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Monday, February 5, 2018

Credit score calculator

credit score calculator Credit Score Calculator Basics Your credit rating plays an important role in your life. Those with high credit scores can obtain loans and low interest rates to pay the loans back. Those with below-average credit scores may struggle to obtain loans and, if they do manage to get them approved, they can pay much higher interest rates while paying them back. You are entitled to ask for your credit score one time per year free of charge (as stipulated by the Fair Credit Reporting Act--FCRA). Otherwise, you can use a credit score calculator to help you get an idea of where you stand in the credit game. If you're considering buying a home or taking out a bank loan for any type of purchase, you'll need to know your credit score. It's not hard to find a credit score calculator online. These calculators will give you a score based on the detailed information that you provide. Your score will range from 300 to approximately 850 (the average American credit score is estimated to be about 690) and factors that influence your score are how timely you pay your bills, how many other credit cards and loans you have, the rate of interest you are currently being charged and how long you have had established credit. Once you have this score, you'll know if you should work on paying off some debts before asking for a loan. The three major credit bureaus that figure out your credit scores are Equifax (which uses the BEACON method), Experian (which uses the Fair Isaac Risk Model), and TransUnion which uses the EMPIRICA method). All of these models are just variations of the FICO method which was established, with the help of these three credit bureaus, by the Fair Isaac company in the 1980. Other lenders may also have their own scoring methods which add in additional information such as your income or how long you've been with the same company. You will be able to find a calculator for each of the above mentioned methods. The scores may vary a little bit but in general, they should all be within the same range. Banks will usually take a look at all three credit scores before making a decision about whether or not to offer you a loan, what type of loan to give you, and how much interest to charge you. But keep in mind that calculators are just to be used as estimators. Your bank or lender will perform a much more detailed analysis on your credit status to come up with their own personalizes score. A credit score calculator can be used together with your lender's calculators so that you can work out what your monthly payments will be after you've secured the amount of the loan. As you improve your credit, you can check the calculators periodically to see if you may qualify for lower interest rates.

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Easy Tricks To Use When Repairing Your Credit

Easy Tricks To Use When Repairing Your Credit Has your credit score fallen as a result of life events that you had no control over? Are you worried that you won't be able to improve it for years? The good news is that you can change it much sooner than that. Here are some ways to repair your credit right now. When looking to repair your credit create a plan of attack and stick to it. Making a plan and writing it down will make you more likely to actually take the steps needed to repair your credit. Stick to your plan and watch your debt dwindle away before your eyes. One tip that anyone who is looking to repair their credit should be wary off is identity theft. Even if you are paying all your bills on time and keeping your balances low, identity theft can wreak havoc on your credit score. Always check your bank and credit card statements regularly. Be sure that your credit card company has a policy of calling customers when large or out-of-state transactions take place. Request a copy of your credit report and make sure that all your debts are actually yours. If you plan to repair your credit you should read the Fair Credit Reporting Act. Knowing your rights can be critical when repairing your credit. There may be debts on your record that are inaccurate, which you have the right to dispute. There are also reporting time lines, so if you know your rights cleaning up your credit will be that much easier. A great tip for people looking to improve their credit is to practice safe banking and computing practices. Whenever you are dealing with your personal information whether it is through online banking or anything else, you are putting yourself at risk for identity theft. Make sure anytime you give your information, that the website is secure. While cleaning up your credit, be sure to be kind and respectful to all the people you deal with that you owe money to. As the old saying goes, you get more bees with honey than vinegar. These individuals may have the ability to make deals with you to pay a lower amount than owed, and being respectful may increase your chances of receiving such an offer. A great tip for people looking to repair their credit is to check their credit scores regularly. You may have to pay a monthly fee for an online credit tracking site, but you are much more likely to notice irregularities with your credit score if it is continuously monitored. If you are working to repair your credit the first thing you should do is obtain a copy of your credit report from the three top reporting agencies. This will give you the names of those you are in debt to as well as the amounts that you currently owe. You can get this for free once per year. A great tip for those looking to improve their credit is to beware of credits and debts that you do not use. Signing up for a credit card and then forgetting about it still affects your credit score as long as that card is open. Make sure that you are aware of all open accounts that you have. One of the biggest things you can do to repair you credit is to make all your payments on time. Each time you miss a payment your credit score decreases. By paying on time for an extended amount of time you are showing stability and your credit score will increase accordingly. Repairing your credit takes some time, but there are a number of things you can do to turn the tide of your credit today. Follow these tips and your credit will start to rise faster than you thought possible. You can finally begin to rebuild your life.












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How To Prevent Consumer Credit Card Fraud












How To Prevent Consumer Credit Card Fraud  We all know that most things have an upside and a downside.  When it comes to the automation of our money system the upside would definitely have to be the added convenience.  The downside, of course, would be the very real threat of identity theft.  In order to prevent consumer credit card fraud there are simple steps you can take.   Remember, it may seem harmless since you probably won't have to pay for any fraudulent use of your personal information, but don't believe for a minute that the banks are going to absorb that loss, they will simply pass it on to you in the form of higher fees.    1.  There are three major credit bureaus and it's important to check all three.  Government regulations now make it possible for  you to check your credit reports for free.  By law each of the three credit reporting agencies need to allow you one free report every 12 months.  If you want you can request one report from one agency every three months.  It's important to check all three because the information may not be the same on each one. If you find an error contact the credit agency immediately as this could be a sign of identity theft.   It's very important you pay especially close attention the the inquiries section. If some unknown organization is looking at your credit report it could be a sign that someone is using your identity to try and get a loan or a credit card.   Also check all the addresses listed on your credit report. If there are addresses listed that aren't your's it could mean someone is pretending to be you and is getting information sent to their house.   2. Don't carry your social security card with you.  If your card is lost or stolen, a thief could have a field day with just this one piece of personal information. Instead get a lock box at home, or better yet, get a safety deposit box at your local bank and keep it locked up.   3. Shred all your documents.  Unfortunately thieves aren't dumb, you would be surprised what they can do with even the most innocent of information. Don't take a chance, shred everything.   Also, try not to take your trash out until right before the trash men come to pick it up. It's gross, but the truth is that many thieves will swoop in and grab trash bags right from your trash can.  They will then go to some private location and sort through your trash trying to find some type of personal information.    4.  Stop getting all those credit card offers in the mail.  Each time you get one it's an open invitation for a thief to come by and grab it right from your mailbox, send it in, and get a credit card in your name that they will use.    You can contact the credit card companies and tell them to stop sending you offers in the mail.  If you do get an offer in the mail, make sure you shred everything that came with the offer so that thieves can't get the information.   5. Instead of signing the back of your card, which only allows a thief to learn how to copy your signature,  you can write 'request ID' , or something similar.  That way the clerk should always ask to see some sort of identification whenever that card is used.   These are just a few of the simple daily changes you can make to help prevent  consumer credit card fraud.  By following these guidelines and using common sense, you can help keep the costs low for all of us and protect your good name at the same time. 














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