How To Boost Your Credit ScoreWritten by James H. Dimmitt
Years ago your credit score was a big secret, known only to a select few such as your mortgage and credit card companies. In 2000, Fair, Isaac Co., major supplier of credit scoring software, announced they would begin sharing credit scores, also known as FICO scores, with consumers.What is a credit score? A credit score is a tool used by credit grantors to determine your ability to repay your debts. The information in your credit report is compared and evaluated against tens of millions of other consumer credit reports which gives you a credit score or number ranging from 350 (highest credit risk) up to 800 (lowest credit risk). A higher score means you are less likely to make late payments or default on credit extended to you. Your credit score will change as information in your credit report changes over time. Following is a short overview of five major categories of credit information that are used in determining your credit score and guidelines for scoring higher. PAYMENT HISTORY (35 percent) Paying your current bills on time is single most important factor in obtaining a high credit score. This category includes credit cards like Visa and MasterCard, retail accounts, installment loans such as those for a car or education, loans from finance companies, and home mortgages. Also included in this category are matters of public record such as bankruptcies, liens, wage garnishments, and collection accounts. The key to a higher score: Pay your bills on time! HOW MUCH DEBT YOU CARRY (30 percent) This category considers amount of debt you owe on your various credit accounts. If you’ve “maxed out” your available credit, this could indicate that you are overextended financially and won’t be able to make your payments on time or repay your debts completely. This category also examines how many of your accounts carry balances and how much money you’ve already repaid. Closing accounts with a zero balance does not generally improve your score in this area. The key to a higher score: Keep your credit card balances low.
| | "Simple Strategies to Making Financial Gain"Written by B. F. Boggan
Now is a great time to make it a habit to manage your resources instead of your resources managing you. What is meant by that when we are stating that "Your money manages you"? Here is a well known example: "There is more month than there is money so that new purchase, trip, or splurging will need to wait a month or two and maybe never. You've opted to instead delay and pay later making problem much worst and your perceived lack of resources in control."Here are some proven techniques to making financial gains an achievable goal by repositioning and changing spending habits while gaining more control of your situation so that there are available resources and time to spend with friends, family or loved ones. One of most overstated, undervalued and available resource accessible to anyone is time. Effective time management when applied consistently is a key element toward making financial progress. Even spare time moments resourcefully used contribute toward steady progress when used in combination with any of following: 1. Establish investments. Based on your risk assessment it is determined best type of investment program suitable for your personality type and financial situation by either doing research for yourself, by attending that appointment with a financial planner or by inquiring through a brokerage. Purchase examples, of course, are stocks, mutual funds, bonds, money market funds, annuities, etc. Because these figures will fluctuate fit into your schedule a time to assess your portfolio periodically to check your progress. Your return on your investment can be substantial or relatively consistent with proper selection and combinations. 2. Purchase real estate. Buying property is another way to invest to create financial gain; and making improvements after purchase increases value of property. Not only are you saving money by placing regular payments into your real estate; but if strategically paid ownership accumulation can happen at a faster rate and with very minimal increase to your payment. One such company offering this type of arrangement with no processing cost added is at http://www.eMortgageManager.net. With this service mortgage payment is split into two parts. Each half is paid automatically every two weeks. It's very effective and easy to set up. This is a triple win for those who use this strategy with a single purchase.
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