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Is Your Credit Score Costing You Money?
Most of us want a good credit report to obtain automobile financing, credit cards, and to purchase a home. But, beyond these consumer loans, your credit report can cost you in everyday living expenses. What you don't know about your credit could be costing you money. Having a credit card means that you can order tickets, rent a car, and reserve hotel rooms. Besides these conveniences, your credit report can mean that you must pay higher deposits and fees for everyday services. Did you know that your credit history can keep you from getting utility connections, good telephone rates, the best auto insurance, home owner's insurance, or even keep you from getting hired? Some utility companies set minimum standards for service connections. If your report shows collection accounts for prior utility bills, you may not be eligible for service at all. And if utility companies do agree to connect your service, you'll need to pay a higher deposit than another customer with good credit who may not need to make any deposit. The same requirements exist for telephone services. People with a good credit history don't need to pay deposits for home telephone or cell phone services. When we first got a cell phone with poor credit scores, we had to pay a $300 deposit, for one cell phone. After fixing our credit, we got eight cell phones for our business, with zero deposits. What many people don't realize is that good credit enables them to get better insurance rates. High-quality, low-cost home owners' insurance, auto, and life insurance companies set minimum credit standards for their policy holders; this means that consumers with poor credit have to pay more for less coverage. Many automobile insurance companies now base your monthly premiums on your credit score; these companies offer a 17% discount if your score is over 625 and a 25% discount if your score is over 725. Why? Because according to their studies, people who are careful with their credit are also careful with their property and careful drivers. Bad credit can cost you a job. More and more employers run an applicant's credit report and hire the person with better credit, assuming that better credit equals better integrity and character. A friend of mine with a Master's Degree and a 4.0 grade average did not get hired; she was told her credit score didn't meet their minimum standard and that they hired another person with less education. Poor credit scores means you pay more for your home financing. Mortgages cost more in upfront fees and interest rates for those with low credit scores. How much can you save? A mortgage loan of $150,000, 30-year, fixed-rate mortgage, interest rate of about 5.72 percent costs around $870 a month; poor credit scores raise the interest rate over 9 percent and the payments over $1,200. As you see from these payment differences, good credit means that you can finance a more expensive house with the same income, or save $330 each month. Boost your credit score so you can save money on everyday expenses, get high-quality insurance, and the best mortgage financing. (c) Copyright 2005 Jeanette J. Fisher. All rights reserved. Jeanette Fisher, author of "Credit Help! Get the Credit You Need to Buy Real Estate," is on a one woman mission to help people buy their dream home or finance multiple investment properties. Jeanette teaches real estate investing and interior design psychology. For help with your credit, visit the Real Estate Credit Help Center at www.recredithelp.com">http://www.recredithelp.com
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The Three Largest Factors In Your Interest Rate There are three major factors that affect how much you pay for a loan. Understanding these factors can save you time, money and frustration. Special Credit Information for Married Couples If you are married, establish separate credit accounts.Try to finance real estate in just one partner's name to increase your investment financing potential. Credit Establishment 101 There will come a day when you need credit. You may want to buy a home or a car and your credit rating will become very important to help make these dreams come true. Choosing The Credit Card That Is Right For You Credit cards represent an important part of our financial lives. Having the right credit cards is essential and will make a big difference to your finances. Useful Tips On Avoiding Credit and Charge Card Fraud Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. Rate Tarts Losing Ability to Cherry Pick A "rate tart" is someone who switches from one zero per cent introductory credit card deal to another to avoid paying interest; however they may be set to become something of the past. Recently a number of the major credit card companies, including Egg, Barclays, the Royal Bank of Scotland and MBNA have introduced transfer charges for people who want to shift their outstanding credit card balances to a new card to take advantage of a zero per cent introductory rate. How Your Credit History Can Affect Your Life Your credit history is an important aspect of your life. Maintaining your credit rating is very important to your future and to your lifestyle. Bankruptcy vs. Credit Counseling: What Should I Do? Credit Counseling and bankruptcy are both ways to relieve the stress of debt. However, they are very different and it is important to understand both before making a decision as to which is best for you. Debit Card vs. Credit Card, What Are The Differences ? Ah, the "good old days". If you are a baby boomer, like me, then you probably remember how important it was to rush to the bank on payday. Easing Your Financial Burdens With Credit Counseling It is a well-publicized fact that more of us are getting ourselves into greater debt, and this may be true for you. The embarrassment of your financial situation can mean you are unlikely to seek credit counselling or other credit management solutions. Searching For A Low Interest Credit Card? These days, people need to very carefully consider what type of credit card they will carry in their wallets. There are so many options out there, and each individual has different needs. Are You The Only One Using Your Name? Identity theft has become an epidemic. Millions and millions of purses and wallets are stolen everyday and many of them are not just taken for the money inside. Which Citi Mastercard Is Right For You? You've decided to apply for a Citi MasterCard, but with so many different cards to choose from, how do you know which one is right for you? Here is a brief guide to the different types of MasterCard available from Citibank.A great MasterCard program is the Citi Platinum Select Card. Making Sense of Credit Card Fees In addition to the APR (annual percentage rate) and the finance charges, most credit cards have a number of 'fees' associated with their use. Some fees are unavoidable with a particular card (like an annual fee or a program participation fee), while others are triggered by certain circumstances. Credit Card Tips Here are some useful credit card tips for you to consider before applying for a credit card. Before applying for a credit card, you should decide why you want one, and make sure you can use it wisely. Credit Report - Look Out for Your Debit Report, Too Most consumers are aware that there are companies that keep track of their personal financial transactions - installment loans, mortgages, credit card accounts, bankruptcies and judgements. These items are assembled by the three main credit bureaus into a credit report, which is available upon request by lenders, employers and anyone else with whom a consumer might do business. Four Tips How Homeowners Can Rebuild Their Life After a Foreclosure Let's face it, if you are facing the possibilities of losing your home due to a foreclosure and you think that you may never be able to purchase another home anytime soon. Keep reading. How To Protect Yourself Against Credit Card Fraud In the high tech world of today, credit card fraud is an ever increasing problem.By 2005 it is estimated that the online payment industry will capture $12. Minimize your Risk for Identity Theft Identity theft is the fastest growing crime in America. According to the Federal Trade Commission, the number of identity theft incidents reached 9. New Credit Scoring Model Could Help Millions Mark and Beth, a young married couple in their twenties, established a goal to buy a home within the first three years of their marriage before starting a family. They budgeted and used their money wisely in order to save for the down payment.
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