Posts Tagged good
Good and Bad Debt: Proper Management Improves Your Credit Score
Posted by admin in Credit Score on April 8, 2012
Good and Bad Debt: Proper Management Improves Your Credit Score
Article by Mary Scores
Good Debt vs. Bad Credit — Understanding Credit Card Debt
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Debt is such a bad word. Or is it?
Today, many find themselves drowning in financial debt from credit cards and other financial obligations. If you’re one of those looking for a life jacket, it is important to know that there’s both good and bad debt.
Knowing the difference between each and how to manage them will not only give you opportunities for stashing away money for a rainy day or buying a new TV without credit cards, but it also could help you control what hits your credit report.
Good DebtMention “good debt” and most people turn an eyebrow and give you a “are you crazy?” look. This is because the word “debt” typically causes people to think of something bad — not something good. Debt usually means high credit card bills, high-rate loans, and other less-than-ideal financing situations.
Although it’s not as common, there is some good debt. For instance, the Motley Fool considers OK debt as anything with an interest rate well under 10% – preferably with some tax advantages. Examples of these include: home mortgages and student loans. However, vehicle loans are on the borderline since they can satisfy the low-rate requirement, but almost never appreciate.
Bad DebtAlthough there’s good debt, bad debt is the most prevalent type of debt in our country now. With an average credit card debt of ,000 for each household in America, we understand why most debt has a negative tone to it.
When you’re looking at your credit card debt and wondering if you’re accruing more bad debt than good debt, consider these:
•Charging more than you pay: It’s simple — if you have a larger hole than the dirt you shovel into it, it will never become full. This is viewed badly debt.•Maxed away cards: Not only do maxed divulge credit cards show your dependency on them, they also impact your credit score utilization range, which could make a negative impact on your credit score.Knowing the difference between good and big debt is essential to rest leading financially.
Remember, good debt is an investment that creates value, including: home mortgages or business loans. Bad debts are when you purchase disposable or lasting goods using high-interest credit cards, but don’t pay the equilibrate in full.
Use this knowledge to keep track of good and bad credit and try to take advantage of full credit whenever possible.
If you’re looking for more information on good and bad debt and how it impacts your credit score, look at other resources in our credit library.
About the Author
FreeScore.com is a destination site for an increasingly credit-conscious public. The site offers immediate access to credit scores, reports and monitoring as well as educational information and tips on how to safeguard one’s credit and identity.
Related Credit Score Articles
The Search For What Is a Good Credit Score: The Credit Community Offers Its Answer
Posted by admin in Credit Reports on October 18, 2011
The Search For What Is a Good Credit Score: The Credit Community Offers Its Answer
Palouse, WA (PRWEB) October 12, 2011
Palouse Credit Consulting, known for its fresh approach credit repair program where you only pay after you see the results, is today announcing their newly released credit repair guide, “Your Credit … Only Easier.”
“This is a free eBook to help you better understand your credit, and what exactly makes your scores go up or down,” said Grant Presol, credit consultant/owner of Palouse Credit Consulting and creator of the website http://www.thecreditcommunity.com.
Among the contents of this ebook, readers will find information dealing with…
How to get a truly free credit describe How to ADD a new trade line Credit Report Dispute Strategies, and much more.
Palouse Credit Consulting credit repair program includes credit bureau disputes, as well as comprehensive counseling services. “Our credit repair program is ideal for anyone interested in existent, honest and lasting credit improvement,” said Grant.
In a clocked where Americans are asking “What is a good ascribed score?” there doesn’t seem to be a clear answer. “I’ve worked with many clients, and the major concern is what is “good adequate” when it comes to a credit score? There’s no short answer to that question, so I decided to build TheCreditCommunity.com to try and answer that question in detail,” explained Grant. “There’s too many “too good to be true offers” out there. I wanted to provide a website with free answers, gratuitous guidance.”
Consumers are looking for responded about their credit in many unlike industries. The auto industry, mortgage lending industry, even the insurance industries. In some cases, a credit score has an impact on insurance rates or even future employment. “Your credit score is an amazing money saving tool, a wealth building tool, as well as a life building tool. You should acquiring about it, and utilize it to its fullest.” said Grant.
For further information about the advantages of repairing credit scores by yourself, or to get some credit repair guide tips that could help you facilitate repair of credit hit, please contact: Grant Presol, Credit Consultant/Owner, 509-878-1444, grant(at)thecreditcommunity(dot)com, or visit TheCreditCommunity.com.
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Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Those Working to Get a Good Credit Score Must First Know What it Entails
Posted by admin in Free Credit Score on October 1, 2011
Those Working to Get a Good Credit Score Must First Know What it Entails
Delray Beach, FL (PRWEB) November 17, 2010
NationalCreditReport.com, a leader in credit report, credit score and credit monitoring services reminds consumers that maintaining their good credit score or fixing their credit score is best achieved by taking an initial step to learn what this important score includes and how the credit scoring system works.
“A credit score is a numerical forecasted, made up of data from the consumer’s credit report, which represents their financial picture. Essentially, it tells how well a person has paid their bills,” told Samuel S. Ambrose, Vice President of Marketing and Operations for NationalCreditReport.com. “Creditors and lenders review this number to determine whether the consumer is a good fiscal risk. A good credit score can mean break interest rates or increased lined of credit.”
However, depending on where the consumer gets their credit report and score, their credit scores can differ among providers. A credit score can depend on which of the three major credit bureaus (Experian™, Equifax™ and TransUnion™) the information used to derive the score comes from and what credit scoring model is being used.For example, not all financial institutions report information to all three bureaus or always have the same schedules.
What are the components of a credit score?
The timeliness of the consumer’s bill payments – late payments will cause a credit score to drop. Similarly, a cut of timely payments will help those fixing their credit hitting to see their scores accrue over time. This is often the most heavy weighted component in one’s credit score.
The length of the consumer’s credit history – financial institutions look favorably upon consumers when they’ve had more established credit history, especially those who have maintained a well credit score.
The consumer’s owed debt – A consumer with more available credit typically has a higher credit score. For this reason, it is often advised that even if a person pays their credit teased bills on time, they still should not “max out” their credit cards.
The consumer’s mix of types of credit – Creditors and lenders prefer to see a variety of types of credit such as loans and assign cards.
New credit lines and inquires – A lender might recognize a red flag if they see that a consumer’s credit report has recently received a large number of inquires or the person has several new items on their credit described. Thus, this type of information makes one’s credit score drop slightly. However, a credit score is not affected when the consumer checks their own credit account which is key to fixing their credit hit if needed.
“We’ve read a great deal recently about the trend of good credit scores dropping because of the economy which makes it even more important for consumers to fix their credit score. They should begin by checking their credit report.”
At the company’s website, http://www.nationalcreditreport.com, consumers can sign-up for a free credit score and a free, seven-day trial of its Triple Safeguard Credit Monitoring™ service. The company also offers consumers the opportunity to purchase their credit report and score for one low price with “no strings attached.” Interested customers can visit http://www.nationalcreditreport.com/nostringsoffer to buy their credit report and score without being enrolled in a credit monitoring service.
About NationalCreditReport.com®
Since 2004, NationalCreditReport.com has specialized in providing credit information and credit monitoring services to consumers to help them understand their credit described and hitting and prevent identity theft. NationalCreditReport.com encourages consumers to follow their ascribe report on a regular basis.
Contact:
Allison Tomek
NationalCreditReport.com
561-805-8000
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©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Q&A: What is a good web site for credit reports?
Posted by admin in Credit Reports on September 28, 2011
Question by M: What is a good web site for credit reports?
I just got a new job in finance, I have to learn how to read credit reports to decide on loans. I understand some things on a credit report, but I would like to find a website that breaks them down for you…..any ideas?
Best answer:
Answer by gaya.0001
creditreprts
Add your own answer in the comments!