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|Posted by Percy A Lowe on September 28, 2013 at 7:00 AM||comments (0)|
Credit card is a part and parcel of modern life. The credit card offers us the ease and simplicity to spend money without carrying cash, is versatile and handy to use and provides us the means to establish and recreate our credit rating. The secured credit card is however, not without its disadvantages, the main one being high interest rates charged on it. You have to do your secured credit card research for the best cards. You would like to have secured credit cards that give you total control. You should be able to find these cards on: coveringyouwithwealth.
How would you rate your capacity to purchase a home or the car you want or the loan you simply need? How significant is it for you to have a good credit rating? In order to establish and spruce up your credit score, the best possible option is to have a secured credit card are a relationship with a credit union. Where you can borrow against your extra cash and raise your credit score. A secured credit card is in effect the opportunity to regain a sound financial position.
Due to the easy accessibility of credit reports through well-established credit bureaus today, credit issuers rely increasingly on these reports to make their final decision on providing you credit. A credit card is often denied to you when you do not have a credit history. This is often in the case of the young adults who have never taken out a loan or have so far used a credit card through a parent. It can also occur in the case of divorced people who have never had a credit card in their name.
Secured credit cards [http://www.coveringyouwithwealth.com] thus provide the best means for anyone to establish a credit history. The secured credit card by virtue of being secured by your own money allows the issuer to feel safe, ensuring their money back in case you default. Since the issuer is also holding your money, they persuade you to make your payments regularly instead of losing your security deposit on the secured credit card.
Secured Credit Card – Drawback is when you pull money off the card and when you over spend on your deposit
Very often when you rent an apartment, the landlord will ask you to deposit an amount equivalent to a month's rent into a special account. This amount acts as security and is not used till you move out. When you move, this money along with interest is returned to you. You will not owe the landlord any money if you leave the apartment without any damages. The same rule applies to the secured credit card. In a secured credit card you have to deposit an amount as low as $200 and high as $3000 to establish a credit limit in a special account with the credit card issuer. The credit card issuing company will provide you with a secured credit card which is used like a regular credit card. The only difference being that only you and your credit card issuer know that the secured credit card has attached to it a security deposit.
Provided you use your secured credit card wisely, the security deposit will not be used. This means that the secured credit card will be used to make reasonably priced purchases and the monthly bills will be paid regularly and fully as far as possible. To increase the credit available to you on your secured credit card, you can both increase your security deposit and pay a fee to raise your limit. Please make sure you read your privacy statement before acquiring your secured credit card.
The interest rates on secured credit cards are some time based on your annual fee. In the event that you have been rejected for credit by some companies you will be thought of as a significant credit risk. The issuing companies are taking a huge risk in lending you money through secured credit cards, and these interest rates are based on these risks.
A secured credit card is not suitable for people with a solid and established credit rating as they can acquire credit cards with lower rates, rewards and other benefits. A secured credit card is for people who have had a bad credit or no credit to start with and need to mend their credit scores through a responsible show of credit card handling.
By Percy A Lowe
|Posted by Percy A Lowe on September 27, 2013 at 7:00 AM||comments (14)|
There are countless articles out there that will all tell you different things about what the credit score ranges actually are. This is because every institution decides for itself what these numbers mean to them. That doesn't mean we need to go in blind though! Based on overall reactions we can make some general statements about ranges and what this all amounts to.
Whenever you apply for anything where your finances are judged like loans, rental applications, insurance, or anything else where they do a credit check you will want to have an idea of your score, and what it all means. To get a wider idea of your actual situation you'll want to look at your credit report. When you look at this, fix anything that you can and that should help get your score to the best it can be for when you need it most. If you find this diffuclt to accomplish look for a credit restoration company that is very transparent with their services.
Do you remember when life was simple back in high school? You probably knew what your grade point average was down to the hundredth of a place.Well your credit score has been called your "adult G.P.A."And just like a 4.0 was an excellent grade point average, you can tell how you're looked at financially by your credit score ranges.
You don't just have one number though, you have three. Each of the reporting bureaus - TransUnion, Equifax, and Experian - calculate the score a little differently, sometimes using different information. Often mortgage professionals will pull all three reports and use the middle numbers, but most of the time, the creditors just pull one number, so you need to know what all your numbers are.
I like to introduce you to the ne VantageScore: was available at the end of 2006. Now if you never herd of VantageScore and it is 2013 you are 7 years behind. Yes, 7 years but your credit repair are credit restoration companies should have been teaching you and providing some materials on VantageScore. So, if you plan to get yoru credit fixed and the person are company can help educate you on what is going on between; Experain, Equifax, TransUnion, MyFico, and VantageScore. I advise you to run real fast becaue I am sure they don't know what they are doing.
Hopefully all this information has given you an idea of where you stand financially. It can be hard sorting all this out, but knowing the credit score ranges can help you take control. But having some credit education is so important on the ways you can affect your credit report card. Please visit coveringyouwithwealth
|Posted by Percy A Lowe on September 26, 2013 at 7:00 AM||comments (0)|
Many people these days are monitoring their credit score range very carefully as there have been many changes in the lending environment that may effect their scores in various harmful ways. If you are not monitoring your credit score after this blog you should be monitoring your credit. If you don't have a credit monitoring services please visit: coveringyouwithwealth for a cost effiecent service. Credit companies can really screw you over with the various tricks that they use. It is important you know exactly what they are doing so you do not get caught up in one their ways to milk you for as much money as they can. Here below is a way to beat them at their own game, but first let's take a closer look.
By monitoring your credit score range you will be on top of your credit profile. Several people have noticed credit companies lowering their credit limits which means that their score will significantly decrease if they have any debts carried. This could make it virtually impossible to get a loan if this occurs. Another sneaky technique they do without your consent is to raise you interest rates randomly. This will really screw things up for you in the long run by having to pay thousands more off your debts. That is why you as a consumer need to learn how to leverage your extra income against your out standng debts. Just as well as the time value of money.
What you can do to help prevent this is first ask for a raise in your credit limit. This will look great in the eyes of the credit bureaus. You usually can do this if you've been fairly responsible with your payments. When you credit has been raised your credit profile will automatically raise which makes your credit score range look very good. When your score gets to 750 or better you can actually decrease your interest rate with your credit company and lower your payments! This will save you thousands in the end.
|Posted by Percy A Lowe on September 25, 2013 at 7:00 AM||comments (0)|
Here are ten tips to raise your credit socre and maintaining your score above the state average.
1. Start with your Credit Report and Credit Monitoring.
A. make sure you get your credit report from a source you can read well.
B. get help with reading the credit report and credit monitoring
2. Create a Monthly Expense Sheet
A. this sheet is used to see how much you have to use to raise your score
B. where you can make some financial adjustments as well that will help
3. Take your life needs with the right secured credit or unsecured credit to build your score
A. taking your lights, water, gas, insurance, vehicle gas bill, and etc to build your score
4. Pay you account bills on time
A. your existing accounts you have open pay them on-time
B. if you fall into a financial hardship situation you need a letter drafted to explain the financial hard ship
5. Use your extra or discretionary income as leverage with a Credit Union or Local Bank
A. put your extra income or discretionary income in a savings account with a credit union or local bank
B. this is how you build a relationship of trust with a credit union and local bank
6. Pay down your debt
A. fully amortize your debt to pay them down wisely
B. be on-time while paying them down
7. Don't close Credit Cards or Revolving Accounts
A. try not to close out the account with one huge payment
B. remember that the lenght of time is important
8. Apply for Credit Sparringly
A. watch openning up new accounts
B. don't open account you don't need
9. Stay away from Department Store Cards
A. try to stay away from department store cards
B. some department store cards are useless and some are good for rebates
10. Stay away from mail-in and email credit card offers
A. stay away from pre-paid debt cards as well but the best pre-paid card is Wal-Mart green dot card
B. just throw away the mail-in and email credit cards
C. reframe from using your bak debt card for purchases you are losing money
There is more to learn on: coveringyouwithwealth
By: Percy A Lowe
|Posted by Percy A Lowe on September 24, 2013 at 7:00 AM||comments (0)|
Often enrolling into a debt settlement program for one basic reason to seek immediate relief from the requirements of having to pay extremely high monthly minimum payments on their credit cards. Sometimes is the best solution for saving your credit score.
The requirements of having to manage the life needs bills and minimum payments on credit cards, loans of any type that are rendered virtually useless because of being over extended financial with debt has proved to be a huge burden on the public.So, going through some debt management are debt settlement program helps save your credit from time to time.
Inherently when the public suffers through some type of financial hardship they become unable to pay, and get reported to each of the credit bureaus as delinquent. A 30 day, 60 day, 90 day, and 120 day late payment can do a lot of damage to your credit score. That is why you need to offset those late payments with some positive payments by using your life needs to help during time of distress. You can learn to use your life needs and banking techniques to help save your credit from total damage from: coveringyouwithwealth.
At some point things usually change for the better with time and in particular after enroll ling into a debt settlement program that will lower your monthly bills. Then, it is time to figure out a way to repair your credit. Before you even enter into a debt settlement program you should have been using your life needs to build up your credit score. You pay those bills on-time every month. So, since you do why not reward yourself instead of allowing your money to go without reward. We as consumers have to learn are become educated on ways we can use our money wisely on our life needs.
The building of your credit is the essential proof to a future lender that you are a worthwhile borrower. As they say, past performance is indicative of future results. In other words make your monthly payments by paying your bills on time without fail, no excuses. A good payment history is the single most important thing you can do to increase your credit score. Stop let's think you have two set of bills you pay in life one is your life needs they is never reported to the credit bureau as good payments towards your credit score. Secondly, you have items that you have acquired because at some point you had a worth while credit score that the lender saw as credit worthy. In which the lender will report your positive payments to the credit bureau's as good payments for you. So,that you can have a good credit report card for future use.
The positive payment history gets reported to the credit bureaus and that will go a long way towards increasing your score. Now, let's look at this what if their was some way to get all those life needs bills added to your credit score as good payments as well. Think what would your credit score be like since you been paying those bills on-time for the last 20 years of your life. That is why you need companies like; coveringyouwithwealth to open new educational ideas that can go a long way in your families financial education.
One of the easiest way to ensure a good payment history is to apply for and open up a secured credit card. A quality secured card will allow you to deposit a set amount of money onto your card similar to how a pre-paid or debit card works. For example, you deposit $200 on to your card and that becomes your limit. Every time you participate in a transaction using your own capped amount of money it will get reported positively to the credit bureaus by the creditor. That is a great way to get started repairing your credit. Although there is a lot more to know about secured credit cards. So, just don't go applying for secured credit cards without some type of education because all the cards has their own way and system.
Another way to increase your credit score by obtaining positive trade lines is to request to be added as an authorized user. Seek out a family member or friend who has good credit and who trusts you. Build their trust by demonstrating a capability to be responsible in other areas of your financial life. If that person contacts their creditor and adds you to their credit card as an authorized user every time they make a payment on time on that card it gets reported positively for you as well. Next, you can use your extra income to build your own credit without being added to someone else credit file you can learn this as well from coveringyouwithwealth you want to build your credit just as well as a relationship with a local bank and credit union.
By Percy Lowe
|Posted by Percy A Lowe on September 23, 2013 at 7:00 AM||comments (15)|
The Experian scale runs from 330 to 830. The Equifax scale runs from 280 to 850. The TransUnion scale runs from 300 to 850. The vast majority of people will have scores between 550 and 630. A score of over 700 is usually considered "excellent credit" and will usually get you the most favorable interest rates on loans, mortgages, and credit cards. If the score is in the low 600's or below, then you are viewed as a higher risk, and considered to have "mediocre" to "poor credit". Also, MyFico scoring range is from 300 to 850 and VantangeScore scoring range is from 501 to 990.
But, the key is understanding how all this effect you as a consumer. Know that the higher your credit score the more points that is taken away from you when you go through a hard pull on your credit report to acquire what is it you are trying to acquire on credit alone. As a cosnumer you need to know what is the credit score needed to acquire what it is you are trying to do. Never go into anything without know all the facts because it is going to effect your credit score. So, if someone wants your business and have to pull your credit you need a list of question to ask.
Next, as this blog started you see that each credit bureau has their own scoring range. If you didn't know that then you been in the blind for a along time. Now I like to take the blinders off your eyes and give you some information that can change the way you do things. So, you need to know their are two scoring system one is MyFico and the otherone is Vantage Score. The three credit bureau came together to help develop the Vantage Score model. So, that it will full take over the calculating of the credit score range and the determinatin of what type of borrower you will be.
The understanding of all these new systems and how to manage your self within the systems are taught on: coveringyouwithwealth where you as a consumer can become well educated on ways you can improve and maintain a credit score that is always worthy to the lenders.You get a little insight on all this but to get the full understand you have to attend one of the credit work shops offered by: coveringyouwithwealth
By Percy A Lowe
|Posted by Percy A Lowe on September 22, 2013 at 8:00 AM||comments (0)|
According to the Credit Bureau study in 2012, there are two averages the consumers need to know. These averages are good to gauge yourself off of to know where you are. You have a state average credit score rating an individual average as well. First let’s discuss the state average because it is based off the entire state you live in and those who takes care of their credit. Because that plays a factor into your credit score as well on whom you are being compared to. Also, knowing your state average is good to measure your credit score off the state average. This helps measure your credit risk when applying for credit cards, credit lines, and loans.
Now, you have the individual average where it is based on what you personally are doing to affect your credit score positively or negatively. That is based on everyone owns individual experience with using their credit. So, the individual score has many factors that each individual is gauge against. Just as well as classification as well. The key really is to know them both and making sure you can either been on your state level or above with your credit score. In this case you can count on saving money with no deposit and acquire the interest rate hopefully you can deal with. Remember; don’t take interest rates so seriously because they can be manipulated easily.
Now, the state national average credit score is 687 and the individual national credit score is 749 to 750. The goal is to be able to maintain a credit score between the 687 and 750 if not try to get your score above the 750. The goal is to be able to maintain your score above 750 on a regular basis year after year. I know some are saying that is impossible because something always goes wrong. But think really hard something is always going right as well. You just need to know how to capitalize off what is going right. Meaning it is your money that is being spent and you might as well get some credit for spending it and the credit you get is helping your credit score raise monthly. But, I know what you are thinking that is impossible because I don’t own a credit card, I don’t use them, they are rip off’s, I use a debt card, are I use a pre-paid debt card. Those work fine for me but in actuality no of those systems works in your behalf. What you need is some wise use of credit card education. If you take the time out to want to be educated I advise you who are reading this blog to visit: coveringyouwithwealth click on the inquiry tab and leave your information. Then in the message box ask how to raise my credit score 100 points and learn to maintain it is what I am looking for.
By: PERCY A LOWE
|Posted by Percy A Lowe on September 18, 2013 at 5:00 AM||comments (0)|
A credit score is a number that lenders use to estimate their risk if they should choose to lend you money.
Experience has shown them that people with a high credit score are usually going to pay them back with little or no problems. Conversely, borrowers with lower scores tend to be a higher risk to them and tend to be more likely to pay late or perhaps stop making payments altogether.
Credit scores (usually) range from 340 to 850 points. As your score climbs, lenders tend to offer lower interest rates and better terms. Conversely, the lower your score dips, the more likely you are to have higher interest rates, higher fees, tougher terms, and potentially even get declined by the lender altogether.
Notice: I said (usually) the range is from 340 to 850. That depends on which company scores you are looking at. Because behind the scenes each credit bureau has their on scoring algorithm. That is explain in my workshops where you are able to see how each bureau handles your scores. Most, important is that which you never hear talked about is the score reaches to 990. But since we have two scoring companies battling to be the primary scoring company you as a consumer doesn't know who issuing the scores to te lenders. That puts you at a disadvantage but put the lending institutions at the advantage over you.
This is where some good credit education comes in hand to leverage the playing field for the consumer. So, it is very important that you deal with a credit company are individual who claims they can help you acquire a better credit report card. With some better scores to become lendable to with out having high interest rates and having to pay huge deposits.
You would like to find someone are company that understands how this scoring model works. Most of that can turn the leverage around in your favor. Not tell you what you need to do but being able to guide and instruct you what you need to do. Most of all have a awesome understanding of the way building credit works. That gives the consumer all the control and decision making when it coems to rebuidling their credit scores.
|Posted by Percy A Lowe on September 17, 2013 at 5:00 AM||comments (0)|
Your credit score is a number generated by a mathematical formula based on the information and data in your credit report. Your information is further compared to millions of other people's information and data.
This number is a pretty accurate prediction of how likely you are to pay your bills and honor your commitments to your lenders. Please take in count your very own state adverage credit score that plays a role. Meaning the mathematical formula looks at all the others in your state as well as you. So, how your next door nieghbor pays his bills reflect on you as well that helps gives a state average.
Also, your geographic area, zip codes, address, and etc.These are a few things that plays into credit scores. That is why it is so important to not allow your credit score to sit dormant. It is important to do something once a month are for a lenght of time with positive payments. Now, their is a nice way to off set the formula to help you as a consumer. But you would need someone who understand the pie chart percentages that factor into your credit scores. That also can be explain in one of my workshops.
Finally, I like to say that since the formula is not really handed out into the public. We have to really understand all the things that factor into our credit score with out the formula. So, that we can manage those things in the right manner to at least keep our credit score above our very own state average. I know you saying I don't even know my own state average to know where I need to be. Well stay on top of my blogs that will be explain soonm within my blogs.
|Posted by Percy A Lowe on September 16, 2013 at 4:00 AM|
Have you ever wondered how some people can easily and effortlessly waltz into a bank and walk out with a home loan, car loan, or line of credit, while others get rejected time after time?
Have you ever been puzzled at the complex science behind credit scoring? It is a somewhat confusing and mind-numbing mix of numbers, ratios, and complex algorithms used by our lenders these days to supposedly calculate your risk as a borrower.
Are you tired of feeling confused at the lingo that so many lenders throw around as if you knew what they were saying as they turn you down for having insufficient credit scores?
You are about to discover the simple credit scoring secrets that lenders use to help evaluate your risk as a borrower.
I will pull apart the few components of a credit score for you so that by the end of this, you will be able to better understand exactly what you must pay attention to with regards to your own credit, so that you can become and maintain status as an "A" borrower forever more.