eventually making this loan decision not a very wise one.

Who should apply for a payday loan?

If you need some cash to make an unexpected payment or for any use whatsoever no fax payday loans can be a good solution. People in debt are recommended not to use this type of loan as a debt consolidation program. If you are labeled as bad credit and need some extra cash a bad credit payday loan can be a loan option. The bottom line is, don’t apply for the loan if you aren’t positively sure you can pay the whole amount back on time!

A Closer Look In to Student Loan Consolidation Programs

You’ve graduated – congratulations! If you took any student loans in order to pay your college tuition and stuck with a load of payments consider choosing one of the student loan consolidation programs available. Consolidating your loans will make life much easier. Knowing that you will only have to make one, instead of several payments per month, is only one of many benefits student loan consolidation programs include.

Student Loan Consolidation Program Benefits

By consolidating your loans you will be enjoying a fixed rate and one payment per month. The rate you will be paying should be an average of the rates you are supposed to be paying and should not exceed a maximum of 8.25%. In fact, many lenders offer rates low as 4.5% which I believe is incredible. Use a student loan payment calculator,When choosing a student loan consolidation program, to find whether you will get an interest deduction or not.

Another great benefit you will be enjoying with a student loan debt consolidation program, especially if you have to payback private loans for students with bad credit, is a boost of your credit ratings. The fact that you consolidate other loans means that you paid them off which basically means your credit ratings improved.

I would like to consolidate federal student loans with private ones, should I?

Federal student loans should be consolidated without hesitation however, do not consolidate them with private student loans the rate you will be paying will be a very high one. Do not consolidate Perkins loans because the student loan repayment plan offers a fixed rate and relatively low one as well. The most important thing to know is to consolidate the loans that do not include fixed rates. Consolidate private and federal loans separately and pay attention to the interest you will be paying if the total interest you are quoted to pay is higher than your original interest don’t apply for a loan.

Do some due diligence prior to you making this important decision and don’t forget to compare rates and offers from various lenders. Take your time when looking into this subject and make sure that you overview enough student loan consolidation programs to make a financially educated decision.

How Do Student Loan Payment Calculators Help Save Money?

Once grace period begins you will have approximately up to 9 months (depending on the type of student loans you have obtained) to choose a student loan repayment plan. Grace period also is a great time to plan your future and find a job. Selecting the best student loan repayment plan requires correct calculation and a student loan payment calculator is just the tool you need.

How to Calculate the Best Repayment Plan?

While understanding that every student loan repayment plan is suitable for different people, use a student loan payment calculator to find out the amount of annual income you would need to repay every type of repayment plan you are offered. Keep in mind that private student loans carry different laws than federal student loans. Once you’ve calculated and found the most attractive plan, see if the annual income you are supposed to get from your new job will cover the repayment plan without putting too much financial pressure on yourself.

Several repayment plans offer a very good interest rate but, require you to pay the loan back in a relatively short period of time. This option would be great for anyone expecting a steady long lasting income source. Remember, finding the most comfortable student loan repayment plan for your case is what matters.

Using a Student Loan Payment Calculator to Calculate Several Student Loans

If during college you have obtained more than one student loans, not necessarily do you need to choose a separate repayment plan for each one. Student loan debt consolidation will be an ideal solution for you. By applying for a student loan consolidation program you will have the ability to merge all your loans in to one and manage them with a low, fixed rate monthly payment.

People that have obtained private loans for student with bad credit will benefit from consolidating their loans as well. The fact that you paid off your debt all at once will boost your credit ratings. When consolidating student loans be sure to use a student loan payment calculator to find the best student loan consolidation repayment plan. Don’t forget to compare offers from 3 different lenders to get a better idea of the rates and fees offered and eventually make a financially educated and beneficial decision.