Paying off loans may not improve credit scores
News from MSN Money:

This post comes from Deanna Templeton at partner site Credit.com.

With credit playing such a huge factor in your financial future, it’s no wonder we look for ways to maximize our credit scores. One common strategy for building your credit scores is to pay off credit card debt. It can give your credit scores a nice boost, especially if you’re carrying a large balance.

It may seem logical, then, to assume that the same strategy must apply to other types of accounts — like a car or home loan, for example. And if you follow this theory, paying a loan off early might sound like a great strategy for building your credit scores.

Unfortunately, you may be making yourself less creditworthy, according to scoring models.

When it comes to credit scores, there’s a big difference between revolving accounts (credit cards) and installment loan accounts (i.e., mortgage, student loan). Paying an installment loan off early won’t earn you any additional credit score points, and keeping them open for the life of the loan…………… continues on MSN Money

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News from Moneycontrol.com:

Rajiv Raj
www.creditvidya.com

It is the time of year when resolutions are made with infectious enthusiasm. Some remain mere resolutions while others become an integral part of your life. Those that become an integral part of your life change and bring about a positive change in the way you conduct your life. Among the many resolutions that bring about a positive change in your life, the resolution of improving your credit profile is a crucial one. While there are a few who are informed and strive towards maintaining a good score, there are many who are unaware. This majority realise the importance of having a good score credit score when banks insist on knowing their credit score and turn down their loan applications on account of low score. As a beginning to a New Year, I present to you a few steps that would help you maintain a healthy credit score. It is generally accepted that a credit score more than 750 is good and elicits assurance and trust from banks.

Here are a few steps:

Step one: Know your credit profile
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How to improve your credit rating: The facts and myths about getting the best …
News from Mirror.co.uk:

 

Tough times mean banks are getting meaner and stricter about who they are prepared to lend to.

It’s more vital than ever that you check your credit record, understand what affects your credit score and then get it as squeaky clean as possible. That will give you a fighting chance of getting that mortgage, loan or credit card – and at the very best rate.

Lenders use credit reports to help them decide who to dole out cash to and at what price. You need to show you’re a safe bet or you’ll pay way over the odds in interest.

There are lots of mistaken beliefs about how credit reports work and what affects them.

Research by CreditExpert shows eight out of 10 of us believe that being unsuccessful with one lender will harm how others score you. While a ‘footprint’ of lenders’ searches is recorded, the fact that they declined you credit is not. But if you rapidly apply elsewhere, too many footprints will set alarm bells ringing that you are in financial difficulty.

Around a quarter of people believe that missing a mortgage or credit card payment will not have an impact on their c…………… continues on Mirror.co.uk

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BMO Harris Financial Tip of the Week: Improve Your Credit Score
News from Sacramento Bee:

/PRNewswire/ — As part of BMO Harris Bank’s ongoing commitment to financial literacy and Helping Make Money Make Sense, BMO Harris is providing weekly financial tips.  This week’s tip offers steps to improve your credit.

Just like a top football, basketball or hockey player is drafted based on their stats, your credit score is used to determine your financial fitness.

Your credit score is the best way to define your ability to handle debt. It’s based on several aspects of your financial picture and can help creditors determine if you’re responsible with your money.

Improving your credit is one of the easiest ways to improve your overall financial scorecard. Doing so may help you get approved for loans and lower your interest rates and insurance premiums.

BMO Harris Bank recommends the following steps for improving your credit score:

  • Pay on time. Payment history is one of the most important factors used to calculate your credit score, so consistently paying on time is one of the easiest ways to boost your score. To help you pay on time, consider enrolling in an e-bill pay program that will make payments automatically on your behalf and guarantee they arrive on time.
  • Reduce debt-to-credit ratio. Focus on paying down the amount you owe on…………… continues on Sacramento Bee

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A bad credit score could end your hopes of owning an iPhone 5
News from Compare Pre Paid:

A bad credit score could end your hopes of owning an iPhone 5 | Compare Prepaid News continues on Compare Pre Paid

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BMO Harris Bank Releases Tips on How to Improve Your Credit Score
News from LoanSafe:

(SOURCE BMO Harris Bank) — As part of BMO Harris Bank’s ongoing commitment to financial literacy and Helping Make Money Make Sense, BMO Harris is providing weekly financial tips.  This week’s tip offers steps to improve your credit.

Just like a top football, basketball or hockey player is drafted based on their stats, your credit score is used to determine your financial fitness.

Your credit score is the best way to define your ability to handle debt. It’s based on several aspects of your financial picture and can help creditors determine if you’re responsible with your money.

Improving your credit is one of the easiest ways to improve your overall financial scorecard. Doing so may help you get approved for loans and lower your interest rates and insurance premiums.

BMO Harris Bank recommends the following steps for improving your credit score:

Pay on time. Payment history is one of the most important factors used to calculate your credit score, so consistently paying on time is one of the eas…………… continues on LoanSafe

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News from WHBY:

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8 Tips to Improve Your Credit Score after Bankruptcy
News from Bayoubuzz:

1. Thoroughly examine your credit score post bankruptcy. You want to make sure that creditors know the debt that you were relieved of has been wiped clean from your credit report. The items should have a “BK” notation next to them to show you were relieved of them.

2. Re-examine your credit score several times, because even after your debts are discharged, it may take some time for this to reflect on your credit report.

3. Create a strict budget for yourself. Review your finances several times per week to ensure you are sticking to your budget.

4. Do not avoid applying for new credit; in fact, responsible credit spending is a great way to begin building up your credit score.

5. Set up automatic payments for your cable, Internet and phone bills, so you do not miss your payment due date.

Read more 

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How to learn about your credit score and improve it
News from Fort Worth Star Telegram:

How to raise your score

Pay bills on time every month.

Don’t max out or come close to maxing out credit cards or revolving credit accounts. For higher scores, keep your balance under 25 percent of the limit.

Pay down debt instead of moving it around.

Don’t open a lot of new accounts at once.

Check your credit report for errors. You can get it for free through www.annualcreditreport.com or by calling 877-322-8228.

Americans are getting more knowledgeable about credit reports, but most of us still don’t really understand how much they can affect our pocketbooks, according to a survey released this week by the Consumer Federation of America.

Here’s what we should know, in a nutshell: The higher your score, the lower your payments on a loan.Only 29 percent of those surveyed were aware that a borrower with a low credit score will pay at least $ 5,000 more on a $ 20,000, 60-month auto loan than someone with a higher credit score.Most also didn’t know that credit scores mostly measure the risk of not repaying loans, not the amount of debt or f…………… continues on Fort Worth Star Telegram

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Ask Kim: Tips to improve credit help mortgage application
News from Tulsa World:

Paying your bills on time has the biggest impact, so be particularly careful not to miss any deadlines before you apply for the mortgage. The following strategies aren’t as obvious but can also make a big difference.

Here are tips for six months before you apply:

  • Don’t open or even apply for any credit cards. Lenders look at recent “credit inquiries,” which indicate that you might be about to take out a lot of new debt, making it tough to pay your bills on time.
  • Don’t close any credit cards. Almost 30 percent of your FICO score, the one most lenders rely on, is based on how much of your available credit you’ve used (called your “credit utilization ratio”). If you close a card that had a high credit limit but keep your balance the same on your other cards, it will look as if you’re maxing out your available credit.
  • Check your credit reports for errors. You can get free copies from each of the three credit bureaus every 12 months at tulsaworld.com/acr If you’ve already received your free reports for the year, order them directly from Experian.com, TransUnion.com and Equifax.com. Check the reports from all three bureaus.
  • </…………… continues on Tulsa World

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5 Steps to Help You Improve Your Credit Score
News from Fox News:

Having a good credit score can make your life easier. You could qualify for loans with better interest rates, rent a house or apartment, and get service from telephone and utility companies. On the other hand, having a bad credit score can make getting all of this much harder.

So what should you do if you want to improve or maintain a good credit score? The following tips might help.

1) Request a free credit report

You can request a free copy of your report every 12 months from each of the three main credit bureaus: Equifax, Experian and TransUnion. The official website to get your free credit report is www.annualcreditreport.com.

2) Understand Your Credit Report

Understanding your credit report will help you make better decisions when it comes to your finances, because your credit score is based on your credit report. It includes personal information about you such as:

  • Your payment history.
  • How many loans you have and how much you owe.
  • If you have ever filed for bankruptcy.

3) Check Your Credit Report

Sometimes information on your credit report might be incorrect or incomplete. That’s why you should check it periodically.

If you do find a mistake,…………… continues on Fox News

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The Credit Score – KTVL
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How to Improve Your Credit Score in 5 Steps
News from Go Banking Rates:

It can’t be overstated enough that improving your credit score plays an integral role in affecting day-to-day spending habits. From the interest rates we’re offered, to the loans and credit cards we’re accepted (or rejected) for, Garden State residents are well aware of this fact — it was recently reported that New Jersey proudly held the second highest national credit score in the United States.

More than ever before, our credit histories reflect more than just that. And our credit scores are more than just a number, but a representation of our financial responsibilities.

Poor credit can make or break one’s professional life, as potential employers scrutinize credit histories for blemishes that can disqualify us from that next big career break. And insurance providers may decide what kind of auto and health premium rates we’ll be offered based on our credit standing. As we’re still reeling from these recessionary times, lenders have also tightened their standards and many even reject good credit.

A 750 score or higher will qualify for the enviabl…………… continues on Go Banking Rates

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The Score


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