Search Results for: blog what makes up a credit score

Improving Your Credit Score

How low can you go? Do you know your FICO score? The three-digit number says a lot about your money management skills and can make or break you when it comes to obtaining a loan to buy a house, car or boat. Pioneered by the Fair Isaac Corporation, a person’s FICO score falls somewhere between 300 and 850. Numbers above 700 are generally considered good-to-excellent, while scores under 680 are fair and those below 620 are considered poor. To determine your score, credit bureaus consider: 1. Payment history: This factor accounts for 35 percent of your FICO score and consists … Continue reading →

Credit Repair Scams

If you are on the hunt for ways to improve your credit, be very careful of credit repair scams. Anyone that makes big promises about erasing your debt or any guarantees of quickly improving your score… be wary. In the world of credit and debt, if something seems too good to be true, it most likely is. Debt reduction and credit repair take dedication and hard work. There are no quick fixes. The Federal Trade Commission monitors and regulates the credit repair businesses. Due to good consumer watchdogs, many have been shut down. Still, it pays to be very careful… … Continue reading →

The Effects of Debt on Credit

It is always good to pay down your debt. It makes your credit report and score better, but the effect may not happen as quickly as you like. Debt problems, like late payments and unpaid bills, will stay on your report for seven years — even if you take care of them. The longer back in your history they are though, the less impact they have on your credit score. Bankruptcy is the most serious flag on a credit report and should only be used as a last resort. Bankruptcies stay on your report for ten years and have a … Continue reading →

Repair Credit

If you have a poor credit score, it is time to get in gear. There are many ways to improve your report, but they all take time to heal the injuries. Therefore, it is important to start now, and then you can reap the benefits of good credit sooner than later. The first step should be to get your most recent credit report from all three reporting agencies, Equifax, Experian and TransUnion. You are entitled to one free report each year, so this is well worth your time. The best place to visit is AnnualCreditReport.com; they will easily process your … Continue reading →

Foreign Travelers Score Big with Refunds… Maybe

If you traveled abroad and used a Diners Club, MasterCard or VISA ATM, credit or debit card between February 1, 1996 and November 8, 2006 while on your trip you could be getting an early Christmas gift in the mail… well, some Christmas anyway. Let me explain. In the next few days more than 20 million travelers will be receiving notices from a New York federal court regarding potential refunds for some of the foreign currency exchange fees paid using the credit and debit cards I listed above. If you qualify you can expect a minimum payment of $25, which … Continue reading →

Credit Scores and Reports

Have you requested your credit report and score recently? If you did, you may have noticed a separate report that lists some information about your score. This accompanying report is as important as the score itself, so pay close attention to it. Most credit reporting agencies will provide you a separate statement in addition to your actual credit score. This statement is intended to provide you valuable information about why your score is what it is. While this statement will help you better understand your report and score, there are a few things to keep in mind. Firstly, no one … Continue reading →

What makes up a Credit Score?

Ever wonder all the basics of what is used for your credit score? Well, here it is, in black and white… and a little grey. To create a credit score, some of the information on your credit report is fed into a mathematical formula. The critical information and their importance are as follows: Account Types – This includes mortgages, car loans, and credit cards. The importance of your types of accounts is about 10% of the overall score. Number of Recent New Accounts – Just how many new accounts do you have in proportion to the total? This is another … Continue reading →

101 Dalmatians Book and Movie: Always Charming

The 1956 book “The Hundred and One Dalmatians” by Dodie Smith is a very English, very droll story of married Dalmatians Pongo and Missis, and their also-married pets, Mr. & Mrs. Dearly.  You read that right: Missis.  Perhaps the biggest surprise (to me) reading the novel on which the Disney film was based, was to discover that Pongo’s wife was not called Perdita, but Missis.  Even stranger is when a dog named Perdita appears.  She’s a liver (brown)-spotted Dalmatian that serves as a wet nurse for Missis, who cannot handle the milk load required by 15 puppies. Perdita’s own pups … Continue reading →

Travel Money

Cash will get you nowhere when you fly on United Airlines. The popular commercial carrier operates cash-free flights; meaning that anything you plan to purchase while onboard the plane can only be paid for via major credit cards including Visa, MasterCard, American Express, Discover, and Diners Club, and debit cards bearing the Visa or MasterCard. In addition, if you are traveling to the Hawaiian Island of Oahu and need to fill-up your renal car late at night, you will also have to swipe some plastic instead of forking over cash at the pay-at-the-pump stations that dominate Honolulu. With so many … Continue reading →

Protecting Your Money

Yesterday I revealed my status as an identity theft survivor. My identity was ripped off nearly a decade ago, yet the sting is ever-present. A former colleague of mine was the perpetrator. Looking back, it was probably very easy for him to obtain access to my computer since we worked just a few cubicles down from each other. Hacking is just one of the ways thieves can gain access to your personal information and ultimately steal money from you. However, according to new reports, very few people realize that cybercrime is taking place, even after their sensitive information has been … Continue reading →