Category Archives: Credit rating

Learn how to calculate your credit score

Are you wondering how to find out the fair interest rates and calculate your credit score? Then, the credit score calculator is all that you need. The tool will help you to know about your financial state and whether it will be wise to request for a new credit.

You will need to find out the age of your account and also specify the number of accounts you have at present. This will help to determine the credit history’s age. You will also need to enlist any bankruptcy or other credit disputes, if you have any. Now, add all your credit limits as well as balance of all the credit cards to find the credit utilization along with payment history.

Now you can evaluate all the data on debts, account age, type of account and payment history to estimate your credit score. You can increase the score by checking the breakdown and the approximate FICO score.

How to check your credit rating

It is very important for you to keep a track of   your credit rating. This way you will know where your credit stands. This knowledge will further help you to manage your finances in an effective manner. Moreover, you will also be able to check in case the company you take credit from is overcharging you. But going to the branch and getting regular updates becomes a hassle. So what can you do instead?

For your convenience sake you can now check your credit rating online. What you have to do is log on to the official website for the Annual Credit Report. Select from their list your area of residence and then request for your report. On requesting report you will get a form. Fill that form up and submit all the required information.

Select any of the consumer credit cards reporting company that you like. They would ask you for certain preliminary information. Submit the form and request report. You will get the credit reporting of your interest.

Bankruptcy Car Loan To Rebuild Credit

The Credit scores of individuals who have filed for bankruptcy is at all time low, but to think that there are no credit facilities available for such people is not correct. There are quite a number of financers who are willing to extend car loans at competitive rates for such people. These companies can be searched on the internet. As the bankruptcy remains on the credit history for several years the general lending markets perceive it to be a risky preposition for business.

There are a lot many companies who are not only willing to advance car loan to the bankrupt customers but also assist them to rebuild their credit performance. The rates of interest offered by such companies may not be low but they are reasonable enough. So once you have discharged your liabilities through bankruptcy process you can still replace your old car and even buy a new one provided you find the right financer for the loan.

Equity Loan Bad Credit

Finance, Loan, Bad CreditThere are many circumstances where you need to take loan but your bad credit stops you from approaching the nationalized banks. These will take too much time and in the end, the most possible action is the rejection of your loan approval.

There are alternatives for you. You can go to the private loan houses that offer you equity loans against mortgage. There are not many formalities either. But before you sign in the application form, you may want to update your credit score. Many a times, people forget to update the credit statements that show debts that have been paid off. This may take some time but you will get more loan if the score is updated.

You can also go around shopping for the best private loan offer. This requires you to log on to the internet and do some research and check out the different rates on offer. Then according to your budget, you can select the best. Some such companies make use of your problems. A company that asks for an upfront payment is better avoided.

How You Can Deal with the Reconfigured FICO Score?

FICO scoreFICO stands for Fair Isaac Corporation. This credit rating corporation started the credit jargon years ago. Even today, it is very highly respected; you need to look at the FICO scores for your credit rating. Once your FICO scores are high you need not bother about availing credit from the lenders. They will themselves come to you.

Today, the FICO scores range between 30 and 800. Anything over 700 is considered worthy. Many credit reporting agencies take the FICO score from the bureau and float it to the lenders. Now few services also show a reconfigured formula to change your credit score.

To deal with such formula, just keep a tab on your credit rating and travel through the top agencies, for instance, Equifax Inc, TransUnion and so on. Also look to make timely payments through automated set ups. Do not go too far ahead with the credit card dues owing to making only the minimum payments and you will be just fine in dealing with reconfiguration.

Benefits of Non-Profit Credit Counseling Agencies

Credit counselCredit counseling agencies help the people to manage their debts and increase their finances. They talk to creditors and negotiate with them. They even set up trust account, so that our money goes directly to the debt management account.

Benefits:

These counseling services gives you tips on how to get out of debts, how to increase your finances. They review your situation, finances, kind of debt you have, your income. They will suggest you different plans depending on your situation. Sometimes they even contact your creditors to negotiate and more manageable arrangement.

Non profit credit counseling services are exempted from taxes. Because of their non-profit label, they are not subjected to consumer protection laws. Fair share contribution require non profit label. Creditors are more favorable to these companies.

Evaluation:

We can get information on these companies from Better Business Bureau. We can evaluate whether the company is trustworthy or not. They are great asset in helping people to get out of debt.

Loan for Bad Credit Rating – A Chance to Rebuild Your Credit Rating

Credit RatingConventional money lenders and the bankers still determine the repayment ability of a person by his credit rating. A good credit rating helps you get a loan easily. However, it does not mean you will not get a loan if your credit rating is poor.

Today, several lenders specialize in giving loans to the ones with poor rating. It is not a hard work to find a lender who can provide you with bad credit loans. The only thing is determining where to go. You should search online lenders: the rate of interest, the repayment tenures for different amount of loans etc.

For secure bad credit rating loans, you can avail longer repayment terms such as up to 10 years. The interest rate is low starting from 7 per cent. But if your credit rating is too bad, you have to shell out high interest. But it is always good to get the money and get money and getting work done instead of sitting on the sofa and pondering over the situation.

The interest rate on an average is 10.9% APR. However, it varies from 7.4% APR to 27.60% APR. It depends on your credit rating. It also depends on the repayment term you choose.

Usually, the repayment term is short, with maximum term being 2 to 5 years. Bad credit loans help you improve credit score if you manage to repay them in time.