A few companies are offering advertiser- or company-supported credit reports and credit scores. www.Credit.com earns fees from targeted offers from advertisers; Quizzle ( www.quizzle.com ) is supported by Quicken Loans. Yet another ad-supported site, Credit Karma ( www.creditkarma.com ), is under development.

I never heard of these sites prior to this, so I went to their websites to check it out. Basically, their reports and scores which are prepared by the major credit bureaus give an almost accurate account. However, your scores maybe a little off from the credit scores that Experian, Equifax, and Transunion provides you . The reason for that is CreditKarma and Quizzle probably do not use the widely used indicators that FICO uses to produce your credit score. I will review these sites thoroughly in the future, and post it on the site. Stay tune…

Moolah Money Tip: Check Your Credit Score For Free is a post from: Moolah-Moolah

It is essential these days for a person know what the credit agencies know about them? So, in order for them understand their FICO score they must distinguish in advance what a good credit score is. Credit score is said to be a number which is in fact based on the economical trustiness of a person. It can simply be determined by the credit report of a person that contains the complete history of his paid and payable bills and his credit information that affects his financial creditworthiness. Most of the loan lenders such as credit card companies and banks utilize the credit score of a person to understand a consumer’s financial ability. Actually, credit score plays an important role in the person’s ability to obtain loans, mortgages and even credit cards. Credit score in other words is a mathematical formula to evaluate and even translate the credit history of a person into a numerical value. This numerical value gives the lender a quick indicator of how much risk you present as a borrower.

Credit scores generally range between 300 to 850 points with almost anything between 600 and 699 being an average score. However, 700 or higher score is considered to be a good score, and anything above 740 is considered A+ credit. Whenever a person looks at his own credit score it is essential for him to look into several factors that determine his credit score. Usually, credit score of a person is determined by his or her credit history such as on time payments, bad credit behavior, length of credit history, types of credit accounts and late payments. As a result, by determining all these factors the credit bureaus are able to compute a score base on your credit report. However, when a credit score of a person is determined, aspects such as gender and race are not being considered as it is only depended on the past financial behavior of an individual.

The main three credit bureaus (Experian, TransUnion, and Equifax) have several methods for calculating the credit score of a person. However, while the credit bureaus use similar methods to calculate a person’s credit score, they each have their own criteria. That’s why the credit score for all three credit bureaus are always different by a few points. Normally, lenders will take the mean average of all three credit scores to base a person’s credit worthiness.

When a person finds out what is on their credit report, they can start gauging what rates or deals lenders will present to them. Actually, it is been considered that any score around 650 to 680 is a good score. In general, a person who has a credit score more than 680 points will always have a fair chance of obtaining loans with the best interest rates. However, people with a credit scores under 640 can still obtain a loan or credit but will be hit with higher interest rates and credit with stringent stipulations.

Lenders generally use many different methods to evaluate a credit score of a person. People who need to improve their credit score can surely do it by following certain methods such as by paying their outstanding balances, sending payments on time, not acquiring new debt, and work on removing negative information on your report.

A person’s future and their financial stability all depends largely on their credit report and score.. As credit score is one of the most important parts of a person’s life it is necessary for them to take on going efforts to maintain it properly. Continue your success!!

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What Is A Good Credit Score These Days? is a post from: Moolah-Moolah

PLANNING

1. You should always pay yourself first and save 10% of your salary. Honestly 10% is not enough these days for retirement but it will do.

2. Keep three months of household expenses(mortgage, car, debt) in a money market or savings account. Having this account will prevent you from making any hasty decisions with situations arise.

3. Aim to achieve a credit score of 700 or higher. A high credit score will help you obtain low interest rates and zero percent credit cards.

4. When you purchase insurance, choose to pay a high deductible you can afford. This will significantly lower your premiums.

INVESTING

5. Never invest more than 10% fo your portfolio in your company stock- or any company’s stock.

6. If you don’t understand how an investment works, don’t put your hard earn money into it. Always get some professional advice before rushing into any investment.

7. Invest in your company’s 401k plan only if they provide some form of matching. If not max out your ROTH IRA, and if you still have a little extra purchase a traditional IRA.

8. To figure out what percentage of your money should be in stocks, subtract you age from 120. So currently about 85% of my portfolio is in stocks.

SPENDING

9. A great way to save money is too buy a certified pre-owned car. Most of the time you are getting a fairly new and dependable car and you will not take a big hit on depreciation over the next few years.

10. Only lease a new car if you know you will keep the mileage low and you will replace it within two or three years.

11. Never buy the latest computer equipment or techie gadget when they are first released. You should wait about six months for the prices to go down drastically. Also never get lured into buying the extended warranty on electronic items. The manufactured warranty should usually cover your equipment for the first two years.

12. You should always try and buy your expensive clothes items (suits, shoes, coats) during the off season. Last year, I bought a winter jacket for $200 in April that was selling for $600 during Christmas time.

HOME

13. Never purchase a mortgage that consumes more than 25% of your net income. Paying more on your mortgage will limit you from investing and savings.

14. Only consider refinancing your home if you can cut your current interest rate by at least one point. Refinancing for anything less is usually not worth it.

15. Make at least one extra mortgage payment a year. This will take about 6 years off your mortgage on a 30 year fixed.

15 Rules to Grow Rich By is a post from: Moolah-Moolah