How Does a Creditor Determine Whether to Grant You Credit?
How does a creditor determine whether to grant you credit? For many years, creditors have been using credit scores and credit scoring systems to determine if you'd be a good risk for a loan or credit card. More recently, credit scores have been used to help determine what rates you pay for insurance. What is a credit score and why is it so important?
What is a credit score?
Credit scores and credit scoring systems are used to help creditors evaluate the risks associated with granting loans and extending credit....
SuperCharged Secret 3, Credit Card Utopia
TURBO-CHARGED KILLER RATE SAVING INFORMATION!
Let's just take a brief moment to recap:
If you've been following along on this journey with me, learning the 5 Super-Charged secrets to Credit Card Utopia, then you now know 2 very important things:
You now know how to take advantage of zero to low interest credit card offers.
You now know that there is safety in numbers, and you know the magic "Who's Who" of the major credit card companies. You know that one of them, in my opinion, stands out for consumers....
Finding the Right Credit Card
There are so many credit cards out there to choose from that deciding which one to get can feel really daunting. What makes one offer better than the hundreds of others you've seen? Take this little quiz to find out what you should look for in a card.
First, Are You a Student?
If you are, then you'll be best off with a student card - you'll probably have trouble getting accepted for anything else. It would be best to contact the bank where you have your student account before you do anything else....
Credit Report Hassles
There is no end to the amount of pain that your credit report can cause you. If you have a bad credit history this is something that can follow you around and wreak havoc on your life without you even knowing it. Do you know how many people did not get a job because their credit report was awful? Thousands and how many do you think realized that that was the reason they did not get a call back? I would venture to say a big fat zip. Credit counts for everything nowadays and it is only going to count for more in the future....
Teaching Students To Keep Out Of Credit Card Debt - The Parents Role
Parents have the full responsibility for their children and their education. It is up to parents to teach their children what's right and what's wrong, how to conduct themselves as good citizens, how to cross the road safely and generally protect themselves from harm. In fact, up until the time that child is an adult, the parents have responsibilities in every part of that child's life, right up until the time they are a college student.
The influence of the parents, however, goes way beyond college student days....
Online, Phone, U. S. Mail or In-Person: Where is Your Credit Card and Personal Identify Safest?
Identity theft is the fastest growing crime according to the Federal Trade Commission (FTC). It occurs when someone takes a piece of your personal information and uses it without your knowledge to commit fraud or theft. An all-too-common example is when an identity thief uses your personal information to open a credit card account in your name, or uses an existing credit card of yours.
Did you know that someone's identity is stolen every 20 seconds?
In a recent survey by the FTC, 12.7% of American adults, or 27 million people, reported that they had become victims of some type of identity theft in the last five years....
Dont Fall For A Scheme When Trying To Rebuild Your Credit History
For people with a spotty credit history or bad credit, getting approved for a standard credit card can be difficult, if not impossible.
There are a number of credit card options that are aimed specifically at people who have bad credit and are trying to rebuild or repair it. There are also, unfortunately, a lot of schemes to take advantage of the desperation to get a credit card when no one else will issue one. How do you tell which options are valid ones and which are just taking advantage of a bad situation?...
Beware the Shopping Mall Monster
Like me, you've probably been offered a fair old number of these by now...
..and, if you're like most people, chances are you maybe own at least one or two.
They always seem to put in an appearance at just the right (or wrong) moment...
It might be Saturday and you've just seen the clothing item of your dreams.
That can be a pain, though, if this month's paycheck isn't due for another week.
Until, that is, you're offered...
..a store card.
One of the horrible ironies about store cards is that the vast majority of people who sign up for one actually had no intention of making a purchase before they left the house....
Will Inquiries Lower Your Credit Score?
What are inquiries?
When you apply for credit the creditor or lender checks your credit report to verify that you qualify for the credit or loan you are applying for. The "inquiry" is then reported to the credit bureaus and shows up on your credit report.
Does this affect your credit rating or score?
Yes, it does. Although only a few points are deducted from your score for each inquiry, having multiple inquiries may drop your score to a lower bracket, forcing a higher interest rate. You may not even qualify for the loan or line of credit at all....
Credit Reports Inside and Out
The Credit Report is like your scorecard in the lending world. Every time you prepare yourself to acquire or purchase something that requires financial assistance from a lending institution, your credit report will be your "presentation card".
You also need to realize that other entities like employers and insurance companies often use your credit score to determine if they want to do business with you.
There are three credit bureaus where you can request a copy of your credit report (Equifax, Trans Union and Experian);...
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