Archive for November, 2012

Young farm producers, build your credit
News from NUjournal:

From Tina LeBrun and Wayne Schoper

South Central College

As a young producer, there is a chance you might be viewed by lenders as a financial risk. Your net worth is probably low and your credit score could be almost nonexistent. Understanding how credit is determined and how to improve your standing can be essential as you start buying farm assets such as inputs, machinery, and land.

Article Photos

Tina LeBrun and Wayne Schoper

Most financial advisors agree that it’s never too early to lay the groundwork for a strong credit history. To discover credit risk, lenders often buy a credit report and credit score from a credit reporting agency. The credit report includes your type of credit (credit cards, loans, mortgages, etc.), credit limit, account balance, payment history and bankruptcy history. Credit scores (usually between 300 and 850) are based on the details in your credit report. Lenders use the score to determine their level of risk when lending to you. Generally, the higher the credit score, the lower the risk you pose as a borrower.

Establish a healthy credit history by taking out a small loan that can easily be paid back, it’s much simpler to ask a le…………… continues on NUjournal

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Janice France-Pettit: Establishing and maintaining your credit
News from Signal:

Having a favorable credit score can be a useful financial tool. When you apply for a credit card, a mortgage or other loan, the lender will check your credit rating.

Consumers with favorable credit scores are often offered lower interest rates, while those with unfavorable credit scores may have to pay higher interest rates on outstanding balances, or may even be denied credit. Credit scores are also used by lenders, insurance companies and even potential employers and landlords, to help them determine whether you are financially responsible.

Credit score

When you apply for a credit card, a car loan, a mortgage or other forms of credit, lenders want to know how likely you are to pay back the loan in a timely manner, and a credit score gives them an objective measurement of your credit risk.

A credit score is a three-digit number ranging from 300 to 850. A higher credit score often means that you are less of a financial risk, and lenders may be more likely to extend a loan or credit to you with favorable terms.

Credit scores are based on information obtained by reporting agencies, such as Equifax, Experian and Transunion. These agencies collect information from various sources and provide consumer credit information to lenders and other authorized users about individuals’ borrowing and bill paying habits in a credit report.

What…………… continues on Signal

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4 tips for fixing an awful credit score
News from MSN Money:

This post comes from Jeanne Kelly at partner site Credit.com.

A lot of credit advice is written to help people whose credit is somewhere between the “good” and “not-so-good” range. But what if your good credit has been destroyed?

It’s easy for it to happen, especially after a divorce, bankruptcy, job loss or some other stressful event.

At rock bottom, things can feel bleak. It can feel as if there’s no hope. But the good news is, many people have gone through the same thing and survived — and even thrived — as they rebuilt their credit.

Fix the errors.

Before you do anything else, get your credit reports and go through them with a highlighter, checking to see what information is there — and especially checking for errors. Errors in credit reports are common, and it’s hard to rebuild your credit when you have errors counting against you. Start there. Dispute the errors and make sure that your credit reports are truly a picture of you.

Lower credit card balances…………… continues on MSN Money

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Putting Holiday Purchases on Plastic? Credit.com Offers 5 Holiday Shopping Tips
News from ParamusPost.com:

By Mel Fabrikant    Saturday, November 24, 2012, 04:36 PM EST   

As Black Friday and Cyber Monday approach, shoppers will inevitably be pulling out the plastic to pay for their holiday purchases. Choosing the right payment method, and in particular, the right card – credit, debit or prepaid – can make shopping easier, safer and more rewarding. Credit.com, a website that gives consumers a free monthly credit score and other free tools to help them manage their credit, offers five tips for holiday shoppers:
1. Don’t want to travel light? If you travel often – especially with family members – consider a rewards card that provides a free checked baggage for everyone traveling in your group. For a family of four, the savings can total $ 200 or more on one trip.

2. Bargain hunter? Consider a flexible reward card that allows you to use your points or miles on multiple airlines. Credit.com’s recent Best Credit Cards in America winner in the airline miles category, for example, is a card that is not affiliated with a specific airline. Instead, points can be transferred to multiple airlines’ rewards programs.
3. Know your limit. While charging as much as possible on a r…………… continues on ParamusPost.com

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How Student Loan Debt Impacts Your Credit Report
News from Fox Business:

With many students graduating college with significant college loans, it’s important they understand how this debt shapes their credit score and purchasing power in the future.

While having a significant amount of student loan debt may limit grads’ discretionary spending and force them to live on a tight budget as they work to pay it off, it doesn’t necessarily mean their credit history will suffer.

According to MyFico.com, 39% of individuals with more than $ 50,000 in student loan debt have a FICO score above 700 and more than 7% of individuals with student loans have credit scores higher than 800. Most experts consider a credit score of above 700 to be solid.

“You are not doomed to a horrible financial future simply because you have a high amount of student loans,” says MyFico.com advisor and CEO of MoneyZen Wealth Management, Manisha Thakor. “What you have to do is manage them responsibly.” 

Here’s how student loans can affect credit history and expert tips on how students can keep their score in check.

Pay on Time, Every Month

Paying bills on time is big component of a g…………… continues on Fox Business

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Best credit cards for holiday shopping
News from MSN Money:

This guest post comes from Odysseas Papadimitriou at Card Hub.

Anyone who’s ever shopped during the holidays knows it can be a battle. High prices, aggressive crowds and the need to do so much in so little time make things tough on both you and your wallet. But having the right credit card will help. You can save hundreds of dollars simply by using one of the best credit cards for holiday shopping.

The credit card market’s upper tier boasts unprecedented value, as issuers compete for the business of the roughly 45% of consumers who have excellent credit. They’re offering sign-up bonuses, 0% introductory interest rates and great ongoing rewards. You just have to figure out what you’re looking for in a credit card.

If you want a quick payoff

The Chase Sapphire Credit Card offers the most valuable initial bonus on the market, giving cardholders who charge at least $ 3,000 during the first three months 40,000 bonus points. They can be redeemed for a $ 400 statement credit or $ 500 in tra…………… continues on MSN Money

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When Good Credit Marries Bad Credit
News from Fox Business:

Your new spouse has many wonderful qualities, but soon after the wedding you learn that a high credit score is not among them. What should you do?

Take steps now to manage credit cards well so you both have good credit when it comes time to apply for car loans or a mortgage. Here’s how:

1. Credit score: how bad is it?

Get copies of your credit reports from AnnualCreditReport.com and get your FICO or VantageScore credit scores to learn where you stand. You’re entitled to free copies of your credit reports once a year from each of the credit reporting bureaus, but you might have to pay a small fee to learn your credit scores. Check reports for accuracy, and follow credit bureau instructions to correct any factual errors.

2. Keep credit in your name

You each maintain individual credit scores when you’re married, but both scores factor into a lender’s decision if you apply for…………… continues on Fox Business

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Credit reporting errors costing Canadians
News from CBC.ca:

Credit rating mistakes are costing unsuspecting consumers thousands of dollars in higher interest rates and preventing some from getting much needed loans, a CBC News investigation has found.

In the past few years, more than 500 complaints have been filed with provincial consumer affairs agencies across Canada about credit reporting agencies, many alleging errors by companies led to their poor credit scores.

“I feel like a guy who is made to pay for the sins of something I didn’t do,” said Mervin Smith. “It’s like being wrongfully accused of something.”

  • How to check your credit report

Smith is one of many Canadians who told CBC News about how unknown errors on their credit rating reports caused them financial strife. In some cases, even after creditors and collection agencies admitted to a mistake, it took several months to restore a credit rating.

The Brampton, Ont., truck driver, spent months trying to get his credit rating fixed after an error appeared on his credit report.

When applying for a mortgage in late 2011, Smith learned that an unpaid Rogers bill for a “Marvin Smith”…………… continues on CBC.ca

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Arrange car loan in advance to get a better interest rate

Arrange car loan in advance to get a better interest rate
News from Los Angeles Times:

Dear Liz: I recently bought a new car, and the dealer, after running a credit check, told me my Experian score was 783. I have had only credit cards and no loans. This is my first auto loan. They gave me a 3.5% interest rate and I took it reluctantly. I do not like the rate and the need to pay huge interest over time, and am considering paying off the loan as soon as possible as there are no pre-payment penalties. If I am able to pay off my loan in a couple of months (instead of the original five-year loan term), will this improve or adversely affect my credit score? How will this look in the eyes of future lenders?

Answer: Paying off debt is a good thing, both for your credit scores and your wallet. The leading FICO credit scoring formula likes to see a big gap between your available credit and the amount you’re using. This is particularly true with revolving accounts, such as credit cards, but your scores also get a boost from paying down installment debt, such as auto loans and mortgages.

By the way, a 3.5% rate isn’t bad and wouldn’t cause you to pay “huge” interest. But you probably would have gotten a better rate had you arranged your financing in advance, say with a local credit union. If the dealership then offered you a better deal, you could cancel your application with the credit union. As…………… continues on Los Angeles Times

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6 most damaging credit report errors
News from WECT-TV6:

By Kirk Haverkamp
Provided by

You’ve probably heard that it’s a good idea to check your credit reports for errors once a year. But which errors are the ones that do the most damage to your credit score?

By some estimates, nearly four out of five credit reports contain errors of some sort. But many, if not most, of these are relatively harmless to your credit score — a misspelled address, an outdated employer or a closed, paid-off account still listed as active.

Here are six common credit report errors that can do some of the most damage to your credit score if left uncorrected.

1 – Account listed as closed by lender

Are there any old accounts that you closed out on your own initiative, perhaps following a billing dispute? If so, beware the words “closed by grantor” on your credit report in reference to that account. That means it was the lender’s decision to close the account, and that never reflects well on the borrower. You want to make sure that any accounts that you closed indicate that they were paid off and closed voluntarily by you.

2 – Outdated information

Most negative items on your credit report — mis…………… continues on WECT-TV6

… Read the full article


When Good Credit Marries Bad Credit
News from TheStreet.com:

Your new spouse has many wonderful qualities, but soon after the wedding you learn that a high credit score is not among them. What should you do?

Take steps now to manage credit cards well so you both have good credit when it comes time to apply for car loans or a mortgage. Here’s how:

1. Credit score: how bad is it?

Get copies of your credit reports from AnnualCreditReport.com and get your FICO or VantageScore credit scores to learn where you stand. You’re entitled to free copies of your credit reports once a year from each of the credit reporting bureaus, but you might have to pay a small fee to learn your credit scores. Check reports for accuracy, and follow credit bureau instructions to correct any factual errors.

2. Keep credit in your name

… Read the full article
.

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6 most damaging credit report errors
News from MyFox Washington DC:

By Kirk Haverkamp
Provided by

You’ve probably heard that it’s a good idea to check your credit reports for errors once a year. But which errors are the ones that do the most damage to your credit score?

By some estimates, nearly four out of five credit reports contain errors of some sort. But many, if not most, of these are relatively harmless to your credit score — a misspelled address, an outdated employer or a closed, paid-off account still listed as active.

Here are six common credit report errors that can do some of the most damage to your credit score if left uncorrected.

1 – Account listed as closed by lender

Are there any old accounts that you closed out on your own initiative, perhaps following a billing dispute? If so, beware the words “closed by grantor” on your credit report in reference to that account. That means it was the lender’s decision to close the account, and that never reflects well on the borrower. You want to make sure that any accounts that you closed indicate that they were paid off and closed voluntarily by you.

2 – Outdated information

Most negative items on your credit report — mis…………… continues on MyFox Washington DC

… Read the full article


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6 most damaging credit report errors
News from WREX-TV:

By Kirk Haverkamp
Provided by

You’ve probably heard that it’s a good idea to check your credit reports for errors once a year. But which errors are the ones that do the most damage to your credit score?

By some estimates, nearly four out of five credit reports contain errors of some sort. But many, if not most, of these are relatively harmless to your credit score — a misspelled address, an outdated employer or a closed, paid-off account still listed as active.

Here are six common credit report errors that can do some of the most damage to your credit score if left uncorrected.

1 – Account listed as closed by lender

Are there any old accounts that you closed out on your own initiative, perhaps following a billing dispute? If so, beware the words “closed by grantor” on your credit report in reference to that account. That means it was the lender’s decision to close the account, and that never reflects well on the borrower. You want to make sure that any accounts that you closed indicate that they were paid off and closed voluntarily by you.

2 – Outdated information

Most negative items on your credit report — mis…………… continues on WREX-TV

… Read the full article
.

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Autonet to launch Experian credit check software
News from Post Online:

Van insurance broker Autonet is in the closing stages of finalising a deal with Experian to introduce a new credit check software to aid premium pricing and an instalment payment plan for their customers.

Delphi Risk Score will provide information on credit checks, allowing Autonet Insurance to offer the most competitive insurance premiums to those who have a healthy credit rating, as well as securing payment from the correct customer accounts and strengthen systems in the fight against fraud.

The new business venture is due to be implemented in December. The companies first met in July this year to discuss a practical solution to help the insurance broker with the final stage in the insurance process for their customers.

Autonet’s new business verification team will clarify all information on customer accounts and already have systems in place to verify client identification and claims history. This process has always been in place, not only protecting the customer, but also the broker, before any policies are booked on and payment is taken.

Software house, Cheshire Datasystems, is the main provider of insurance solutions for the Staffordshire broker and has been testing the software to make sure the integration of Experian’s technology will run smoothly without any hitches, ready for the launch at the end of…………… continues on Post Online

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