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Thursday, December 18, 2008
When you apply for credit, one of the first things a lender will check is your credit score. If you know what your credit score is before you apply, you'll have a better idea of what to expect in the loan process.
In case you don't already know what a credit score is, let me explain...
Your credit score is a number the credit bureaus use to rate just how credit-worthy you are. They look at both your past credit history and how well you are handling any current debt you may have.
The three major credit bureaus are Experian, Equifax, and Trans Union. Each one has it's own method of deciding what your credit score is. Then they use a scoring system to show how good you are at handling credit and paying your bills on time. They all use the same scoring system - FICO - which is an acronym for Fair Isaac Corporation. That's why many people will use the terms "credit score" and "FICO score" interchangeably.
Lenders don't always check all three credit bureaus to decide whether or not to offer you credit. But since Equifax, Experian and Trans Union all use the same FICO scoring system, a score of 720 from one is considered equal to a score of 720 from the other two. That said, it's always wise for you to check your credit report directly from each credit bureau. Mistakes are possible, and you'll want to correct them as soon as possible.
Where Do You Fall - What Is A Good Credit Score?
FICO scores range from 375 to 900 points. A higher score is typically considered a better risk. So the higher your credit score is, the easier it will be for you to get credit and the better the terms will be.
While each lender has his own criteria to follow, here is a general guide that shows how credit scores tend to rank.
If your credit score is 650 and above, this usually indicates very good credit history. This means you will probably find getting credit approval is quick and easy. Another bonus for having very good credit is that the terms of your loan will likely be very good, too.
If your score is between 620 and 650, you are considered to have generally good credit. That said, your lender may ask for additional documentation or explanations before approving large loans or extending a high credit limit. They are simply doing their due diligence, looking for any possible credit risks before final approval.
Also, instead of being quick and easy, your loan may take longer to close. But there is a good chance you will still be able to get credit at a good rate.
If your credit score is below 620, this doesn't necessarily mean you won't get credit. But you should realize that the interest rates and terms of your loan will probably be less desirable, due to your low credit rating.
In case you don't already know what a credit score is, let me explain...
Your credit score is a number the credit bureaus use to rate just how credit-worthy you are. They look at both your past credit history and how well you are handling any current debt you may have.
The three major credit bureaus are Experian, Equifax, and Trans Union. Each one has it's own method of deciding what your credit score is. Then they use a scoring system to show how good you are at handling credit and paying your bills on time. They all use the same scoring system - FICO - which is an acronym for Fair Isaac Corporation. That's why many people will use the terms "credit score" and "FICO score" interchangeably.
Lenders don't always check all three credit bureaus to decide whether or not to offer you credit. But since Equifax, Experian and Trans Union all use the same FICO scoring system, a score of 720 from one is considered equal to a score of 720 from the other two. That said, it's always wise for you to check your credit report directly from each credit bureau. Mistakes are possible, and you'll want to correct them as soon as possible.
Where Do You Fall - What Is A Good Credit Score?
FICO scores range from 375 to 900 points. A higher score is typically considered a better risk. So the higher your credit score is, the easier it will be for you to get credit and the better the terms will be.
While each lender has his own criteria to follow, here is a general guide that shows how credit scores tend to rank.
If your credit score is 650 and above, this usually indicates very good credit history. This means you will probably find getting credit approval is quick and easy. Another bonus for having very good credit is that the terms of your loan will likely be very good, too.
If your score is between 620 and 650, you are considered to have generally good credit. That said, your lender may ask for additional documentation or explanations before approving large loans or extending a high credit limit. They are simply doing their due diligence, looking for any possible credit risks before final approval.
Also, instead of being quick and easy, your loan may take longer to close. But there is a good chance you will still be able to get credit at a good rate.
If your credit score is below 620, this doesn't necessarily mean you won't get credit. But you should realize that the interest rates and terms of your loan will probably be less desirable, due to your low credit rating.
About the Author:
Is your credit less than perfect? Don't panic. There are things you can do to improve your credit rating starting today! Find out more at http://CreditHelp.ImprovingYourFinances.com/
posted by Credit Counseling at
7:55 PM
0 Comments
Multiple Income Streams Are More Important Than Ever
The latest economy reports show more and more folks ending up on the unemployed rolls. The real statistics are most often worse than what is reported.
The situation might get Much worse before we see any improvement in the job numbers.
I have always been a big fan of multiple income streams (even before that became a catch-phrase), and I think they are more important now than ever.
When I was laid off my nearly 10 year job with AT&T back in 1992, I saw first hand how important multiple income streams were. At the time, I had a part time mail order biz (and had been tinkering with that since I was a kid). I looked at the lay off as a good opportunity to get more serious about my business. I also had been doing some investing (my best-ever stock play helped BIG back in those days), and had a little network marketing income.
Many of my AT&T coworkers had no other source of income, and I clearly remember a few grown men in tears when they walked us all out the door that morning!
I would MUCH rather have five sources of income that pay me $200 a week, than to have a J.O.B. that pays me a grand a week! If you still have a job, you need to take this info seriously - NOW! If you are one of the millions of folks that recently lost a job or your only income stream, you need to take steps NOW to correct that (you still have time - perhaps a severance package and/or unemployment insurance checks to get you by - but please don't wait till they run out to get going).
How do you start to create multiple income streams? Here are a few areas that are available to most people:
* Online Income - Many things fall into this category, affiliate plans, blogging income, Adsense dollars, online jobs, marketing your own products and/or services, eBay and other auctions, & more.
* Investment Income - OK, this one may be tougher than ever, and if you barely have money to live on, how do you start to invest! I am partial to index trading, and that does not require a lot of money to get started, but to be really good at it, you need other income streams too.
* Network Marketing Income - Don't turn up your nose at this one. I have companies sending me checks that I have not worked in years. While it is true that network marketers often talk about the top guy who is making $500,000 a month, but there are a TON of folks who make a few hundred a month. Not life changing in and of itself, but as part of your multiple income stream strategy, not bad either.
* Cash Back Debit & Credit Cards - You won't get rich with this alone either, but the old saying is really true "If you watch the pennies, the dollars will take care of themselves". Pay Pal offers cash back on a debit card (which in my opinion is better than a credit card - you won't have the temptation to carry over a balance, which would cause interest charges and defeat the purpose of cash back)
* Interest Savings on Loans & Credit Cards - OK, this is not technically income, but if you save money off what you are currently spending, it comes out the same in the end - more money in your pocket and budget.
* Food Bill Savings - This is like the Cash Back cards, not really income but can be very important - especially if you just lost your job or sole income (like many folks who used to live on their stock market income). Try clipping coupons or join a coupon club. Eat at home more and quickly find more money left in the budget at the end of the month.
* Turn Hobbies Into Income - Like to go to garage sales? Turn that hobby into eBay income. Like to work on small engines or have some other hobby that can be turned into an income source? Don't sell yourself short here. Maybe you love flea markets? What if you could get an extra $200 or more a week by setting up a booth one day a week? Not enough to live on for most folks, but not bad as part of your multiple income strategy. You might even consider creating a booklet, ebook, book, or other info product on your hobby. If you are good at it, you ARE and Expert (you don't have to be the best to be considered an expert - there are folks out there who will pay you for what you know).
We have had affiliates of our Index Trading course earn up to $100,000 in a year. We've had many more earn from $5,000 to $30,000 in a year. What if you had 5 affiliate plans you liked (loved would be better - you'd be more passionate about them), that averaged about $5,000 each per year. You might be able to live on that. Add some other sources like the ones mentioned above and you might live very well!
You should always be looking for ways to add additional income streams. Remember, the more you have the better! If one dries up, you are not devastated.
The time to set up multiple income streams is before you need them, but no matter what your situation is, there is no time like NOW to get started.
The latest economy reports show more and more folks ending up on the unemployed rolls. The real statistics are most often worse than what is reported.
The situation might get Much worse before we see any improvement in the job numbers.
I have always been a big fan of multiple income streams (even before that became a catch-phrase), and I think they are more important now than ever.
When I was laid off my nearly 10 year job with AT&T back in 1992, I saw first hand how important multiple income streams were. At the time, I had a part time mail order biz (and had been tinkering with that since I was a kid). I looked at the lay off as a good opportunity to get more serious about my business. I also had been doing some investing (my best-ever stock play helped BIG back in those days), and had a little network marketing income.
Many of my AT&T coworkers had no other source of income, and I clearly remember a few grown men in tears when they walked us all out the door that morning!
I would MUCH rather have five sources of income that pay me $200 a week, than to have a J.O.B. that pays me a grand a week! If you still have a job, you need to take this info seriously - NOW! If you are one of the millions of folks that recently lost a job or your only income stream, you need to take steps NOW to correct that (you still have time - perhaps a severance package and/or unemployment insurance checks to get you by - but please don't wait till they run out to get going).
How do you start to create multiple income streams? Here are a few areas that are available to most people:
* Online Income - Many things fall into this category, affiliate plans, blogging income, Adsense dollars, online jobs, marketing your own products and/or services, eBay and other auctions, & more.
* Investment Income - OK, this one may be tougher than ever, and if you barely have money to live on, how do you start to invest! I am partial to index trading, and that does not require a lot of money to get started, but to be really good at it, you need other income streams too.
* Network Marketing Income - Don't turn up your nose at this one. I have companies sending me checks that I have not worked in years. While it is true that network marketers often talk about the top guy who is making $500,000 a month, but there are a TON of folks who make a few hundred a month. Not life changing in and of itself, but as part of your multiple income stream strategy, not bad either.
* Cash Back Debit & Credit Cards - You won't get rich with this alone either, but the old saying is really true "If you watch the pennies, the dollars will take care of themselves". Pay Pal offers cash back on a debit card (which in my opinion is better than a credit card - you won't have the temptation to carry over a balance, which would cause interest charges and defeat the purpose of cash back)
* Interest Savings on Loans & Credit Cards - OK, this is not technically income, but if you save money off what you are currently spending, it comes out the same in the end - more money in your pocket and budget.
* Food Bill Savings - This is like the Cash Back cards, not really income but can be very important - especially if you just lost your job or sole income (like many folks who used to live on their stock market income). Try clipping coupons or join a coupon club. Eat at home more and quickly find more money left in the budget at the end of the month.
* Turn Hobbies Into Income - Like to go to garage sales? Turn that hobby into eBay income. Like to work on small engines or have some other hobby that can be turned into an income source? Don't sell yourself short here. Maybe you love flea markets? What if you could get an extra $200 or more a week by setting up a booth one day a week? Not enough to live on for most folks, but not bad as part of your multiple income strategy. You might even consider creating a booklet, ebook, book, or other info product on your hobby. If you are good at it, you ARE and Expert (you don't have to be the best to be considered an expert - there are folks out there who will pay you for what you know).
We have had affiliates of our Index Trading course earn up to $100,000 in a year. We've had many more earn from $5,000 to $30,000 in a year. What if you had 5 affiliate plans you liked (loved would be better - you'd be more passionate about them), that averaged about $5,000 each per year. You might be able to live on that. Add some other sources like the ones mentioned above and you might live very well!
You should always be looking for ways to add additional income streams. Remember, the more you have the better! If one dries up, you are not devastated.
The time to set up multiple income streams is before you need them, but no matter what your situation is, there is no time like NOW to get started.
About the Author:
Mini-Dow Index Trading Made Simple. Discover how to build your trading income. Get Doug's Debt-Free Report. Read his blog here.
posted by Credit Counseling at
1:37 PM
0 Comments
In these tough economic times where it difficult to get on the housing ladder or awkward to find a property bargain non standard construction properties could offer a viable solution.
Prefabricated reinforced or concrete Non standard build properties where originally designed as accommodation as a temporary solution to a housing shortage after the 2nd World War.
The properties where built by the Local Councils and formed part of the housing stock, when the Right To Buy legislation was enacted by Margaret Thatchers conservative party in the 1980's these houses slowly where sold into private hands as "Right To Buy" exploed in popularity
Estate Agents or valuers have always struggled to value these properties in contrast to traditionally built properties as most mortgage lenders are unable to lend against this type or property security as they still class prefabricated reinforced concrete houses as temporary despite being habitable in the 21st century.
About 1.25 million (one million two hundred and fifty thousand) non traditional houses were built after the war, which offers a great affordable housing stock for the UK home buyer or investor.
Enable Finance Ltd provide non standard construction mortgages even if these non standard properties do not have a PRC certificate or have not had remedial works carried out. The more popular non traditional housing is Reema Hollow Panel, Woolawy Bungalow, Wimpey No Fines and waites construction and if not always tend to be ex local authority flats or houses.
Non-traditional housing could provide the UK house hunter or buy to let investor a very viable solution. If you are a buy to let investor you will no doubt have come up against the rental yields not stacking up as property prices have soared over the past few years. These properties could offer a solution; make sure you speak with Enable Finance today.
Home movers looking for affordable housing could be very surprised at how inexpensive these properties are especially as the vast majority of the properties purchase prices will be below the government's current stamp duty threshold of 175,000.
For a FREE no obligation quote on a mortgage for non standard construction property please visit Enable Finance Ltd online. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Ask for a personalised illustration. There will be a fee for arranging mortgages, normally 1% of the advance, subject to a minimum of 1950 and a maximum of 2450. The fee can usually be added to the mortgage amount.
Prefabricated reinforced or concrete Non standard build properties where originally designed as accommodation as a temporary solution to a housing shortage after the 2nd World War.
The properties where built by the Local Councils and formed part of the housing stock, when the Right To Buy legislation was enacted by Margaret Thatchers conservative party in the 1980's these houses slowly where sold into private hands as "Right To Buy" exploed in popularity
Estate Agents or valuers have always struggled to value these properties in contrast to traditionally built properties as most mortgage lenders are unable to lend against this type or property security as they still class prefabricated reinforced concrete houses as temporary despite being habitable in the 21st century.
About 1.25 million (one million two hundred and fifty thousand) non traditional houses were built after the war, which offers a great affordable housing stock for the UK home buyer or investor.
Enable Finance Ltd provide non standard construction mortgages even if these non standard properties do not have a PRC certificate or have not had remedial works carried out. The more popular non traditional housing is Reema Hollow Panel, Woolawy Bungalow, Wimpey No Fines and waites construction and if not always tend to be ex local authority flats or houses.
Non-traditional housing could provide the UK house hunter or buy to let investor a very viable solution. If you are a buy to let investor you will no doubt have come up against the rental yields not stacking up as property prices have soared over the past few years. These properties could offer a solution; make sure you speak with Enable Finance today.
Home movers looking for affordable housing could be very surprised at how inexpensive these properties are especially as the vast majority of the properties purchase prices will be below the government's current stamp duty threshold of 175,000.
For a FREE no obligation quote on a mortgage for non standard construction property please visit Enable Finance Ltd online. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Ask for a personalised illustration. There will be a fee for arranging mortgages, normally 1% of the advance, subject to a minimum of 1950 and a maximum of 2450. The fee can usually be added to the mortgage amount.
About the Author:
Enable Finance are professional UK mortgage brokers who offer a full advice service, for a no obligation quote or to evaluate mortgage rates or to find out more information on non standard construction mortgages please visit our site
posted by Credit Counseling at
7:54 AM
0 Comments
