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CreditCare.com – Credit and Loans
CreditCare.com provides information that helps to protect your finances. Get help with Credit Cards, Credit Report, Debt Help, Insurance, Personal Loans, Credit Repair. People take out loans for many reasons such as buying a home, buying a car, or getting an education. Personal loans are also available, and sometimes people wonder whether it is a good idea to take out a personal loan to pay off credit card debt. There are many factors that will impact whether taking such a loan is the right thing for a person to do. Exploring these factors can help you to get a sense of whether it might be the right choice for you or something you can avoid. Like any financial decision, the decision to take out a personal loan to pay off credit card debt is, well, personal. Smart financial decision making involves considering any financial decision thoroughly as far as its impact on your current financial situation as well as your financial future. Remember a bad credit rating can have multiple aspects of your life if you are not careful. While most people are well aware that a bad credit score can make it impossible to secure a loan, there is also many other negatives associated with a dismal credit report. So Don’t Delay, Check Yours Today! https://www.myfreecreditscore.com
Improving Your Credit Score – Do You Know Your FICO score?
The three-digit number says a lot about your money management skills and can make or break you when it comes to obtaining a loan to buy a house, car or boat. Pioneered by the Fair Isaac Corporation, a person’s FICO score falls somewhere between 300 and 850. Numbers above 700 are generally considered good-to-excellent, while scores under 680 are fair and those below 620 are considered poor.
To determine your score, credit bureaus consider:
- Payment history: This factor accounts for 35 percent of your FICO score and consists of your payment records and any accounts sent to collection agencies or declarations of bankruptcy.
- Money Owed: Also known as your debt-to-credit ratio. This factor refers to the amount of money you owe to creditors and the amount of available credit you have used. It accounts for 30 percent of your FICO score.
- Length of Credit History: This is the average time your accounts have been opened, and comprises 15 percent of your score.
- Types of Credit Used: Looks at where you are borrowing money. It accounts for 10 percent of your FICO score.
- New Accounts: Takes into consideration the amount of new credit accounts you open. It makes up 10 percent of your score.
If you are looking to improve your credit score, work on paying down your debt. Doing so will have a positive effect on your debt-to-credit ratio. You want to avoid maxing out your credit cards as lenders frown upon individuals using a high percentage of their available credit. In most cases, racking up high credit card balances can indicate poor financial management skills. Experts recommend capping your usage to about 30 percent of your available credit. If you have used more than 30 percent, then pay off the debt as soon as possible to help raise your credit score. So Don’t Delay, Check Yours Today! https://www.myfreecreditscore.com
Tips to Repair Your Credit
If you have a poor credit score, it is time to get in gear. There are many ways to improve your credit report, but they all take time to heal the injuries. Therefore, it is important to start now, and then you can reap the benefits of good credit sooner than later.
The first step should be to get your most recent credit report from all three reporting agencies, Equifax, Experian and TransUnion. Go through each of your reports, looking for errors first. If you find any, take care of those right away. Each agency’s reporting is different so be sure to scrutinize them all carefully. Go directly to the agency to find out their procedure for correcting errors.
Once you feel your reports are clean. It is then worth the cost to get your actual numerical score. Now that you know where you stand, the next step is to get it fixed. Start by creating a basic budget, ensuring that your debt is paid each month first – before you spend any money on luxury items.
If you are in real trouble, it is time to call your creditors. Negotiate for better terms – interest rates and balance due. Then start by paying down the debt with the highest interest rates first. Of course, still ensure you are at least making the minimum payment on all your debts… then throw any extra money at the highest interest rates. So Don’t Delay, Check Yours Today! https://www.myfreecreditscore.com