What is a credit score? Well it is a number that many companies will use to judge your character.In Canada there are 2 credit reporting agencies Equifax and Trans Union. In the US there are 3 credit reporting agencies Equifax, Trans union and Experion. Your credit report contains information about who you owe money to, how you pay your bills and your borrowing/payment habits.Lenders refer to your credit score as a beacon score while consumers...more
Credit-Card: Staying Out Of Debt It is very possible and can even be easy to stay out of debt while using a credit card while enjoying the perks credit cards have to offer, not to mention being able to build up your credit. As long as you pay off your balance in full every time you get the bill, and pay all your payments on time, you will never have to pay interest. You may be thinking that is great and all, but how do I ensure I will...more
Credit-Cards: The Importance Of Building Up Your Credit There are many advantages to using a credit card, but the most important one is building up your credit. If you do not have credit, it is almost as bad as having bad credit because with no credit, or very little credit, lenders are not sure what kind of a person you are with credit and are therefore a little more nervous about lending credit. You need good credit to apply for a loan with a decent interest rate. You also need good credit to use anything involving credit, such as credit cards, or even qualifying for insurances to get the lower payments. If you have bad or little credit, your interest rate will be very high compared to what you could be paying, and that will be a lot of money down the drain, causing you to actually be able to afford less!Even if you think you will never get a loan, or need to use credit for anything, it is always good to be prepared just in case you do. You never know when something might happen. Financial emergencies can happen at any time such as medical emergencies. Even if you have excellent medical insurance, if the worst happened, expensive ongoing medical bills could really wipe you...more
Credit Card: The Importance Of Knowing Your Credit Score It is important to build up your credit by using a credit card, but it is also important to know your credit score, not just once, but often. Your credit score is not only an indicator of how well your credit is at the moment, but it is also an indicator that your credit is safe....more
Prepaid-Cards: Credit versus Debit Prepaid cards are cards that you put your own money into so you can spend it at a later time, much like a gift certificate. The only difference is that the money comes from you. Prepaid cards are therefore just like spending cash, only they are safer to use. They do not attract unnecessary attention, and if...more
Whenever you apply for a loan, the lenders check your credit score and rating in order to decide whether or not to offer you the loan. A person with a comparatively poor credit rating may have to experience loan denials. Even if he/she is able to obtain a loan, the lender may charge a relatively higher interest so as to cover the risk of default.Credit rating What it meansYou credit rating is actually the assessment of your creditworthiness. It is based upon the history on how youve managed your debts; that is, how much youve borrowed and whether or not you were able to repay them on time. So, you need to improve your credit score in order to get a higher credit rating from your creditors.Credit rating How to improve itDont worry if your score is not satisfactory. You can follow these steps to increase your score, which in turn, will get you a higher rating thus helping you to take out loans at favorable terms and conditions.1.Order your 3 credit reportsYou should order reports from each of the 3 major credit bureaus, such as, Experian, Equifax and TransUnion. This is because not all creditors report to each of the 3 bureaus. Youre entitled to get a free copy of your credit...more
Credit Rating: How It Will Affect the Card You Get It is common knowledge that your credit card payment habits will affect your credit rating. If you use your credit card a lot and pay all your credit card bills on time, it will improve your...more
Loan's: Bad Credit There are loans for all kinds of different things, but the one thing you must have to be able to get a good deal on a loan is good credit. Getting a good deal means that your interest rate will be low, and the lower...more
Do you have bad credit tag? Want to lead a stress free life? Have several important financial needs to fulfill that just cannot be neglected? Facing difficulty in availing a loan due to your impaired credit score? Dont feel bad. Now financial lenders...more
Reducing Expenses to Get Out Of Credit Card Debt People often tend to blame the existence of credit cards for their credit card debt. They assume that if they didn't have a credit card, or have several cards, in the first place, then they...more
Installment Loans: Bad Credit, No Problem! Installment loans can be the perfect choice for you if you have bad credit, or you simply do not have very much money to spend on payments from a loan. Installment loans are loans that are spread over...more
A Free credit report might help you If you have ever had issues with your credit score then it's possible you'll be interested to know you could receive a free credit report. The method is simple and the benefits might be amazing. You can...more