Edge of Bankruptcy

Submit Enquiry

Name

Email

Phone:

Enquiry Type

Comments

Enter Code:
Captcha

All About Credit Scores

All About Credit Scores

Your credit scores affect you more than you may think!

When you are looking to purchase a home a good credit score can save you tons of money both initially as well as long term. Many lenders have reduced closing costs, lower down payments and lower interest rates for people with high credit scores. Folks with lower credit scores may have a hard time qualifying for a mortgage loan, are often only offered adjustable rate mortgages, and have to go through a much longer process to be qualified for a loan.

For automobiles and other big ticket items, a higher score will give you lower interest rates and save you tons of money over the course of the loan. For instance, an auto loan for a borrower with good credit may only carry an interest rate of 5-6% APR. A loan for the same car for a borrower with bad credit may carry an interest rate of 13-15% APR or more.

Many companies are now using your credit for things other than purchases. Some car insurance companies are basing your monthly premium partially on your credit score - the lower your score, the higher your premium. It is becoming more and more common for large corporations to use your credit score as a hiring factor.

Credit scores range in number between 300 and 850. The higher your number score the better off you are. To keep your scores high, always pay your bills on time and pay down the total amount you owe.

Always check your credit scores with all three bureaus at least annually. No one is perfect and that includes credit bureaus. There are three major credit bureaus - Equifax, Experian and TransUnion. The three bureaus are completely separate entities and do not share information. If you find an error on your credit report that adversely effects your score, you have the right under federal law to challenge that item on your report. The credit bureau has 30 days to decide whether that item should be removed. If a credit bureau refuses to correct a mistake, you can sue.

Be sure to get copies of your credit report and inspect them for errors at least 5-6 months before you plan on applying for a home loan. Many times, an error can take months to clear up and you need to have a clean report with the highest scores possible before applying for your loan.

For additional information and services on credit, credit repair, etc. visit www.gettingitdoneeveryday.com.

David Green, Jr.

This article is free for republishing
Source: http://www.articlealley.com/article_473628_19.html


Don't Miss...
  1. Unsecured Loans - The Benefits Of Debt Consolidation
  2. Secured Loans- live life your way
  3. Bad Credit Car Loans An Unbelievable Opportunity
  4. Unsecured Loans - How Does APR Affect Tenant Loans?
  5. How to Dramatically Increase Your Credit Score
  6. Overcome Financial Adversity with Unsecured Loans UK
  7. Loans can lend you a hand
  8. Boost Your Business with an Unsecured Business Loans
  9. How To Easily Raise Your Credit Score 75 points
  10. Welcome To The World of B Paper Mortgage Financing
  11. Unsecured Loans For Tenants - How To Apply
  12. Cheaper Funds Made Possible through Personal Tenant Loans
  13. More Your Credit Score, Less You Have To Pay
  14. When Your Credit Score Isn't Really Your Credit Score
  15. High Cost of A Low Credit Score!
  16. Viable Options for Poor Credit Scores
  17. Unsecured Loans - Great For Car Loans
  18. The Credit Bureaus New "Vantage" Credit Score. (Their "Ad"Vantage or ours?)
  19. A Crash Course On Credit Scores
  20. Get a Loan…Without a Home!!! Bad Credit Tenant Loans
  21. Save Time, Money, and Frustration and Get the Right Credit Score
  22. Loans for bad credit help rebound your credit
  23. Denver Mortgages-How To Make Buying a Home A Stress free Transaction
  24. Reason Your Credit Scores Still Go Down When You Do Everything Right
  25. FICO Scores, Credit Repair and Home Loans - The Real Truth
  26. Unsecured Business Loans – Serving Commercial Needs
  27. Your Credit Score: 6 Actions You Can Take To Improve Your Contract Terms - Part 2
  28. Tenant with Bad Credit Score? Here is the Best Loan Option for You
  29. Your Credit Score: How It Can Cost You Thousands More on Your Mortgage - Part 1
  30. Money against Signature – Bad Credit Signature Loans
Latest...
  1. Adverse Credit Loans UK: Finance Inspite Of Low Credit Score
  2. How Can You Calculate Your Credit Score?
  3. Low Credit Score Loans – Helps Restore Your Credibility
  4. Common Credit Mistakes - That affect your Credit Score
  5. Get Your Credit Score and Apply for a Card to Your Taste without Hesitation
  6. Your Credit Score Can Be Costing You A Fortune
  7. Bad Credit Loans: Effective Measures For Reliable Credit Score
  8. Credit Reports without Credit Scores are useless
  9. Trade Lines Increase Credit Scores 200 points in 15-30 Days
  10. Make My Credit Score Shine - 3 Steps to a Higher Score!

© Edge of Bankruptcy 2008. All Rights Reserved