Tag Archives: debt assistance

A Crash Course On Credit Scores

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It is really amazing that someone’s life can be drastically affected by three numbers. Here is a small course on what credit scores are and what consequences they can bring.

You sit down to look at your credit report for the first time. If your scores are above 720, congratulations! You have excellent credit; stop worrying about it. If you’re scores are not above 700, no problem—let’s improve it. Always remember the fact that the national average score is around 676 according to the Gallup Organization. If you’re scores are below 400, 500, or 600, there’s definitely room for improvement and only one way to go—up!

If you do not understand the numbers I have mentioned or you have no idea what they mean, don’t fret—I’ll explain. Credit scores range from 350 to 850. All three of the credit bureaus—Equifax, Experian, and Transunion—offer  FICO credit scores using a complex mathematical formula developed by Fair, Isaac and Company, but they each give the scores a different name: At Equifax, the FICO is known as the Beacon credit score; at TransUnion, it’s called Empirica; and at Experian, it’s called the Experian/Fair, Isaac Risk Model.

If you’re credit scores are above 720 you will be able to get the best interest rates available as you have excellent credit. As your credit scores drop, the interest rate you’ll receive for a home loan will rise: this is known as tiered pricing. The more of a risk the lender takes on you, the higher your interest rate will be. In addition, all moneylenders have their own break points between tiers. What this means is that one lender may raise the interest rate if a score drops below 700, while another lender won’t give a higher rate until the score drops below 690.

In summing up, you should do everything in your power to maintain good credit scores, and be sure to shop around and do your homework when looking for a home loan because all lenders are not created equal. I think you’ve already catched the moral of the article but just in case you have not, here it is: Good credit scores save lots and lots of money, and be sure to choose a moneylender wisely to get the best rate for your credit scores.

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Debt Consolidation Care Site Review

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I’ve seen more credit repair and debt consolidation options come on the market, with the worsening of the economy and job market deterioration. In my years in the finance industry, I have found some of them to offer good advice, while others offer bad. Creditors are trusting you to pay them back when they write you a home equity loan or an auto loan or any kind of loan for that matter.

Debt Consolidation Care, the “Internet’s first get-out-of-debt community” offers good advice, free of charge, through their counselor analysis and their community of other people, just like you, that may have found themselves in a credit mess.

Their offers free debt counseling, online debt consolidation help, company ranking chart, and forums where you can discuss your problems with other members that may have already been through the same thing. There is also a lot of other good invormation listed. One of the articles even includes sample letters you can use to send creditors.

Debt Consolidation Care goes through the pros and cons of other options such as self-repayment plans, debt management, debt settlement, debt consolidation loans, bill consolidation and bankruptcy. They give you some insightful information to fit your own scenario to help you make a more informed decision.

You can get advice on how to lower your monthly payments, reduce interest rates, waive late fees, eliminate collection calls, avoid bankruptcy, have only one monthly payment and become debt free. Membership includes free debt counseling by your personal debt consutant that will result in a solid plan of action to walk you out of the debt stress you’re feeling.

Debt Consolidation Care is a unique debt assistance website that is a community based program, and offers free advice from experts. There are many competing sites that don’t offer nearly the quality of information and help. They are mostly just trying to sell you services or information that doesn’t have your best interest in mind. Not only do you have a chance to get free advice from a panel of different experts, but by using their forums, you may find other people who have already gone through different options and can tell you what to expect, or the best one for your case, based on their experiences.

Your credit score impacts your ability to have money loaned to you as well as the amount of interest you will be required to pay on such loans. The options you choose during times of credit trouble can not only determine your future borrowing ability, but can also save you thousands in interest and legal fees, if you make a well-informed decision. Over-use of credit can become a stressful life full of worry, and debt collection calls. The system that is implemented makes things easy for those of in debt to follow along and get out of debt with the help of thier counselers.

You can go check Debt Consolidation Care Community at www.debtconsolidationcare.com for a free look at what they offer and read some of the articles and forums. Your membership includes a free analysis of your current debt after which you will be provided with a plan to get you out of debt with the minimum of hassle.

by Trent Goldenblum

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