Articles & News About Your Credit

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 http://www.recredithelp.com

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

How Does Credit Repair And Debt Consolidation Works?
Even though everyone?s financial situation is unique, practically all of us have some sort of debt. It might be huge debt like with mortgages and loans or small credit card or department store credit debt. The only way to wind up with debt is as a result of being extended credit. In these financial times we are in it can be difficult to get by without credit. But too often it becomes difficult to pay off the credit and that is when the trouble begins. Once you are late in your payments, your creditors will report this to the credit bureaus and it will affect your credit rating. When you are stuck with a bad credit report, even if you have a good reason such as illness, etc, it will be very difficult for you to get credit in the future when ...

Using Credit Cards Securely Online
Nowadays, shopping online is a very common thing. Making your purchases without leaving your house is an attractive option for many of us.

Credit Education
Having credit education is like knowing how to read. It will be necessary throughout your life.

Getting Ready For Credit Card Consolidation
Credit cards are useful for almost all other purposes. You can use them to shop either online and offline without the hassle of bringing in cash that are not convenient in terms of management. However there are cases when the use of credit cards is abused and may lead you to a more problematic situation.

No Credit Check Loans - The Facts
For someone with bad credit, getting a loan can seem impossible. There are no credit check loans out there, though, that can help a person who has bad credit get the money they need. However, finding a no credit check loan is not easy. Additionally, there are plenty of scams out there regarding no credit check loans. Before you decide to sign for a no credit check loan, you should get to know more about them.

You May Well Be In Catch 22 Of A Poor Credit Rating
You may well be in a catch 22 situation of a poor credit rating It?s not unlike the person who wants to enter the work force and finds that all the jobs they want require work experience

Parents still spending on kids  despite credit crunch
Households across the UK may be tightening their belts as the credit crunch begins to bite and rising prices hit the family purse strings, but parents are still prepared to splash the cash on the kids.

Credit Card Applications: Cash Advance Pitfalls
Credit cards are tricky things. They can be life-savers in emergency situations, and they can be very tempting to use even when they're not needed. This is especially the case when it comes to getting a credit card cash advance. Most major credit cards allow you the option to withdraw a certain amount of cash against your line of credit. While this can be just as easy as visiting an ATM, you have to question whether the fees and interest incurred are actually worth it. Here is a good rule of thumb: don't take out a credit card cash advance unless it's absolutely necessary, as in emergency situations. This method should be your last resort, as you'll end up paying quite a bit more than you're actually getting in cash.

Credit Card Traps: How To Spot Them On The Spot!
They arrive in your mail - a conspicuous looking mail piece from some "official looking" bank claiming that you have been Pre-Approved for a Mastercard or VISA credit card.Of course, you don't have to have any credit.

Comparing the Top 3 Gas Credit Cards
Gas cards are a sure way to stretch you gasoline budget Since last year that gas prices have been soaring to records high, the use of gas credit cards have been spreading non-stop like wild fire

Refinance Your Mortgage to Rebuild Credit
Refinancing your mortgage is one way to rebuild your credit, particularly if you have recently declared bankruptcy. With a poor credit history, you can find refinancing through a sub prime lender.

Why You Need To Keep Your Credit Card Secure
Automated teller machines (ATM) are a great invention. They are an easy way to get cash out of your account 24 hours a day. But you may not be the only person raiding your account. If you're not careful, someone could steal your person and financial information and leave you in financial trouble.

Legal Credit Repair - Affordable, Effective System Gets You Results
Bad credit report repair is essential in today's society where so many things are based on your credit file. To do so there are certain essential steps and factors to successfully complete the process:

Three Common Credit Problems And How To Fix Them
Bad credit doesn't necessarily mean you can't get credit; you just can't get credit at a reasonable cost. The interest rates you are charged are sky high because you had some financial difficulties in the past. In this article we will give you three methods for repairing your credit. The method that is best for you will depend on the severity of your financial problems.