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Need a Credit Card, but Have Bad Credit? No Problem.</strong></p> |+|
If you have a bad or poor credit standing, or don’t have one at all, don’t worry. There are many credit card offers that you can apply for and get approved. In this article I will not only show you what to look for in a credit card offer but also show you the varies types of credit cards offers that may get you on track to improving your credit.</p> |+|
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First, you need to know that the financial market it broken down into two categories. These categories include sub-prime, which is used to describe consumers with damaged or no credit, and prime which is used to describe those consumers with good or excellent credit. When distinguishing between the two categories one must realize that sub-prime credit card offers may require security deposits, annual or application fees, and higher annual percent rates (APR).</p> |+|
Secondly, you need to know that there are two types of credit card offers, unsecured and secured. You may use both unsecured and secured credit cards to purchase products and services.</p> |+|
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u> Unsecured:</ u>< /strong> Unsecured credit cards offers generally have higher credit limits and lower interest rates than those that are secured. These card’s credit limits conventionally depend largely on the applicant’s income and his credit rating. Credit limits are usually higher and sometimes card holders of credit cards enjoy perks.</p> |+|
u> Secured:</ u>< /strong> Secured credit card offers involve where the credit limit is assigned by the amount of money you deposited into an account of the card-issuing institution. This credit line is conventionally between 100% and 200% of the money deposited. These credit card offers are the best option for those who are not approved for other credit cards due to bad or no credit history. Secured credit cards are also a great way to rebuild your credit .</p> |+|
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Knowing the difference between prime and sub-prime, unsecured and secured can help you understand where you are and how to get back on the right track of financial freedom. There are many financial institutions and many credit card offers that may be right for you. Always compare and fully understand credit cards before choosing one. </p> |+|
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These are just a few things that you may do to ease the cost of filling up your tank while at a gas station. Each of these examples above can not only save you money but some may even get some cash back in your pocket.</p> |+|
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Find the right credit card for you: http://www.creditcardsearchengine.com/</p> |+|
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Latest revision as of 16:55, 20 November 2007
Credit Score – What Everyone Must Know
Do you know how your credit score is calculated? Did you know that a large number of Americans do not know what their credit score is, nor know how the credit agencies calculate it. In this article we will tell you everything you need to know on one of the major things that can impact your present and future…..Your Credit Score.
FICO Credit Score
The most widely used standard of credit risk (credit score) is calculated by FICO. Other wise known as the Fair Isaac Corporation, FICO was developed by Equifax and the Fair Isaac Corporation to provide financial services to the world’s largest banks. Now the FICO credit score is the standard by many banks as well as other business to determine certain financial risks. Up until around two years ago although you could look at your credit report you could not view your credit score. Now there are some places that allow you to view your score to help you stay informed.
Components of Credit Score
Knowing what actually makes up your credit score is one of the most important piece of information that everyone should know. FICO scores are actually calculated by many pieces of credit data within your credit report. This data is broken down into five categories, each of which having a different level of importance as well as percentage of influence on the credit score. These categories and percentage include: Payment History (35%), Amounts Owed (30%), Length of Credit History (15%), Types of Credit Used (10%), and New Credit (10%).
Credit Score Rankings
The scoring itself is broken down into a point system, also known as the credit score. This score, a three digit number between 300 and 850 is a summary of a person’s financial position at a particular time. As you may already know, the higher the score the more likely you may be approved for a loan, or get more favorable interest rates.
One other important fact that you should know about your credit score is that each credit bureau calculates it differently.
What does that mean for your credit score?
It means that each individual actually has three credit scores for any given inquiry because each three credit bureau has their own, independent database. This means that they may contain entirely different information and data. For this reason, many lenders will check the score from each bureau and determine credit worthiness.
Know what your credit score is and how it is calculated could mean the difference in not getting the credit card, car, or loan of your choice. Know what it is and know that it important to keep up with your credit score, as well as keep it up.
If you would like more information on credit reports and credit scores go to: http://www.creditcardsearchengine.com/creditreports.php