Maintaining a credit score of 700 is a good starting place but you must consistently do what is necessary to ensure your credit score does not drop lower but rather gets better over time. There is certainly no quick and easy fix to improving credit scores or recovering from past mistakes. It takes time and effort on behalf of the consumer to make sure credit histories are stable and credit scores stay high. 710 Credit…
Consumers have learned the importance of knowing their credit history and credit score. Those who do not pay attention to this important aspect of personal finance are often shocked to discover their credit may not be as “good” as they believed. Because there are so many variations in how scores are calculated and the number of scores available, many consumers decide it is easier to pay for a credit score monitoring service than try to…
Average Credit Score is 692 (out of 850). The median credit score is roughly 723 in 2011. 60% of Credit Scores are over 700, most experts believe that when a 720 or above there is little need to increase the score. (Read More: Guide: What’s a Good Credit Score) [ad#Credit Pages Large] Credit scores are one of the most important factors determining whether or not a consumer will be approved for a loan or line…
Any consumer who has tried to borrow money, apply for credit or even rent an apartment most likely understands the importance of a good credit score. There is so much emphasis on this three digit number that entire talk shows, books and even products for credit repair are centered around it. While it is in fact true that a good credit score will get you approved for more lines of credit with more favorable terms…
No doubt, you are aware that Fair Isaac, the company that markets the FICO score, is a leader in consumer profiling. After all, the company offers numerous scores, from a special mortgage score to an “expansion” score meant to help those without traditional credit loans be evaluated by the way they make utility payments and rent payments. Now, though, FICO is getting into the bank deposit business, by marketing a score designed to evaluate your…
Buying a new car or truck is a major purchase. Unless you are in a position to pay cash upfront to the dealer, you will have to consider financing options. The terms and conditions associated with your loan will determine just how much you pay for your car. Just like other forms of credit, the interest rate for a car loan is calculated using your credit score. Buyers with higher credit scores will see more…
Applying for a mortgage requires that the lender runs a credit check to view your previous credit history. They will also obtain your FICO credit score to determine your eligibility for a mortgage loan. A mortgage loan is typically the biggest investment a borrower will make in their lifetime, so it is financially wise to come to the lender with the best credit profile possible when you are ready to apply for your loan (Read…
If you are having trouble trimming the fat from your budget, it might be because you do not realize that you are paying too much for some things. And by too much, I mean paying anything at all. The truth is that there are plenty of ways to get things for free these days. Here are 4 financial products you might be paying too much for: 1. Credit Report You know you need to check…
Your credit is basic to your finances, and understanding it is important for your financial education. One of the myths you hear about when talking about credit is that checking your own score can damage it. This myth grew up because when some people check your credit score, it really does damage your score — even if you don’t end up being approved for your loan. This is because there is a difference between what…
When it comes to financial education, there are concerns that Americans do not know what they should. In order to rectify that situation, the U.S. Treasury has identified 5 “Core Competencies” of financial education. The idea is to put together a plan to help Americans assess whether or not they know what they should about money. Right now, the Treasury is accepting comments on the program, and comments will be open until September 12, 2010.…
Last week Congress passed the Financial Reform Bill with 60 votes. The bill is expected to be signed into law. While this bill has many repercussions for big banking institutions such as regulating derivatives and bank transactions; it will also have a big effect on individuals as well. Here are 5 ways that the financial reform bill will benefit you. No More Liar Loans Financial reform means the end of all liar loans. Liar loans…
One of the most important aspects of your financial life is your credit score. Your credit score is based on information that can be found in your credit report. When your credit report is inaccurate, it can lead to a lower score. In order to keep tabs on the information that is used to form your financial reputation, you should check your credit report regularly. While you can go to the individual bureaus and pay…
You’ve probably heard that we’re in a buyer’s market. Home prices are low, and mortgage rates are low. And, since the home buyer tax credit has expired, there is speculation that home prices could remain low (or head even lower) during the rest of the year. So, even those who think they missed the boat, might find that they didn’t. For many people, this is a great time to buy. It is possible to get…