Posts Tagged ‘finance’
Credit Score List
July 2nd, 2011
Question: What's the best way to obtain my free credit scores. I would like to get a detailed list?
What's the best way to obtain my free credit scores?
Answer: if you are looking for the best free Credit Score site, check out this site
http://Free-Credit-Score-National.com/
Here you can get your 3-in-1 free Credit Report and Credit Score rating
My Credit Score needs HELP! Part 1
Posted in Credit Score | 
Tags: credit, Credit Score, credit score list, credit score listing, finance, lifehacks, money, privacy | 
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Credit Score Estimator
June 19th, 2011
Question: Is this the fastest and best way possible to establish credit?
(I have 1 year of making my auto loan payments on time.)
1) I plan to take out a $500 secured personal loan from my bank for 6 months.
2) Then go to a different bank with the $500 and take out another secured personal loan from that bank for 6 months.
3) Repeat this once more at a third bank.
4) Establish a $300 security deposit account at my original bank to qualify for a secured credit card.
5) Repeat the process of getting a secured credit card at the next bank.
6) Repeat this once more at the third bank.
7) Obtain 2 more credit cards.
Pay back $500 secured personal loans from my banks in 6 months making all payments on time.
9) Use all 5 credit cards but never charge more than a maximum balance of 9% of the total credit card limit.
10) Pay off the statements as soon as they come and make all payments on time.
According to this FICO Score estimator my resulting FICO Score would be 740-790 in 1 year.
http://www.bankrate.com/brm/fico/calc.asp
Answer: sounds like a good plan. Avoid carrying to many balances and close down the secured cards when you have the unsecured cards to avoid annual fees and all the other junk they penalize you with.
Credit Score Estimator
Credit Score Articles
May 31st, 2011
Question: How would you change Credit Scoring methods if it were up to you?
Some of the information here kind of miffed me.
http://finance.yahoo.com/banking-budgeting/article/107154/7-ways-to-be-a-dolt-about-credit?mod=bb-creditcards
What do you think?
Answer: That was a biased report which had an axe to grind and only concentrated on the scoring methods which did not seem logical while remaining silent on those methods which did make sense. Should there be some adjustments? Yes. But overhaul the system? Probably not. For all the slamming at the banks, I find it interesting here on Yahoo Answers! how many people loaned money to friends or family who could not get a loan and are asking how to get money back from the deadbeat people they loaned it to. Obviously, the banks knew a hell of a lot more on how to judge a person's creditworthiness than these amateur bankers. Adjust some of the methods, but don't trash it. And most importantly, pay your bills on time, don't carry a balance on your credit cards and don't borrow more than you can afford and your credit rating wil be just fine.
Why Your FICO Credit Scores Are So Important
Posted in Credit Score |
Tags: credit, Credit Score, credit score articles, fico, finance, money, tips |
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