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The Ever-Changing Business of Credit

Posted on July 6th, 2012 | admin

The Ever-Changing Business of Credit

The world constantly shifts between times of economic prosperity and drought, and this has an effect on all aspects of finance, from government, investment banks and lenders, to the individual consumers and their spending habits. While all of these sectors have different scope, they are intrinsically linked, and as a result, the state of a country’s economy, alongside the global economy will ultimately affect you.

This is demonstrated by money and credit, which is as dynamic as the economy that supports the lending policies that many of us rely on. Over the last few years, the state of the country has changed the way lenders behave, and they are far pickier with offering credit. Lenders have been hit by the financial crisis as much as anyone else, and for their own safety against this, they have been opting to improve their profit margins by restricting who they give credit to.

Lenders, organizations and companies are now desperate to deleverage, to minimise the risk involved with owing debt in such an unstable time. This slows down the economy, and the reduced spending again restricts the availability of credit, in turn causing the consumer to behave in the same way. Consumers who were able to obtain credit easily before, are finding they can no longer do so, and so the importance for them is now with paying outstanding debts, and to increase savings. Even consumers with good credit and finances are delaying large expenditures in favor of this.

Adapting to New Credit Models

With these significant changes in the market of credit cards, what are the best practises to ensure you can still gain credit, and keep your finances buoyant in the face of economic uncertainty? It all depends where you stand. Lenders are far less likely to give you a loan or credit cards if your score is not sufficient, since they cannot currently deal with the high risks involved. Unfortunately this adds to the cycle of decreased consumer spending, and may in the long term serve to make the problem worse. Because of this, if you stand well with your finances, your are encouraged to keep using your credit cards as much as you ever have.

The Best Places to Look for Credit

There are options available, which have surfaced only recently as a result of economic tension, to help those who want to use credit but are finding it difficult to obtain. Credit cards offered by major lenders such as Orchard Bank, Capital One and HSBC are offering offers for those with limited, fair or bad credit, which help you rebuild your credit report quickly, with similar offers and rewards on purchases and balance transfers.

There are many websites which help compare the best deals, so you can decide which is best for you. It is easier than you might think to improve your credit score, and after a year or so of successful credit building you are able to transfer to better credit cards so you can continue improving your financial stability.

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Beware of Errors in Your Credit Report

Posted on September 29th, 2011 | admin


Credit Report

Most people have heard that errors can occur in their credit reports but they may be unaware of how often they actually do happen. The U.S. Public Interest Research Group, an advocacy group, released a survey which indicates that eight out of every ten credit reports contained errors. They weren’t minor errors either. One out of every four reports had errors that were serious enough that they would have prevented the borrower from getting a loan or credit.

The Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) is currently looking into the problem of errors in individual credit reports. This Bureau which was created as part of the Dodd-Frank Wall Street Reform and Protection Act is looking at the possibility of having to oversee the main credit bureaus. If this happens consumers will have stronger weapons to fight back against errors in their credit reports. The U.S. Public Interest Group is in favor of some type of supervision of the credit bureaus, and credit scoring companies. Brian Imus with the Group recently stated that their research has found that almost one fourth of the credit reports surveyed had serious errors. “Despite the fact that errors can harm your credit and lower your credit score, the bureaus have never once been held accountable for their mistakes,” Imus said.

What you can do

“We are recommending that consumers check their credit reports because both the companies and the regulators are falling down on the job,” said Ed Mierzwinksi with the Public Interest Group. Start the process by requesting reports from all three credit bureaus. You are entitled to one free report annually but if you need to check on a more frequent basis  just pay the nominal fee for your report. You need to request reports from Experian, TransUnion, and Equifax.

Checking the report

When you get the report first check the personal information provided in the report including your name, address, birth date, Social Security number for any errors. The next section to check is the credit data which supplies information such as tax liens, court judgments, collection proceedings, and credit inquiries. One of the main things to check in both the personal and credit data sections is for signs of identity theft. Look for credit cards or loans that are fraudulent – that you did not apply for.

If you find errors take action

If you do find an error in your credit report it is up to you to do something about it. Get all the evidence you can including canceled pay checks or bank statements, credit card bills and then submit a dispute to the credit reporting agency. Be sure to include as much detail as you can find. You can either mail the information by certified mail or you can file online at the credit bureau website. Disputes must be investigated within 30 days. Begin here for information about how to repair your credit.

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How to Know Your Credit Score Right Now – Important Facts

Posted on March 16th, 2011 | admin
Check Your Credit Score

Get Your Free Credit Score Here . . . but wait there’s more, read on….

If you don’t know how to know your credit score then you really need to check your score to get the information the three major credit report bureaus have on file about you because there could be errors on just one of their reports and just one error on one of the big 3 credit reporting bureaus have on file about you could have a major impact on your credit worthiness in the eyes of lenders.

If you have any questions about credit score ratings please take a moment to read our article about “How to Get a Good Credit Score” and in particular the section of that article that features what the credit score numbers mean (Click here to read).

Since you want to know how to know your credit score you’ll likely benefit from reading the article above and I say this because if you don’t know roughly what you’re credit score is then you’re going to likely need to learn more about the credit score numbers and what they mean.

I do have to tell you that you’re wise to want to know what your credit score is because your credit score, also known as your FICO score will have a major impact with potential lenders about their opinion of your credit worthiness.

Whether the credit you want is a credit card, a mortgage loan, personal loan or heck even getting approved for a cell phone contract your credit score will impact your ability to get any of the mentioned approvals so knowing your score before you do anything remotely in regards to applying to get anything with an ongoing payment schedule, your credit score will play a roll in your acceptance.

In fact you should order a copy of your 3-in-1 credit score now because there are 3 major credit bureaus and your score may vary due to possible inaccuracies so you’ll want to make sure any discrepancies are solved before you apply for any form of credit because each and every time a credit check is run on you, it lowers your credit score and that’s why it is very important to know your credit score rating with all 3 major credit bureaus before you think about doing anything financially related.

How to Check Your Credit Score Now

As I’ve alluded to already, there are 3 major credit bureaus, TransUnion, Equifax and Experian, which all have your credit score on file and the results they have could vary so it’s critical that you don’t just check one credit bureau score, to get a true picture of how lenders could be seeing you, you’ve got to see the entire picture and order a 3-in-1 credit report, that’s the only way to know your credit score.

Check Your Credit Score Now!

If you’ve got any questions or concerns about checking your credit score please go ahead and submit your comments here on this blog that is devoted to helping you increase your financial intelligence in plain, simply and easy to understand language and if you want to understand what the credit scoring numbers mean then make sure your read the article we wrote about What is a Good Credit Score because it’s important that you know what the credit score (aka FICO score) numbers mean.

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How to Get a Good Credit Rating

Posted on March 14th, 2011 | admin
Check Your Credit Score for FREE Now!

Get Your Credit Score FREE Now!!!

Before you try to find out how to get a good credit rating you need to know exactly what your credit score is now. What you need to know about how credit is reported to the credit bureaus is not all lenders and creditors report to all the nationwide credit reporting companies.

So you need to first of all know there are 3 major credit reporting companies and the information they have about your credit rating may have discrepancies so you need to make sure you order a 3-in-1 credit report to see how creditors are rating your credit score.

Once you know exactly where your credit score is standing with all 3 nationwide credit reporting companies then you can start working on getting a good credit rating. It’s important that you get your 3-in-1 credit report because what you might not be ware of is the fact that your credit score is not only calculated on personal loans, car loans and credit cards, your credit score can be impacted by factors such as your payments to cell phone providers and utility bill payments. Practically every monthly bill you have to pay can impact your credit score so get started now and check your credit report for free.

Now that you’ve order your credit report you now have a clear picture about what the 3 nationwide credit reporting companies have on file about you and if you see that you’re credit score is low then and only then, you’ll have a crystal clear roadmap that shows you what the credit bureaus have on file about you so then you will then be able to create a plan and you’ll know exactly how to get a good credit rating based on your current credit score based on the reports you see from all major credit reporting companies, TransUnion, Equifax and Experian, all three nationwide credit reporting companies will give you the facts they have about your credit score so you can then create your personal plan on how to get a good credit rating based on these scores.

How to Get a Good Credit Rating Step 1

To ensure you have a good credit score the first step you need to know for success in how to build a good credit rating is knowing exactly where you’re beginning so make sure you know what credit reporting companies have on file about your credit and at least order your free credit report

How to Get a Good Credit Rating Step 2

Once you know your 3-in-1 credit score from all three nationwide credit reporting companies then if you’re credit is in the category of good credit then you are lucky because you are doing better then most Americans and if you’re score is in decent standing then you should take advantage of the best credit card company that issues credit to people with a good credit score to get your financial future back on track

Orchard Bank Visa Cards are Good Card Offers To Build Credit

More Info Here . . .

  • Reports to 3 major credit bureaus monthly providing you the opportunity to rebuild your credit score!
  • Acceptance at millions of locations worldwide, including website purchases and reservations
  • Your account information is updated and at your fingertips 24/7 so you can manage it your way
  • Email and text messages to remind you of your upcoming payment due date with online enrollment
  • On-call customer service representatives to assist you with questions or concerns
  • Apply Now!

    How to Get a Good Credit Rating Step 4

    If you truly want to get good credit and start moving your score towards having excellent credit so you can take advantage of all the perks that are given to people with excellent credit then make sure you apply for an Orchard Bank credit card and accept any offer they approve you for then simply make your everyday purchases on the card and immediately pay your bill in full when or before your credit card statement arrives.

    If you pay your bills in full each and every month before the grace period expires then you’ll be on the fast track path to building a really good credit rating…

    That’s all there is too building a good credit rating is simply paying your bills on time and applying for a credit card such as an Orchard Bank offer will help you build credit faster however you do need to remember to pay all your other bills on time as well to build a good credit rating.

    If you have a specific question about your situation and need to know how to get a good credit rating in your unique financial situation go ahead and ask your question below, don’t worry your personal information and questions are never revealed nor shared with anybody, anywhere, anytime…. So when submitting your question on our credit card blog I recommend you use an alias name and submit your real email address so you can receive a message from one of our credit building experts so we can help you achieve your financial goals.

    If you’re not sure what is a good credit score you can read the feature article we’ve provided for you here

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    What is a Good Credit Score

    Posted on March 11th, 2011 | admin
    Check Your Credit Score for FREE Now

    Get Your Credit Score FREE Now!!!
    Before discussing what is a good credit score you need to understand how companies use your credit score to determine credit worthiness and the factors that are in play when calculating your credit score.

    In order to understand how your credit is calculated you need to know that credit scores are based on FICO, a system of determining your credit worthiness created by the Fair Isaac Corporation.

    What is the FICO Credit Score Range and What do the Numbers Mean?

    The FICO score credit rating system uses several factors to calculate your credit score and the numbers range from 300 to 850, where a credit score of 300 means you’ve got really bad credit and a score of 850 means you’ve got excellent credit, credit so good that you’ve go a halo over your head in the eyes of lenders.

    When the credit bureaus evaluate your credit score using the FICO system the factors they are using to determine your credit score are:

    FICO Credit Scoring Factor #1 – Bill Payments

    One of the most important factors in determining whether or not you’ve got a good credit score is your bill paying habits, if you’re consistently on time in paying your bills including utility bills, mortgage payments, credit card payments and even your cell phone bills then you’re going to score higher on your FICO score than somebody that misses payments or is frequently late paying bills.

    FICO Credit Scoring Factor #2 – Debt Owing to Creditors

    The second most important factor in determining your credit score is how much debt to you currently owe and not only how much do you owe but how much credit to you currently have available to you.

    For example, if you’ve got a line of credit for let’s say $10,000 and a credit card with a limit of $5,000 however you have a zero balance owing on both lines of credit, your credit score is still adversely affected by how much credit you’ve got at your disposal right now. That’s right even with a zero balance owing on your lines of credit it’s still potential debt you could be in if you decided to use those credit lines and that’s why having credit available has an impact on your credit score.

    FICO Credit Scoring Factor #3 – Credit History Duration

    The next factor that plays into calculating your credit score is how long you’ve had credit for. The length of time that you’ve had an established credit history is an important credit scoring factor with the Fair Isaac rating system because it shows lenders how well you’ve paid your bills on time over a period of time.

    The longer period of time that you’ve had credit is going to impact you’re credit score so if you’ve for the sake of an example had credit cards, car loans, a mortgage or any other personal loans for 8 years and always paid each and every one of your bills on time then you’re going to get a higher credit score however on the flip side of that, if you’ve been paying your bills on time for the last 6 months but the prior 6 months you missed a lot of payments due to job loss or whatever circumstance happened then you’re credit score is going to be lower.

    FICO Credit Scoring Factor #4 – How Much New Credit You Have

    Your credit score is also impacted by how much new credit you have, if you’ve recently got a lot of new debt in the last few months and are applying for more credit, you’re FICO credit score will be lower because with the more debt you take on the higher the risk to the lenders.

    FICO Credit Scoring Factor #5 – Miscellaneous Factors

    The final factor that’s used in calculating your credit score is what types of credit and debt you’ve got. If you’ve got 5 credit cards, no mortgage and a car loan then you’re FICO score is going to be lower than somebody who’s got positive equity in their house and only has a mortgage payment.

    What do the FICO Credit Score Numbers Mean?

    Here is a FICO score chart that shows you what is a good credit score and the full range of scores.

    The final thing you need to know is there are 3 major credit bureaus and even though they all use the FICO credit scoring system they may not have accurate data about your current credit situation so the scores can vary between the major credit reporting companies, TransUnion, Equifax and Experian so it’s VERY important, especially if you want to apply for new credit that you get a 3-in-1 credit report and if there’s any discrepancies in your credit reports from the 3 major credit bureaus you’re going to need to call them to get your report straightened out.

    Get Your Credit Score FREE Now!!!

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    FICO Score

    Posted on August 10th, 2010 | admin

    What Is The Point of A FICO Score?

    Your FICO score, also called a credit bureau score, is used by companies to determine your creditworthiness. A FICO score can range from 350-850, with a higher score being better than a lower score. Every person has three FICO scores – one from TransUnion, one from Experian, and one from Equifax. These three credit bureaus may contain varying information, so for a true reflection of your FICO score, you should check all three.

    A “good” FICO score tends to be above 700. A “very poor” FICO score would be below 560. Many places, such as car dealerships, won’t even continue discussing loans with you if your FICO score is below 600.

    What factors influence my FICO score?

  • Length of time you’ve had credit. At least 7 years worth of credit history is optimal for a better FICO score.
  • Late payments or on time payments.
  • Proportion of balances on credit cards (try to keep your balances below 50% of your credit limit).
  • Type of credit you have. If all of your credit is unsecured, you are viewed as a higher risk
  • Judgments, foreclosures, and liens all lower your FICO score.
  • Number of recent inquiries on your credit reports. If you have multiple inquiries, it can lower your FICO score.
  • What factors do not influence my FICO score?

    Age, sex, religion, marital status, income, employment history, and geographic location are not factors that influence your FICO score.

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