Part 3: Next Things Next – Finding Your Score
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You would think that finding out what your credit score is would be easy. In a way it is, but only because I’ve done my research and you won’t have to spend time surfing websites looking for the ever elusive credit number. It would seem logical to have your credit score appear right on your credit report, but that’s just not the way it is.
At one time, your credit score was a big secret known only to financial companies and banks. With the FACT Act, legislators decided that it was important for individuals to know not only what their personal credit scores are but how they are calculated and how to improve them.
The main company who calculates your credit score is the Field, Isaac Company commonly known as FICO. They invented the concept of the FICO scores so t, The FACT ACThey are the ones who are known as experts in the industry. Before we go into finding your score, let’s look at a few facts about the FICO score.
Essentially, your credit score is simply a snapshot of your credit use -- it's the Cliffs Notes version of seven years of your borrowing history. In many lending situations, the lender bases its decision almost solely on your credit score. Consider your credit score the overall GPA of your borrowing history.
Now, here’s the bad news. If you want to know your actual credit score, you will usually have to purchase it. This can be done in a few ways. You are entitled to one free copy annually in most states.
You can get it from one of the three major credit reporting companies: Equifax, Experian, and TransUnion. The fee isn’t a huge one – usually around $15 or $20. However, if you’re serious about growing your credit score, it’s well worth the money to be financially responsible in the end.
You can also go to http://www.myfico.com/ and get your FICO score directly from them. They will offer you a free 30 day trial membership which will get your credit score right now and then, if you wish to continue the membership, it will update the score as it rises (or, heaven forbid lowers).
For more information about credit and The Fix My Credit Guide, please refer to my website: http://www.goodcreditmatters.info
Take Care,
Alphonso Smith
Good Credit Does Matter
Showing posts with label credit score. Show all posts
Showing posts with label credit score. Show all posts
Friday, June 10, 2011
Lesson 6- Ecourse
Part 6: Identity Theft and Your Credit
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Criminals know the way to steal your identity, and the worst part is that it’s not all that difficult. You know all those credit card applications you get in the mail? If you don’t shred them, they can use that to steal your identity.
It’s not above them to sift through garbage just to obtain a social security number or a driver’s license number. Once they have these vital bits of information, it’s easy for them to steal your identity.
What they will do is scary. They will apply for credit cards in your name and max them out within days. They will obtain loans in your name and never make a payment. Then the loan company comes after you for the money. It’s something that affects millions and millions of people each year and it can be a real mess when it comes to your credit report.
As many as 85 percent of all identity theft victims find out about the crime only when they are denied credit or employment, contacted by the police, or have to deal with collection agencies, credit cards, and bills.
A study on the aftermath of an identity theft by the nonprofit Identity Theft Resource Center found that victims spend 600 hours recovering from the crime because they must contact and work with credit cards, banks, credit bureaus, and law enforcement. The time can add up to as much as $16,000 in lost wages or income.
The number of reported cases of identity theft is increasing steadily. There is no one reason for this, but rather this is due to several ways in which our lives have changed in recent years, all of which make it easier for people to obtain our personal information.
In the United States, Social Security numbers are used more commonly as a means of identification. The Internet has made the transmission of personal information easy and, at times, less secure. Online retailers store our credit card information and contact information in databases we assume to be secure.
Marketing databases not only contain personal information, but they aggregate information on our spending habits as well as contact information. But potentially nefarious employees of these companies could have access to that information. They can then sell it online in chat rooms where criminals meet to swap information.
For more information about credit and The Fix My Credit Guide, refer to my website:
http://www.mydebtcreditrepair750.com
Take Care,
Alphonso Smith
Good Credit Matters
--------------------------------------------------
Criminals know the way to steal your identity, and the worst part is that it’s not all that difficult. You know all those credit card applications you get in the mail? If you don’t shred them, they can use that to steal your identity.
It’s not above them to sift through garbage just to obtain a social security number or a driver’s license number. Once they have these vital bits of information, it’s easy for them to steal your identity.
What they will do is scary. They will apply for credit cards in your name and max them out within days. They will obtain loans in your name and never make a payment. Then the loan company comes after you for the money. It’s something that affects millions and millions of people each year and it can be a real mess when it comes to your credit report.
As many as 85 percent of all identity theft victims find out about the crime only when they are denied credit or employment, contacted by the police, or have to deal with collection agencies, credit cards, and bills.
A study on the aftermath of an identity theft by the nonprofit Identity Theft Resource Center found that victims spend 600 hours recovering from the crime because they must contact and work with credit cards, banks, credit bureaus, and law enforcement. The time can add up to as much as $16,000 in lost wages or income.
The number of reported cases of identity theft is increasing steadily. There is no one reason for this, but rather this is due to several ways in which our lives have changed in recent years, all of which make it easier for people to obtain our personal information.
In the United States, Social Security numbers are used more commonly as a means of identification. The Internet has made the transmission of personal information easy and, at times, less secure. Online retailers store our credit card information and contact information in databases we assume to be secure.
Marketing databases not only contain personal information, but they aggregate information on our spending habits as well as contact information. But potentially nefarious employees of these companies could have access to that information. They can then sell it online in chat rooms where criminals meet to swap information.
For more information about credit and The Fix My Credit Guide, refer to my website:
http://www.mydebtcreditrepair750.com
Take Care,
Alphonso Smith
Good Credit Matters
Lesson 7- Ecourse
Thank you for subscribing to my credit
ecourse! In this ecourse you'll learn all about:
Part 1: First Things First – Your Credit Report
Part 2: FICO and You
Part 3: Next Things Next – Finding Your Score
Part 4: Establishing Good Credit
Part 5: Repairing Your Credit Score
Part 6: Identity Theft and Your Credit
Part 7: Raising Your Credit Score
That being said... Lets get started shall we :)
==================================================
Part 7: Raising Your Credit Score
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Let’s say you want to buy a house but your credit score is somewhere around 675 instead of 720 which will get you the best rate on a home loan. If you want to raise your credit score quickly, there are some steps you can take that can guarantee a great home loan or any other credit line for that matter.
The mantra for getting a great score is pay your bills on time, keep account balances low, and take out new credit only when you need it. People who do that faithfully have very high scores. It usually means you're being conservative and cautious about credit.
It's not a toy and it shouldn't be a hobby.
That's good advice, to be sure, but these actions take a long time. What if you're house hunting and you just need a few extra points to bump you over the line to the great rates? As we’ve said before, the first place to start is with your credit report. Check it over and find out what your credit score is right now.
You will want to concentrate mostly on correcting any errors by taking the steps we’ve outlined above. Look for errors such as accounts that aren't yours, late payments that were actually paid on time, debts you paid off that are shown as outstanding, or old debts that shouldn't be reported any longer. Negatives are supposed to be deleted after seven years, with the exception of bankruptcies, which can stay for as long as 10 years.
After repairing errors, the fastest route to a better score is paying down balances on credit cards. There's really no silver bullet, but over 60 day’s time, it is possible to increase your score 20 points by paying down your credit lines.
Had a few late payments in your past? If you find yourself in some financial difficulties, you can protect your score by making sure your payments don't go 60 days past due. Some lenders don't report 30 days past due, but they all report 60 days past due.
Even if you've paid your bills late in the past, you can improve your credit score by paying every bill on time from now on. Forget about grace periods. If you want to have a really good record with the credit agencies, pay your debt before it's due and keep your balances low.
For more information about credit and The Fix My Credit Guide, please refer to my website:
http://www.debt-creditrepair750.com
Take Care,
Alphonso Smith
Good Credit Does Matters
ecourse! In this ecourse you'll learn all about:
Part 1: First Things First – Your Credit Report
Part 2: FICO and You
Part 3: Next Things Next – Finding Your Score
Part 4: Establishing Good Credit
Part 5: Repairing Your Credit Score
Part 6: Identity Theft and Your Credit
Part 7: Raising Your Credit Score
That being said... Lets get started shall we :)
==================================================
Part 7: Raising Your Credit Score
--------------------------------------------------
Let’s say you want to buy a house but your credit score is somewhere around 675 instead of 720 which will get you the best rate on a home loan. If you want to raise your credit score quickly, there are some steps you can take that can guarantee a great home loan or any other credit line for that matter.
The mantra for getting a great score is pay your bills on time, keep account balances low, and take out new credit only when you need it. People who do that faithfully have very high scores. It usually means you're being conservative and cautious about credit.
It's not a toy and it shouldn't be a hobby.
That's good advice, to be sure, but these actions take a long time. What if you're house hunting and you just need a few extra points to bump you over the line to the great rates? As we’ve said before, the first place to start is with your credit report. Check it over and find out what your credit score is right now.
You will want to concentrate mostly on correcting any errors by taking the steps we’ve outlined above. Look for errors such as accounts that aren't yours, late payments that were actually paid on time, debts you paid off that are shown as outstanding, or old debts that shouldn't be reported any longer. Negatives are supposed to be deleted after seven years, with the exception of bankruptcies, which can stay for as long as 10 years.
After repairing errors, the fastest route to a better score is paying down balances on credit cards. There's really no silver bullet, but over 60 day’s time, it is possible to increase your score 20 points by paying down your credit lines.
Had a few late payments in your past? If you find yourself in some financial difficulties, you can protect your score by making sure your payments don't go 60 days past due. Some lenders don't report 30 days past due, but they all report 60 days past due.
Even if you've paid your bills late in the past, you can improve your credit score by paying every bill on time from now on. Forget about grace periods. If you want to have a really good record with the credit agencies, pay your debt before it's due and keep your balances low.
For more information about credit and The Fix My Credit Guide, please refer to my website:
http://www.debt-creditrepair750.com
Take Care,
Alphonso Smith
Good Credit Does Matters
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