Credit Scores and You - What Is A Good Credit Score?

By Christine A. Mathews

Are you thinking about applying for credit? Whether you're buying a new car, getting another credit card, or refinancing your home, one of the first things your lender will do is check your credit score. This score will determine just how quick and easy it will be to get the loan. That's why it's always good to know what your current credit score is... before you approach a lender.

So what is a credit score -- and why is it important?

Your credit score is a number the credit bureaus use to rate just how credit-worthy you are. They look at both your past credit history and how well you are handling any current debt you may have.

Trans Union, Equifax, and Experian are the three major credit bureaus lenders use. Each credit bureau has their own way of calculating your credit score, but they all report their scores using the same scoring method: FICO. FICO is short for Fair Isaac Corporation. Don't be confused if one person uses the term "FICO score" and another uses "credit score" -- they both mean essentially the same thing.

The truth is, lenders won't always ask for credit reports or credit scores from all three credit bureaus when you apply for a loan. Fortunately, since the "big three" all use the same FICO system, a score of 680 from one is thought to be the same as a score of 680 from the other two credit bureaus. Even so, it's a good idea to review your credit report from each one, as sometimes mistakes are made. When that happens, you should contact the credit bureau to have them corrected.

Credit Score Ranges - What Is Considered A "Good" Credit Score?

Credit scores range from a low of 375 to a high of 900. If you have a higher score, you are usually considered a better "risk" and getting credit will be easier. You'll also find that higher credit scores usually mean better loan terms.

There is no standard scoring system that lenders must use when approving loans. They each have their own guidelines and cut-offs. But here is a general idea of the different ranges credit scores tend to fall in.

A score of 650 or better usually means getting credit approval will be simple and quick. It shows that you have a very good credit history. As I said earlier, this also means you will probably have very good terms on any loan you get - another reward for handling your past debt responsibly.

Scores between 620 and 650 are considered average. This means your credit is basically good. If you fall into this range, lenders will tend to look for any possible credit risks before approving a high credit limit or large loan amount. You may find you have to provide additional documentation and explanations when applying.

Also, instead of being quick and easy, your loan may take longer to close. But there is a good chance you will still be able to get credit at a good rate.

If your credit score is below 620, this doesn't necessarily mean you won't get credit. But you should realize that the interest rates and terms of your loan will probably be less desirable, due to your low credit rating.

About the Author:

As you can see, your credit score plays a big part in the type of credit you are able to get. If you find your credit score isn't as high as you need it to be, don't panic. There are things you can do to improve your credit rating starting today! For more articles on personal credit and how it works, visit http://CreditHelp.ImprovingYourFinances.com

It's Your Credit - What Is A Good Credit Score?

By Christine A. Mathews

Are you thinking about applying for credit? Whether you're buying a new car, getting another credit card, or refinancing your home, one of the first things your lender will do is check your credit score. This score will determine just how quick and easy it will be to get the loan. That's why it's always good to know what your current credit score is... before you approach a lender.

In case you don't already know what a credit score is, let me explain...

Your credit score is a number the credit bureaus use to rate just how credit-worthy you are. They look at both your past credit history and how well you are handling any current debt you may have.

Trans Union, Equifax, and Experian are the three major credit bureaus lenders use. Each credit bureau has their own way of calculating your credit score, but they all report their scores using the same scoring method: FICO. FICO is short for Fair Isaac Corporation. Don't be confused if one person uses the term "FICO score" and another uses "credit score" -- they both mean essentially the same thing.

The truth is, lenders won't always ask for credit reports or credit scores from all three credit bureaus when you apply for a loan. Fortunately, since the "big three" all use the same FICO system, a score of 680 from one is thought to be the same as a score of 680 from the other two credit bureaus. Even so, it's a good idea to review your credit report from each one, as sometimes mistakes are made. When that happens, you should contact the credit bureau to have them corrected.

What Is A "Good" Credit Score?

Your credit score can range from 375 to 900 points. The higher the number, the better you are. Getting credit will be easier, and you'll likely get better loan terms as well.

While each lender has his own criteria to follow, here is a general guide that shows how credit scores tend to rank.

A score of 650 or better usually means getting credit approval will be simple and quick. It shows that you have a very good credit history. As I said earlier, this also means you will probably have very good terms on any loan you get - another reward for handling your past debt responsibly.

"Average" credit tends to fall somewhere between 620 and 650. This is considered basically good, but you may find lenders need a little more documentation or explanation before they approve your loan. They tend to be a bit more careful, looking for any possible credit risks before they approve a large loan or high credit limit.

You may also find that your loan will take longer to finalize. Even so, chances are good that you are able to get approval at a good credit rate.

A score below 620 doesn't automatically mean you won't get credit. But you may need to shop around a bit to find the right lender. You should also understand that the interest rates and terms of your loans won't be as desirable.

About the Author:

It's easy to see that your credit score plays a big part in the type of credit you are able to get. If you find your credit score isn't as high as you'd hoped, don't despair. There are things you can do to improve your credit rating starting today! For more articles on personal credit and how it works, visit http://CreditHelp.ImprovingYourFinances.com

Dealing With Income or Job Loss

By Doug West

Why Multiple Income Streams Are More Important Than Ever

The latest economy reports show more and more folks ending up on the unemployed rolls. The real statistics are most often worse than what is reported.

My guess is that the situation will get Much worse before we see any improvement in the job numbers.

I have always been a big fan of multiple income streams (even before that became a catch-phrase), and I think they are more important now than ever.

When I was laid off my nearly 10 year job with AT&T back in 1992, I saw first hand how important multiple income streams were. At the time, I had a part time mail order biz (and had been tinkering with that since I was a kid). I looked at the lay off as a good opportunity to get more serious about my business. I also had been doing some investing (my best-ever stock play helped BIG back in those days), and had a little network marketing income.

Many of my AT&T coworkers had no other source of income, and I clearly remember a few grown men in tears when they walked us all out the door that morning!

I would MUCH rather have five sources of income that pay me $200 a week, than to have a J.O.B. that pays me a grand a week! If you still have a job, you need to take this info seriously - NOW! If you are one of the millions of folks that recently lost a job or your only income stream, you need to take steps NOW to correct that (you still have time - perhaps a severance package and/or unemployment insurance checks to get you by - but please don't wait till they run out to get going).

How do you start to create multiple income streams? Here are a few areas that are available to most people:

* Online Income - Many things fall into this category, affiliate plans, blogging income, Adsense dollars, online jobs, marketing your own products and/or services, eBay and other auctions, & more.

* Investment Income - OK, this one may be tougher than ever, and if you barely have money to live on, how do you start to invest! I am partial to index trading, and that does not require a lot of money to get started, but to be really good at it, you need other income streams too.

* Network Marketing Income - Don't turn up your nose at this one. I have companies sending me checks that I have not worked in years. While it is true that network marketers often talk about the top guy who is making $500,000 a month, but there are a TON of folks who make a few hundred a month. Not life changing in and of itself, but as part of your multiple income stream strategy, not bad either.

* Cash Back Debit & Credit Cards - You won't get rich with this alone either, but the old saying is really true "If you watch the pennies, the dollars will take care of themselves". Pay Pal offers cash back on a debit card (which in my opinion is better than a credit card - you won't have the temptation to carry over a balance, which would cause interest charges and defeat the purpose of cash back)

* Interest Savings on Loans & Credit Cards - OK, this is not technically income, but if you save money off what you are currently spending, it comes out the same in the end - more money in your pocket and budget.

* Food Bill Savings - This is like the Cash Back cards, not really income but can be very important - especially if you just lost your job or sole income (like many folks who used to live on their stock market income). Try clipping coupons or join a coupon club. Eat at home more and quickly find more money left in the budget at the end of the month.

* Turn Hobbies Into Income - Like to go to garage sales? Turn that hobby into eBay income. Like to work on small engines or have some other hobby that can be turned into an income source? Don't sell yourself short here. Maybe you love flea markets? What if you could get an extra $200 or more a week by setting up a booth one day a week? Not enough to live on for most folks, but not bad as part of your multiple income strategy. You might even consider creating a booklet, ebook, book, or other info product on your hobby. If you are good at it, you ARE and Expert (you don't have to be the best to be considered an expert - there are folks out there who will pay you for what you know).

We have had affiliates of our Index Trading course earn up to $100,000 in a year. We've had many more earn from $5,000 to $30,000 in a year. What if you had 5 affiliate plans you liked (loved would be better - you'd be more passionate about them), that averaged about $5,000 each per year. You might be able to live on that. Add some other sources like the ones mentioned above and you might live very well!

You should always be looking for ways to add additional income streams. Remember, the more you have the better! If one dries up, you are not devastated.

The time to set up multiple income streams is before you need them, but no matter what your situation is, there is no time like NOW to get started.

About the Author:

Mini-Dow Index Trading Made Simple. Discover how to build your trading income. Get Doug's Debt-Free Report. Read his blog here.

Searching The National Student Loan Database

By William Blake

If you need to obtain a student loan to finance your college education, you should start searching for a company that provides a student loan that you are interested in. No doubt your ideal student loan has a low interest rate and will give you enough money to pay for all of your college expenses. To find a lending institution that offers a student loan that you would like to apply for, you can search using the national student loan database. This database is filled with all kinds of extremely useful information regarding student loans and the organizations and businesses which provide them to students. With the information they give you, you will be able to choose the student loan that best matches your wants and needs.

College Financial Aid Office: A Starting Point

You can ask to use the computers in your college or university's financial aid office to search through the information located in the national student loan database. The financial aid office is an excellent place to find all kinds of useful information about student loans. They have brochures that contain student loan information, but none of these brochures will provide information as thorough as the national student loan database will.

It is important, however, that you limit your investigation to companies who offer loans to your college. You will be best off if you utilize the computers in your school's financial aid office, since the national student loans database will give you information about loans that don't apply to your college.

Making Good Use of the Internet

Of course, if you haven't found a college yet and you want a student loan, search the national student loan database to find a loan offering the criteria you're looking for. It's not usual to choose a college based on the student loan you can qualify for but that can certain happen. Search the national student loan database from your personal computer and you'll undoubtedly find the loan that suits you so that you can attend the college of your choice.

You will be able to find lots of businesses that offer student loans that meet your requirements. Regardless of whether or not you have the financial resources necessary to make your first payments for classes, you can still attend college.

The process is easy. Conduct a search using the national student loan database, choose a company to get your loan from, apply for it, and soon you will have your funds sent to you in the mail. After the financial end is cared for, you can focus on your all important education.

About the Author:

Are you trying to find credit card debt assistance? Stop by the Debt Reduction Academy website, where you can claim your free 5 day mini course "Operation Money-Find: How To Find Money To Start Paying Off Your Debt This Month". Grab your copy now at http://www.debtreductionacademy.com/minicourse.php

Detailed Information about Mortgage Leads

By Todd Packward

When it comes time to finding more mortgage leads, you may want to consider turning to a mortgage leads company. These companies make it their job to track down the leads you need to maintain your business. In an industry that is highly competitive, highly resourceful and very profitable, any company that wants to get ahead needs to invest the time and energy into getting every lead that is available to them. Some of these companies have just what it takes to give you these resources.

You may be asking how to increase your business with mortgage leads from these sources. If you have selected the best companies to work with, you pay a small fee to obtain any and all of the leads they have to offer. They send you leads that you can easily contact and get information on. It is essential to choose a company that is reputable, one that is not recycling leads over and over again and one that you can contact easily if there is some type of problem. When you do this, you will have a wide variety of mortgage leads to work with.

When you locate these mortgage leads companies, it is important to work with companies that give you flexibility. You should be able to select the type of leads you are most interested in. This is often a rate or score that works for your particular need. You may want exclusive debt consolidation mortgage leads, for example. Depending on what the company has available, and your stipulations, chances are good you will get the type of leads you need to make the investment worthwhile. If you are unable to choose from these options, you may want to consider a company more flexible.

The bottom line is quite clear: if you want to have a successful business in the mortgage industry, you need to have a regular stream of customers. You need to be sure that that stream of customers is highly qualified and that they have not been contacted by many other brokers in the recent past. Once you get this information, you can work the leads as you would any other. You will walk away with more deals and transactions than if you were to wait around for borrowers to contact you. Many of today's top mortgage brokers use these services for just this reason: they work.

About the Author:

Loan office mortgage lead, Buy mortgage leads, Direct mail mortgage leads, loan office mortgage leads, mortgage leads exclusive, older mortgage leads, online mortgage leads at mortgageleads.theinfostop.info

Finding No Credit Check Student Loans

By William Blake

Some individuals are truly interested in attending university classes and getting a high quality college education, but they simply do not have the financial resources to do so on their own. If you find yourself in this or a similar situation, you would no doubt be interested in obtaining financial aid. But what can you do if you are not able to receive grants and student loans are not an option because of credit score, what can you do? One viable option is getting a no credit check student loan.

A no credit check student loan will allow you to get the funds you need to attend college and eventually get that great job you have always dreamt of. The first step to getting your education could be investigating the possibilities of getting a no credit check student loan.

Information at the College Campus

To find no credit check student loans, go to the financial aid office of the college you wish to attend. Most of the time, they have the information you need to find financial aid of all kinds. This is a great place to find no credit check student loans. These loans may cover all of your tuition or it may just cover part but at least it will get you started in classes so that you can work on getting the rest of the money to pay for the completion of your degree.

Keep an Eye on Interest Rates

When you apply for a no credit check student loan, make sure you read the fine print. You see, companies can get away with offering no credit check student loans because they charge higher interest rates to the applicant to make up for the risk of you not being able to pay the loan back. Read this fine print to make sure you can afford payments whenever your payments become due.

Typically, you have six months after graduation, or after you quit school, before your payments become due. So make sure you are going to be able to afford these payments when that time comes.

Don't get overly concerned; a no credit check student loan could be a wonderful opportunity for you if you will be able to afford the monthly payments on the loan. Finding a way to pay for your college education by means of financial aid sources will allow you to focus on your schooling and, after graduating, find a great job.

About the Author:

How would you like to find some extra cash to help wipe out credit card debt starting today? Visit the Debt Reduction Academy website, where you can claim your free 5 day mini course "Operation Money-Find: How To Find Money To Start Paying Off Your Debt This Month". Go get your copy now at http://www.debtreductionacademy.com/minicourse.php

Non Standard Construction Properties Offers Affordable Housing

By Phillip Evans

In these post credit crunch times its becoming increasingly difficult to get on the property ladder or impossible to find an affordable home, non-traditional construction properties could offer a viable alternative

Non standard construction or prefabricated reinforced concrete properties where originally designed as temporary accommodation as a solution to a housing shortage after the Second World War.

Most of the properties where built by the Local Authorities and formed part of the housing stock, when the Right To Buy legislation was enacted by the conservative party in the 1980's these properties slowly where sold into private ownership as "Right To Buy" became very popular.

Estate Agents or valuers have always struggled to value these properties in contrast to traditionally built properties as most mortgage lenders are unable to lend against this type or property security as they still class prefabricated reinforced concrete houses as temporary despite being habitable in the 21st century.

After the war around 1 million 250,000 non standard construction properties were built which now offers the UK buy to let investor or home mover access to affordable housing.

A lot of the non-traditional housing are ex local authority flats, maisonettes or low rise bungalows some of the more popular construction types are Airey, Cornish, Unity, Wates, Reema, Stent and Woolaway. Enable Finance Ltd provide non standard construction mortgages even if these non standard properties do not have a PRC certificate or have not had remedial works carried out.

Non-traditional housing could provide the UK house hunter or buy to let investor a very viable solution. If you are a buy to let investor you will no doubt have come up against the rental yields not stacking up as property prices have soared over the past few years. These properties could offer a solution; make sure you speak with Enable Finance today.

People buying non standard construction property tend not to pay stamp duty as often the purchase prices are below the stamp duty threshold of 175,000. Concrete properties can really offer a true affordable housing solution.

For a FREE no obligation quote on a mortgage for non standard construction property please visit Enable Finance Ltd online. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Ask for a personalised illustration. There will be a fee for arranging mortgages, normally 1% of the advance, subject to a minimum of 1950 and a maximum of 2450. The fee can usually be added to the mortgage amount.

About the Author:

Enable Finance are specialist UK mortgage brokers who offer a full advice service, for a no obligation quote or to compare best mortgage deals or to find out more information on non standard construction mortgages please visit our site

How the slowdown is hitting the credit card market

By Mark Wright

The current economic slowdown that is battering the financial world is a little different from previous 'market readjustments'. This time it's not just big business and the banking industry that have felt the shock-waves - the crunch has hit consumers much earlier than before. This is partly due to the amount of personal debt that individuals have built up during the good times, when credit was easy to obtain and the banks were willing to lend to everyone who came knocking at their door. A survey by Moneyfacts, the financial information analysts, found that at least 10% of credit cards have raised their interest rates or imposed fees as a direct result of the financial storm now sweeping across UK PLC.

A knock-on effect of the credit crunch has been the average interest rate on credit cards rising from 16.8% to 17.2% since the start of August 2008. This trend upwards is in direct opposition to the Bank of England's policy of cutting base interest rates to stave off the chances of runaway inflation. The credit crunch is biting, and biting hard. As banks and lenders realise that the money pot in the City is nearly empty, they know that this time consumers are feeling the squeeze as well. In the lenders' eyes that means a greater risk of customers defaulting on payments, so the interest rate rise on credit cards is seen as a financial cushion against defaults and bad debt. The lenders are shoring up their financial positions and doing their utmost to reduce their exposure to bad debt.

As the financial institutions eyed each other suspiciously they also turned their attention to their customers, their confidence in the public's previous ability to meet repayments and pay back credit card debts evaporating. The lenders need continuous injections of cash into the system to carry on trading. The practice of banks lending to other banks has shuddered to a halt as financial institutions try to consolidate their own positions, and so that extra cash has to come from somewhere. Step forward, the great British public. The interest charges on loans, credit card debts, mortgages and credit agreements are the lifeline lenders need to continue doing business.

From 1997 until 2007, the lenders were having a boom time in the UK. But the credit crunch wasn't the only thing that seemed to stop the good times in their tracks. An increasingly competitive marketplace, the emergence of economic superpowers like China and India, increasing bad debts and government legislation all contributed to the lenders reassessing their financial positions. Some companies responded by 'dumping' thousands of customers who were seen as non-profit clients - the people who paid off their balance in full each month and incurred minimal interest charges. All lenders have tightened up their criteria for lending, including restricting credit limits, imposing higher fees on balance transfers and limiting access to cash withdrawals. Although this may seem like a further indication that things are getting worse, it could actually be the right move - stabilising the credit market and reducing the possibility of credit card customers borrowing more than they can afford to pay back. The credit card lenders may actually lead the way in market recovery by this simple readjustment of open lending policy.

The credit card industry has been hit twice. The loss of the overall market share several years before resulted in a clamour for customers, with 0% balance transfers acting as financial carrots to customers wanting to reduce their interest payments on outstanding balances. Cards are now shifting towards a policy of charging up to 3% balance transfer fees to try to pull back some of the lost profit that the 0% offers cost them. The second blow was the Office of Fair Trading's decision in 2006 to cap penalty charges to 12. Now cards are lining up for another bureaucratic blow as the Complaint's Commission takes a closer look at the personal protection insurance schemes that often accompany credit card deals.

The economic slowdown could have yet another sting in its tail, with unemployment now under the spotlight. Higher interest rates on cards for everyone is the lender's way of buffering their position, minimising their financial exposure. It means that everyone pays the price through increased interest charges, but a more stable credit card market emerges as a result. Credit card lenders are keeping a close eye on their customers, looking for early signs of financial difficulty. They are well aware that things are tight for everyone, and by keeping a watch for customers who show signs of struggling, they can step in early and guide the customer through the financial rapids they may find themselves in. The credit crunch does mean a slowdown generally, but rather than a complete collapse of the house of cards, it's more a matter of shoring up the foundations so that the market can emerge stronger after the event.

About the Author:

Mark Wright writes for various popular websites, and keeps a regular commentary on the recent financial crisis and credit crunch. Read more about credit cards here.

What To Do When Your In Debt

By Mike Carbeck

Repairing your credit is never an easy thing. But, there are several things you can do to get yourself out of debt.

We all have monthly bills, and sometimes we encounter times when the bills are outrageous. We are all responsible for paying our bills, this is a reality from which there is no escape. If you find yourself in need of help, there are ways to pay your bills and get out of debt.

The ever changing credit laws make it especially difficult for people to restore their credit to good standing. There are also laws that make getting copies of all three of your credit reports free. If you have discrepancies in your credit report, then it is imperative that you get copies of your report and launch a dispute.

If the agencies filed a false claim against your credit record, you may be able to sue. This can result in late processing of your payments and if you do not owe the bill, the credit agency will be forced to remove it from your record.

If you notice any errors or inconsistencies in your credit report it is important that you contact the reporting agency at once. Experion, TransUnion and Equifax all have dispute hotlines set up for just this purpose.

Disputing things on your credit report is just the first step in getting back on track. The information on your credit report comes from various sources and as a general rule this stays with your credit record for up to seven years. While positive credit reporting information is likely to remain for up to ten years.

If you have any questionable information contained on your report then it is important you dispute it immediately. The credit bureau will investigate the situation and if it finds valid grounds for dismissal, then the information is removed from your record. If the situation cannot be resolved, then the credit agency can remove or modify the claim in question.

This is another reason why it is so important to monitor your credit report regularly. In addition you can get information about your credit rating and what factors determine or effect it. If you see information that you dispute on your credit report and you can not find a resolution, then it pays for you to get educated on what you can do.

Never believe the misleading or false advertising of a credit counseling agency that make claims that sound to good to be true. All of these companies are regulated by law and it is illegal for them to promise something they cannot deliver.

The National Foundation for Credit Counseling is a great resource for people seeking genuine assistance with their debts. They have representatives that are highly trained at providing consumers with help repairing credit and removing debt. They can also help you get creditors to back off and stop the threats.

It is very important that you know your rights and the laws surrounding credit card debt collection practices. While rebuilding your bad credit can seem difficult, it is not impossible to get out of debt with the right help. Remember that there are millions of people in the world just like you, they have experienced credit issues or problems at one time or another.

The Consumer Response Center is another invaluable resource for finding out information about your rights. Some victims have more rights than others. Victims of Identity Theft or Military Personnel who have been robbed of their identity, have many more rights than someone who is just delinquent in paying their bills.

Knowing what your rights are is the first step in getting back on the road to good credit and regaining financial freedom.

About the Author:

Broaden the mind more on the topic of get out of credit card debt today!

Helpful Information On Retirement

By Don Pedro

Retirement is a crucial period for a person's life which takes a lot of nerve and resilience to cope with. Lots of things changes with the retirement as it involves a person's social, economical, individual as well as family life.

Everybody wants to keep busy with something after his or her retirement. And its much needed to do so, else the lack of activity can cause boredom and lead to chronic depression. And these sorts of mental changes also involve the people surrounding the retiree.

Best way to cope with the transitory period of life one may counsel with professional coaches. A professional can only find the best solutions for you.

Always take the transition of life from the best point of view. It's the perfect time to do those things that you never got a chance to do in your busy days.

Hobbies can be the best pastimes in your transition period. You can make your own garden for flowers or may be start cultivating vegetables or fruits. This will also give you a sustained supply of money. Once you are economically solvent many other problems or complexes will be gone. Moreover, hobbies will keep you ever fresh and engaged.

Most of the occasion retiree persons suffer because they don't have premade plans and as a result they suddenly find themselves to be in a situation where they aren't used to at all. One can easily avoid these situations by getting involved with social welfare activities.

Retirement gives you lots of time and the much needed rest. Now you have enough time to look back and take care of those things you missed or lacked throughout the life. You can choose to take some courses in local schools or other institutes that attracts you the most.

The best approach towards retirement is thinking about it before the time comes. Map out the things you would like to do when you will have that much time and it will always keep you busy and full of life.

About the Author:

Don Pedro writes about revealing articles about Army Reserve Retirement Pay Calculator , and Retirement Savings Estimator on the website at http://www.retirementHangout.com