Your Credit Score - What Is A Good Number?

By Christine A. Mathews

Are you thinking about applying for credit? Whether you're buying a new car, getting another credit card, or refinancing your home, one of the first things your lender will do is check your credit score. This score will determine just how quick and easy it will be to get the loan. That's why it's always good to know what your current credit score is... before you approach a lender.

In case you don't already know what a credit score is, let me explain...

A credit score is simply a number calculated by the three major credit bureaus that indicates how well you handle credit. This is done by reviewing your past credit history and looking at how you are doing with any current debts as well.

The three major credit bureaus are Experian, Equifax, and Trans Union. Each one has it's own method of deciding what your credit score is. Then they use a scoring system to show how good you are at handling credit and paying your bills on time. They all use the same scoring system - FICO - which is an acronym for Fair Isaac Corporation. That's why many people will use the terms "credit score" and "FICO score" interchangeably.

Don't be surprised if your lender just gets a credit score from one credit bureau, instead of all three. This is not uncommon. Since all three bureaus follow the same scoring system, they will likely be giving very similar scores. For example, if Experian gives you a score of 710, Equifax and Trans Union scores should be in the same range. Of course, sometimes one credit bureau may have bad info. Mistakes happen, which is why you should review your credit report annually with all 3 credit bureaus. If there is a mistake, take the appropriate steps to fix it as soon as possible.

Where Do You Fall - What Is A Good Credit Score?

FICO scores range from 375 to 900 points. A higher score is typically considered a better risk. So the higher your credit score is, the easier it will be for you to get credit and the better the terms will be.

There is no standard scoring system that lenders must use when approving loans. They each have their own guidelines and cut-offs. But here is a general idea of the different ranges credit scores tend to fall in.

If your credit score is 650 and above, this usually indicates very good credit history. This means you will probably find getting credit approval is quick and easy. Another bonus for having very good credit is that the terms of your loan will likely be very good, too.

If your score is between 620 and 650, you are considered to have generally good credit. That said, your lender may ask for additional documentation or explanations before approving large loans or extending a high credit limit. They are simply doing their due diligence, looking for any possible credit risks before final approval.

Chances are good that you will be able to get credit at a good rate and decent terms. It's just that instead of quick and easy, it can take a little longer to get approval.

A score below 620 doesn't automatically mean you won't get credit. But you may need to shop around a bit to find the right lender. You should also understand that the interest rates and terms of your loans won't be as desirable.

About the Author:

It's easy to see that your credit score plays a big part in the type of credit you are able to get. If you find your credit score isn't as high as you'd hoped, don't despair. There are things you can do to improve your credit rating starting today! For more articles on personal credit and how it works, visit http://CreditHelp.ImprovingYourFinances.com

Dealing With Income or Job Loss

By Doug West

Multiple Income Streams Are More Important Than Ever

The latest economy reports show more and more folks ending up on the unemployed rolls. The real statistics are most often worse than what is reported.

My guess is that the situation will get Much worse before we see any improvement in the job numbers.

I have always been a big fan of multiple income streams (even before that became a catch-phrase), and I think they are more important now than ever.

When I was laid off my nearly 10 year job with AT&T back in 1992, I saw first hand how important multiple income streams were. At the time, I had a part time mail order biz (and had been tinkering with that since I was a kid). I looked at the lay off as a good opportunity to get more serious about my business. I also had been doing some investing (my best-ever stock play helped BIG back in those days), and had a little network marketing income.

Many of my AT&T coworkers had no other source of income, and I clearly remember a few grown men in tears when they walked us all out the door that morning!

I would MUCH rather have five sources of income that pay me $200 a week, than to have a J.O.B. that pays me a grand a week! If you still have a job, you need to take this info seriously - NOW! If you are one of the millions of folks that recently lost a job or your only income stream, you need to take steps NOW to correct that (you still have time - perhaps a severance package and/or unemployment insurance checks to get you by - but please don't wait till they run out to get going).

How do you start to create multiple income streams? Here are a few areas that are available to most people:

* Online Income - Many things fall into this category, affiliate plans, blogging income, Adsense dollars, online jobs, marketing your own products and/or services, eBay and other auctions, & more.

* Investment Income - OK, this one may be tougher than ever, and if you barely have money to live on, how do you start to invest! I am partial to index trading, and that does not require a lot of money to get started, but to be really good at it, you need other income streams too.

* Network Marketing Income - Don't turn up your nose at this one. I have companies sending me checks that I have not worked in years. While it is true that network marketers often talk about the top guy who is making $500,000 a month, but there are a TON of folks who make a few hundred a month. Not life changing in and of itself, but as part of your multiple income stream strategy, not bad either.

* Cash Back Debit & Credit Cards - You won't get rich with this alone either, but the old saying is really true "If you watch the pennies, the dollars will take care of themselves". Pay Pal offers cash back on a debit card (which in my opinion is better than a credit card - you won't have the temptation to carry over a balance, which would cause interest charges and defeat the purpose of cash back)

* Interest Savings on Loans & Credit Cards - OK, this is not technically income, but if you save money off what you are currently spending, it comes out the same in the end - more money in your pocket and budget.

* Food Bill Savings - This is like the Cash Back cards, not really income but can be very important - especially if you just lost your job or sole income (like many folks who used to live on their stock market income). Try clipping coupons or join a coupon club. Eat at home more and quickly find more money left in the budget at the end of the month.

* Turn Hobbies Into Income - Like to go to garage sales? Turn that hobby into eBay income. Like to work on small engines or have some other hobby that can be turned into an income source? Don't sell yourself short here. Maybe you love flea markets? What if you could get an extra $200 or more a week by setting up a booth one day a week? Not enough to live on for most folks, but not bad as part of your multiple income strategy. You might even consider creating a booklet, ebook, book, or other info product on your hobby. If you are good at it, you ARE and Expert (you don't have to be the best to be considered an expert - there are folks out there who will pay you for what you know).

We have had affiliates of our Index Trading course earn up to $100,000 in a year. We've had many more earn from $5,000 to $30,000 in a year. What if you had 5 affiliate plans you liked (loved would be better - you'd be more passionate about them), that averaged about $5,000 each per year. You might be able to live on that. Add some other sources like the ones mentioned above and you might live very well!

You should always be looking for ways to add additional income streams. Remember, the more you have the better! If one dries up, you are not devastated.

The time to set up multiple income streams is before you need them, but no matter what your situation is, there is no time like NOW to get started.

About the Author:

Mini-Dow Index Trading Made Simple. Discover how to build your trading income. Get Doug's Debt-Free Report. Read his blog here.

The Essentials of First Time Home Mortgage Loan Borrower

By Matthew Sanz

Property ownership and buying a home for the first time can be an exciting yet mind-boggling experience. Before you make a decision, it is important, therefore, that you know your options as well as the basics of home mortgage loans.

What is a mortgage?

Home loan mortgage is the loan you make to pay off your home. If you are a first time home mortgage loan borrower, you may be asked to deposit a down payment and pay for the rest (i.e. monthly) through a mortgage loan. Establishments that can offer mortgages are mortgage specialists, building societies and banks.

What are the types of mortgage?

-The repayment mortgage - monthly payments are made within an agreed term until loan and interest are paid off.

-The interest-only mortgage - monthly payments are made for a period of time as agreed in the contract, except payments cover only the loan's interest within the initial term. Afterwards, you are asked to make interest payments in full every month.

- Fixed-rate mortgage - requires you to pay for a fixed interest rate over the whole term. Interest rates do not change and therefore offers a feeling of certainty for most borrowers.

-The adjustable rate mortgage - has rates that adjust after an initial term containing a fixed rate. Rates could adjust depending on the rise and fall of other economic rates. This could sound daunting for first time home mortgage loan borrowers, but those who want a lower initial rate can benefit from this type of mortgage.

What are the requirements?

1. Good credit report:

From your credit report, lenders will be able to determine whether they can grant your application or to increase the interest rates for your loan. Lenders especially want to make sure that a first time home mortgage loan borrower has the ability and willingness to make his or her payments.

2. Insurance:

In cases where you get sick, get into an accident, or lose your job, your insurance will be used to pay off your mortgage. You might be required to use life insurance to pay off your mortgage should death occur. What are some tips I can use before purchasing property?

- Improve your credit report - Avoid applying for more credit and pay on time. - Review and correct credit information - Contact the credit bureau to correct inaccuracies - Get the best program - Choose a plan that is most suitable for your situation. - Research - Jot down your price range and find out how much you can borrow. - Do it online - Using the Internet could save you more time and money. Lenders now offer mortgage calculators online that you can use to predict which mortgage program is most suitable for you. - Choose the best mortgage specialist - Determine if the specialist works in a company that is likely to stay in business whenever rates fluctuate. - Ask for advice - Look for recommendations so you are familiar with what kind of mortgage plan you are getting into.

Of course, these are only practical suggestions and should not be used in legal matters.

About the Author:

Learn more info as a first time home mortgage loan borrower. Use an online home equity mortgage calculator now.

Non Standard Construction Properties Offers Affordable Housing

By Phillip Evans

In these tough economic times where it difficult to get on the housing ladder or awkward to find a property bargain non standard construction properties could offer a viable solution.

Non standard construction or prefabricated reinforced concrete properties where originally designed as temporary accommodation as a solution to a housing shortage after the Second World War.

Most of the properties where built by the Local Authorities and formed part of the housing stock, when the Right To Buy legislation was enacted by the conservative party in the 1980's these properties slowly where sold into private ownership as "Right To Buy" became very popular.

Estate Agents or valuers have always struggled to value these properties in contrast to traditionally built properties as most mortgage lenders are unable to lend against this type or property security as they still class prefabricated reinforced concrete houses as temporary despite being habitable in the 21st century.

After the war around 1 million 250,000 non standard construction properties were built which now offers the UK buy to let investor or home mover access to affordable housing.

A lot of the non-traditional housing are ex local authority flats, maisonettes or low rise bungalows some of the more popular construction types are Airey, Cornish, Unity, Wates, Reema, Stent and Woolaway. Enable Finance Ltd provide non standard construction mortgages even if these non standard properties do not have a PRC certificate or have not had remedial works carried out.

PRC or non traditionally built properties could answer some very simple affordable housing solutions for the UK home mover or professional buy to let investor. If you are an investor you will no doubt have come up against problems when your rental yields do not stack up as property prices have soared over the past few years, make sure you speak with Enable Finance today.

With the Chancellor of the Exchequer increasing the stamp duty threshold to 175,000, most home movers buying non standard construction properties will not pay stamp duty as prices tend to be low. Non Traditional property could offer a real cost saving and affordable housing solution.

For a FREE no obligation quote on a mortgage for non standard construction property please visit Enable Finance Ltd online. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Ask for a personalised illustration. There will be a fee for arranging mortgages, normally 1% of the advance, subject to a minimum of 1950 and a maximum of 2450. The fee can usually be added to the mortgage amount.

About the Author:

Enable Finance are qualified UK mortgage brokers who offer a full advice service, for a free quote or to evaluate mortgage rates or to find out more information on non standard construction mortgages please visit our site

Foreclosure Lenders: How to Find the Best One

By Michael Geoffrey

The process of finding a foreclosure lender is not one that has to be difficult and you really just have to know where to look. Whether you are looking for a foreclosure lender or foreclosure properties, there are really a plethora of places that you can look. The key here is to find them before someone else does.

Since you can review thousands of companies in a matter of just a few short minutes by using the Internet, this is one of the most effective ways to find a foreclosure property or foreclosure lender. You would not be able to see details on so many options anywhere else.

Every state is required by the law to place notice in newspapers when a foreclosure auction will be taking place. For that reason, it would also be wise to look in newspapers for foreclosure lenders and properties.

Remember

You need to keep several important things in mind regarding foreclosure. For starters, never ignore a correspondence or letter that is sent to you by a foreclosure lender. Your foreclosure lender needs to stay up to date with your situation so you will want to communicate with them frequently.

Special forbearance is one of several alternative options that are available to you. Depending on your current financial circumstances, the foreclosure lender that you are working with could set up a payment plan for you that would enable you to get yourself out a financial bind. The assistance they give you can also keep you from getting back into money troubles.

Mortgage modification is yet another option that you could choose. This process allows you to refinance your debt. Doing so will make your monthly payments smaller and thus permit you to get up to date with your bills.

Foreclosure can be a devastating thing to deal with but as long as you take the right steps you should be able to deal with it properly and responsibly. Also remember that prevention is the best idea here and so you should try to keep up on your mortgage payments as best as you can in order to avoid getting in this sort of situation to begin with.

Keep in mind that you have options. You can sidestep foreclosure by repaying your debts and once again making routine payments on your mortgage.

About the Author:

Is credit counseling the best way for you to get out of debt? Possibly, but there's no single best way for everyone. Visit the Debt Smackdown website at http://www.debtsmackdown.com for more helpful information about getting rid of your debt for good..

Credit Card Fraud

By William Blake

Almost everyone uses credit cards and are susceptible to credit card fraud. It is so prevalent today because it is so easy to do. Personal information can be obtained so easily in a variety of ways. That is why identity theft is so common. Once a person has your personal information all that is needed is mal intent and a bit of ingenuity and you have credit card fraud.

How People Can Use Your Credit Card

Anyone who has seen your credit card information can attempt to use it fraudulently. For most of us that is quite a number of people. Can you count how many people have seen your credit card this week? It is overwhelming to think about the possibilities of credit card theft. But it is important to acknowledge the danger and take the necessary precautions. Remember that you should never throw away or leave with others papers or invoices containing your credit card information. It is also not wise to give your credit card information when on the telephone to make telephone transactions. If you have refused to give your credit card information and someone is overly anxious to receive it and keeps pressing you to give it to them don't give in.

Be Aware of What's Happening with Your Credit Card

One great piece of advices is to always check your credit card statements. You want to make sure that you look them over carefully and if there is any suspicious activity on them, question it. Call the customer service department for your credit card and get it straightened out before it gets out of hand.

Get the Protection on Your Card

A fraud protection plan added to your credit card may cost you an annual fee but you will find that the peace of mind it gives is well worth the money. If your credit card information is stolen you will not be liable to repay any of the charges. This is an investment that should be made when you receive any type of credit card.

A Lost Credit Card

Immediately notify your credit card company if you notice that your credit card is missing. It is possible that you misplaced it, but that is not important. Let the company know so that they can block charges to the card until you locate it. If you are unable to locate the card they can cancel it completely and issue you a new card. This is very simple to do and costs you nothing. The little bit of effort it takes will save a ton of headache in the long run.

About the Author:

Thinking of trying to lower your payments or the balance owing by negotiating credit card debt? Make sure you visit the Debtopedia website to get some helpful information & advice first.

Is the crunch putting the brakes on credit cards?

By Mark Wright

The current economic slowdown that is battering the financial world is a little different from previous 'market readjustments'. This time it's not just big business and the banking industry that have felt the shock-waves - the crunch has hit consumers much earlier than before. This is partly due to the amount of personal debt that individuals have built up during the good times, when credit was easy to obtain and the banks were willing to lend to everyone who came knocking at their door. A survey by Moneyfacts, the financial information analysts, found that at least 10% of credit cards have raised their interest rates or imposed fees as a direct result of the financial storm now sweeping across UK PLC.

The average interest rate on credit cards has risen from 16.8% to 17.2% in three months. This raise is in direct opposition to the Bank of England's base rate cut of 1.5%, bringing the base rate down to 3% in an attempt to boost the ground level economy and stave off inflation. As lenders realise that the financial pot is nearly empty, they're manoeuvring their positions to ride out the storm as best they can. Their concern is that the early impact the crunch has had on consumers means a greater risk of customers defaulting on payments. The interest rate rise on credit cards is seen as a preventative measure against any increased exposure to bad debt by the lenders.

As the dominoes started to fall in the banking industry, lenders lost faith with their former partners and in their customers' ability to pay back loans and credit card debts. The system relies on continuous injections of consumer cash in the form of interest payments to keep working. As borrowing from other financial institutions has become much harder, the only way for lenders to raise capital is to increase the interest charges on credit cards, loans, credit agreements and mortgages. This ground-shift signifies an end to the 'live now, pay later' mentality of the 1980's and 1990's. The good times really could be over - for a short time, anyway. But by readjusting their positions, the lenders may actually be doing the right thing, and not giving in to 'quick fix' solutions like rate cuts. A more pragmatic approach to the system means that credit cards still offer great deals - they're just a little more careful to avoid lending to customers that may already have problems.

The ten years between 1997 and 2007 were boom times for credit card lenders in the UK. The brakes weren't just put on because of the credit crunch that kicked in during 2008. An extremely competitive marketplace, the emergence of the Pacific Rim countries as manufacturing and financial superpowers, increasing international 'bad debts' and a plethora of government regulations made the credit companies re-evaluate their positions. A few companies responded with a knee-jerk reaction of 'dumping' thousands of customers that were just not profitable (those who cleared their balances every month and paid little or no interest charges). All of the credit companies tightened their criteria for lending, increasing transfer charges, restricting credit limits and access to cash withdrawals. By doing this, they're not only minimising their own exposure to bad debt, but reducing the possibility of their customers getting into trouble as well. It's a win/win move by the credit card companies, and will probably do a lot more to help stabilise the market.

The credit card industry has suffered a double-whammy. The loss of overall market share in the late 1990's resulted in a scramble by lenders for customers, enticing in consumers with 0% balance transfer offers and cashback schemes. That has all now changed, with most cards imposing up to 3% balance transfer fees in an attempt to regain lost profits as a result of the 0% offers. The second blow was the decision in 2006 by the Office of Fair Trading to impose a 12 cap on penalty charges. Now lenders are bracing themselves for another knock-back as the Complaint's Commission takes a close look at personal protection insurance schemes imposed by lenders on many credit card deals.

The economic slowdown could have yet another sting in its tail, with unemployment now under the spotlight. Higher interest rates on cards for everyone is the lender's way of buffering their position, minimising their financial exposure. It means that everyone pays the price through increased interest charges, but a more stable credit card market emerges as a result. Credit card lenders are keeping a close eye on their customers, looking for early signs of financial difficulty. They are well aware that things are tight for everyone, and by keeping a watch for customers who show signs of struggling, they can step in early and guide the customer through the financial rapids they may find themselves in. The credit crunch does mean a slowdown generally, but rather than a complete collapse of the house of cards, it's more a matter of shoring up the foundations so that the market can emerge stronger after the event.

About the Author:

Mark Wright writes regularly on the topic of the recent financial crisis, and educates readers on what to expect regarding the credit crunch. Read more about credit cards here.

Briefly Information about Reverse Mortgage

By Mike Setup

It can go without saying that just about anyone you talk to is well aware of what a mortgage is but ask around to see how many know what a reverse mortgage is. This is a type of mortgage that allows you to take a portion of the equity that has built up in the home and have it as cash. The key difference in this type of mortgage is that you do not have to worry about repaying the loan until you no longer have that particular home as your main residence.

This is a perfect option for those that are retired as it can help to supplement their income, helping them to make ends meet. You do need to keep in mind that, should something happen to you, then your family will be left with the mortgage to take care of unless you have other arrangements made. You do need to meet certain criteria to get this type of reversed mortgage.

How do you qualify? In order to qualify for a reversed mortgage you will need to have either a single family home or at least a 2 to 4-unit property that you actually live in. This can be a type of duplex, town home or even a mobile home. Some condos have qualified so it all depends on your particular situation. You will need to talk with someone who knows the ins and outs of reverse mortgages. If you live in a condo, you need to be sure that it is FHA approved.

Beware- know who you are dealing with: - It is important to know the lender that is helping you with your reverse mortgage. There have been many class action lawsuits that have been filed on behalf of the seniors that have tried to utilize the reverse mortgage to help them supplement their income to help cover medical expenses and such. There are lenders out there that will tack on a great number of un-necessary fees so that you are tied into an outrageous amount for the loan. Most of these fees do not even pertain to the loan that you are getting.

Who to talk to: - If you think that a reverse mortgage is something that will be perfect for you and your needs, then you need to talk with a few lenders to see what your options are. You may want to check with your personal bank and perhaps you're the lender that you used for the original mortgage. The reverse mortgage can help you but you need to be sure that you go with a reputable lender that will not try to take advantage of you. Be sure that you make an educated choice where your reverse mortgage is concerned.

About the Author:

Get the best detailed information about Reverse Mortgage, Advantages and Disadvantages of a Reverse Mortgage, Amortization Chart for Reserve Mortgages, farm Reverse Mortgages at reversemortgage.businessinfoworld.info

Making Cents From Theta Decay You Can Do It Too

By Walter Fox

There are as many option trading systems out there as there are bright young traders looking to make a buck. Unfortunately, not all systems are made equal. Choosing the wrong one, or using it incorrectly, could lose you a substantial chunk of your hard-earned capital.

A widely touted stock option trading strategy out there in common use today is the idea of "theta decay." At first glance, the name isn't indicative of something positive, but in reality, the concept capitalizes on a well known fact about option trading - options expire on a set date.

This means that options do not have a fixed value. Instead, their value changes as the expiration date draws near. Analysis of option trading trends shows that price spread is greater closer to the issuance date. As the strike date approaches, the spread decreases.

Theta decay analysis is able to serve as the basis for an option trading system because, compared with stocks, options are much more information-rich. The existence of an expiration date gives options traders the information foothold they need. Big gains can result for those able to keep up with the brisk flow of options information.

How does one benefit from theta decay in their stock option trading system? The answer is simple - you take advantage of the time value of money, and its tendency to change faster closer to the expiration date. Analysis shows that the time value of an option drops linearly until the last thirty or so trading days prior to expiration.

It is those last thirty days when theta decay techniques are most effective. During those last thirty days, the rate of descent for the time value becomes steeper. But you can profit from this accelerated loss by holding the right positions.

By holding a short position in an option that is close to expiration while selling an inverse call option, you can capitalize on the vale loss in a couple of ways. You can make money by selling the call at a premium to what the actual value is, and can make money on the short position so long as the option fails to finish in the money on the positive side.

If you get your timing right and keep an eagle eye out for option information, theta decay is a useful tool to employ with your stock options trading. As with any system, there is always the possibility of losing your principal through incautious application of the technique. However, if you are attuned to the market and carefully scrutinize expiration dates, you can easily find yourself making money with this effective and under-utilized strategy.

About the Author:

TheScienceOfTrading.com provides 90 free minutes of videos on option trading systems and provides a complete and detailed option trading course for beginners to experts.