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Credit and Your Credit Score by toriola1


									                                              Presented by Daniel Toriola

     Credit cards are very useful for those people who can manage their finances properly. Nowadays even airlines
     offer credit cards to their clients. However, credit cards are not to be used to purchase something you cannot
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                                                  Credit and Your Credit Score
                                                             By Ben Dover

   When ever you want a credit card, loan, insurance, mortgage or just want to buy something on
finance, your credit score is going to be used to assess if you are eligible. Using your credit score,
lenders can work out if your are going to meet the repayments and be a good investment.

 Lenders are not looking for borrowers who always pay their debt off in record time. They can not make
much money off people who pay the loan back too fast. Instead, lenders are looking for people who will
be paying interest for quite some time, but are not likely to go bankrupt.

 Just because you have a great credit score does not mean that lenders are going to automatically
accept you. If you have a credit card with high interest, no annual fee and have always paid your credit
card off in full, lenders will not like you. If you never pay interest on your credit card, your lenders will
be lending you money each month and getting nothing for it. Your credit score will be too high. They
will see you as a bad investment as they are making no money off you.

 Lenders calculate a credit score from many sources of data. These sources range from information
the company has, to the government and other companies.

 The application form is the first source of information that lenders use in calculating your credit score.
Details such as your salary, family size, if you own a home and the reason for the loan are all used.
Lenders like to target borrowers that have some money but are still not likely to pay the loan off in full.

 Past dealings with the lender are also used in the calculation. All your previous iterations with the
lender are analysed to help inform the lender of your money habits.

 Credit agencies compile information about you and can send this data to any prospective lender. This
information can be compiled from electoral roll information, court records, Financial data.

 Recently, black lists and white lists are now shared between finance companies. Although this
requires your permission, this gives them access to a lot more information from many other companies.

 If you are feeling like your credit score is very personal, well it is. There are some data that companies
are not allowed to use:

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                                                                                                                 Page 1
                                               Presented by Daniel Toriola

The first is any data of fines that you have incurred from courts or driving.

Savings accounts do not involve credit so they are not included.

Previous medical history is not included unless you include it on an application form.

Criminal convictions are not used or listed.

Information about child support is excluded.

 Information about other members of your family, who you live with, who you have lived with is not
included unless you have a joint financial interest.

 Data about student loans is not given to credit agencies, unless you have a court judgement against
you for lack of payment.

 As you can see, it is important to have a good credit score. Late payments or not paying one company
can affect your chances of getting a load with another company.

Mary Nicole Hicks is an avid writer and social networking participant. Read her thoughts on her blog at or her latest article about credit ratings and the stock market at

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                                                                                                               Page 2
                                                 Presented by Daniel Toriola

                                            Your credit score may just been lowered
                                                                 By Mike Clover

 If your credit score was just lowered, how would you find out? There are so many avenues now to get
your credit report it's actually pretty easy. But what if it actually was lowered to the point that it would
really cost you on loans? This is where the constant stream of information is flowing about how
important your credit score is these days. A credit score is so powerful these days that it has become
the driving force of the lending industry. When it comes right down to it, all of this is the result of
money. If someone loans you money and your credit score states you are low risk, then there is a
pretty good chance that the bank will not need to worry about you defaulting. But in this article I wanted
to discuss some matters that would affect your credit score.

Applying for credit If you are going out applying for a bunch of credit, this will lower your credit score.
The reason is the credit score risk models look at this type of activity in a negative way. The reason is it
looks like you are applying for too much new credit which could be a risk to a creditor. The reason it
look negative at this is because you could be acquiring too much debt too soon

Late payments If you were just late on a payment that is with a creditor, you credit score was just
destroyed. Late payments will affect your credit rating about 100 points.

High credit card balances If you just went out and charged up your credit cards above 30% of allowed
credit limit, you score just dropped. If you charged over the credit limit your credit score just dropped as

Closing credit card accounts If you just closed one of your credit card accounts you just lowered your
credit score. You really should not close out good credit unless there is a really good reason. This type
of activity will lower your fico score.

Not enough credit Maybe your credit score is not increasing because you don't have a mix of credit on
your credit report. You should have a couple credit cards and maybe a auto loan. You credit score is
calculated by your mix of credit and your activity with this credit.

These are some quick tips on what could lower your credit score. Watch out for stuff like this, it will cost

About the Author: Mike Clover is the owner of . is the one of the most unique on-line resources for free credit score report, fico
score, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit
information. The information within this website is written by professionals that know about credit, and
what determines ones credit worthiness.

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                                              Presented by Daniel Toriola

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Your credit score may just been lowered
Credit Scores: Don't Waste Your Money
When You Are Eligible For A Free Credit Report
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