What You Need to Know Regarding Your Credit Score - Ability to get future credit is based on your past and current experience. What should you need to know regarding your credit score such as What is the length of your credit history? ,Do you pay your bills on time? Read more…. |
|
Business Related Topics...
Computer Related Topics...
Entertainment, Recreation & Sports Related Topics...
Health & Fitness Related Topics...
Home & Family Related Topics...
Shopping Related Topics...
Would you like to submit articles to our site? Have a question or a problem?
You are here: DIME Home > Debt Relief & Management > What You Need to Know Regarding Your Credit Score
Ability to get future credit is based on your past and current experience. What should you need to know regarding your credit score such as What is the length of your credit history? ,Do you pay your bills on time? Read more….
Author: Paul donohue
Date: May 7, 2010 - 9:30:21 AM
Your ability to get future credit
is based on your past and current experience.
• Do you pay your bills on time?
On time payments represent 35% of your credit score, the largest single factor
considered by the credit bureaus. The ability and willingness to pay on time
tells any future creditor that you are responsible and serious about your
debts.
• Do you carry too much debt?
Your debt-to-income represents 30% of your credit score and is an important
gauge as to your spending habits. Simply put, the credit bureaus will determine
what kind of spender they feel that you are based on how much debt you incur as
opposed to what you earn. (Example: if your debt is $15,000 and your income is
$30,000, your debt-to-income is 50%) What the credit bureau and creditors are
looking for is a ratio of between 15 & 25% ideally, although in some cases
creditors might allow a higher ratio.
• Do you have different types of
credit? This represents 15% of your credit score. Creditors would rather that
you have several different types of credit payments, as opposed to, let’s say
all credit card debt. Most creditors are aware that credit card debt may
fluctuate greatly according to use and can affect your debt-to income ratio in a
short time, while steady installment payments are a good test of your payment
reliability over time.
• What is the length of your
credit history? Your history is worth 10% of your score. The credit bureau and
creditors want to know how long you’ve had credit. If you have no history they
cannot judge how you might do in the future, leaving you as a “ghost debtor.”
In reality, some creditors would rather see you with a bit of bad credit,
rather than no credit history at all. That way, they can tell what you’ve done
and if your past mistakes can be corrected.
• Are you applying for too much
credit? This is worth 10% of your score. Every time you fill out an application
for credit, it is considered an Inquiry and takes between 8-12 points from your
credit score. The more inquiries you have the lower your score becomes and the
less credit will be extended to you. You need to be cautious about the offers
that come in the mail or you see online, as they are usually too good to be
true. We advise that you read the fine print of the contract before you sign
anything or respond in any way.
• You should do better
financially if you have a budget and financial goals. Goals that you set should
be attainable, measurable and flexible.
• You have recourse when it comes
to situations such as incorrect reporting on your credit report and harassment
from creditors
• You are entitled to a free credit report once a year, which you can obtain at: annualcreditreport.com. While there are sometimes circumstances that can affect your credit, in general good credit can be controlled by you.
Debthelper.com is an IRS
Approved 501c3 Non-Profit Florida Corporation dedicated to our mission of
providing compassionate and professional, financial counseling, Credit Card Management Services and
education in an ethical manner with efficient, timely and problem-solving
client support. http://debthelper.com
Top 5 Ways to Stop Being a ShopaholicJun 11, 2011 - 8:05:54 AM Compulsive buying disorder may not seem like a common disease, but more people have it than you think. Common symptoms of this disorder include anxiety, mood problems, obsessive-compulsive hoarding, among other things. People who have it are more commonly known as shopaholics.... [Read the full story] |
A Quick House Sale Can Be The Answer If Facing Serious Financial IssuesMar 20, 2011 - 3:24:42 AM Let's face it; the recession still haunts many individuals across the UK who are still suffering the severe effects, having either lost money on their property or through losing their income as job cuts and redundancies became strife as business closed down and still continue to close down. For many the unfortunate situation has already presented itself and homeowners have lost their homes because of being unable to afford their payments.... [Read the full story] |
Abusive Debt Collection PracticesJan 19, 2011 - 4:57:55 AM Not too long ago I was having a very typical morning; I was reviewing my morning emails from clients and opposing counsel, sorting through the mail and having a meeting with staff and associates regarding our daily work assignments. However, later that morning I stumbled across a blog published by a well-known and heavily circulated debt collection organization, InsideARM. The blog was shockingly titled, "Guns Don’t Kill People, Debt Collectors Kill People?" Intrigued (and always interested in reading up on the industry to find out the new tricks and tips they use to try and deceive consumers) I read on.... [Read the full story] |
How to get out of credit card debtDec 29, 2010 - 6:05:59 AM Credit card debt is a major problem in the U.S these days. Statistics reveal that personal bankruptcy rates have increased tremendously and every family in the US carries almost $8000 credit card debt on an average. Credit card debt can get on your nerves and can very well turn you bankrupt. So you need to know how to tackle the situation before it is too late. Here are a few tips which would help you to get out of credit card debt before the situation gets out of control:... [Read the full story] |
Search for articles: |
Latest Articles in All Categories |
Putting Up a Small Commercial Printing Business |
So You Might Be Unemployed And Desire To Become A San Francisco Real Estate Investor Now |
Meditation and Mindfulness: Dealing With Emotion |
CPA Websites: Five Essential Ideas for Composing Convincing Articles |
Set Goals In Order to Come Up With Your Action Plan |
Is the Air in Your Home Safe to Breathe? |
Coarse Fishing Tackle Review: The JW Young 13ft Trotter Rod |
Section 1031 Exchanges For San Diego Real Estate Investors |
Phoenix Real Estate Investing For Highest Possible Earnings |
Legendary are the Volk Racing TE37 Wheels |
Developing the Next Generation Wall Station (ChaseDesk™) for Healthcare - A Case Study |
What are step down transformers? |
Introducing Sharehype, the Revolutionary Tool for Online Marketers |
Rewards To Shopping For Austin Real Estate On The Web |
Hydroponics for Beginners |
Would you like submit your articles and have them approved on a priority status? Find out more about how you can become a Priority author for pennies a day! Click here.
Dime-co.com Home |
|
|
|
|
|
|
|
|
|
|
|
|
|
Disclaimer: Dime-Co.Com is an online information article and video article network. All articles, video articles, comments, and other features herein are for informational purposes only and are provided "as is" without warranties, representations or guarantees of any kind. The views and opinions expressed in an article, comments, links or blogs are the author's own, and not necessarily those of dime-co.com's owners. For full disclaimer, please read our TOS.