What is a Good Credit Score?
April 13, 2015
What is a Good Credit Score?
You may not fully understand your credit score. When trying to get a loan, you may think, “What is a Good Credit Score?” You want to know what type of score you need to qualify for loans. You want to make sure that you are on the right track or that you know when there is a problem. If you do not know what a good credit score is, though, you cannot do this. Thankfully, it is not that hard to understand. While there are several sources for a credit score, it is all easy to understand and is quite similar.
There are several sources for a credit score, as mentioned above. One source is not the same as another source. A lender will look at these scores to determine where you stand. An important part of these scores is that their range differs, too, so the lenders are not looking for a single specific number. They all start from the low hundreds and go up to the high hundreds, but the exact starting point and ending point changes. Since it changes, what makes a good score or the line drawn for a good score is not the same for all of them.
What makes a good score is not the same for all lenders, either. Looking at a single score, the line drawn will change from lender to lender. Some have higher standards or expectations while others are more lenient when looking at credit scores. A 700 may be the minimum score required for one lender, but 600 or 650 may be the minimum for others. Since there are so many differences between lenders, you should not aim for a single number. You should attempt to make your score as good as possible so that you can gain from a high credit score. By aiming for as high of a credit score as possible, you can try to qualify for all lenders.
When thinking, “What is a Good Credit Score?” there is not a lot to consider. A good credit score is a high score. As long as the number is as high up there as possible, you will have a good score. The line drawn and the minimum and maximum scores change, but there is one constant: You should aim high. If you already have a good score, try to improve it and keep up the good work. If not, work on improving it so that your score can actually benefit you.
Does a Car Loan Help My Credit?
April 10, 2015
Does a Car Loan Help My Credit?
You would have probably heard about how a car loan can actually help you in increasing your credit history. But, you must be wondering, ‘Does a car loan help my credit?’ Well, we will try to provide an answer for this question below. Yes, if you are trying to improve the credit health of yours, after facing a bankruptcy, or are just trying to get started as a borrower, taking car loans, and repayment of these loans can help in building up your credit score. Well, we give some details regarding the car credit, and how these are helpful:
Does a Car Loan Help My Credit? – Reasons
• Auto loans are paid back in instalments. When the lenders and the credit bureaus check the credit history of a person, they like to see a good mix of revolving credit and instalment loans. The revolving loans include the home equity loans, and the credit cards. And, the instalment loans include the auto loans, mortgages, and the student loans. Auto loans is one of the easiest kind of loans, and you will be eligible for a good credit history.
• Refinancing of auto loans is easy. If you are a borrower without credit history, you will have to pay the premium for the car loan. And, the interest rate could be high, too. But, after you make the payments on time, for about one or two years, you would be able to refinance the car loan at a lower rate of interest.
• Flexible car loan repayments: Early payment of loans might invite penalties, but other than that, the car loan payments are quite flexible. And, if the monthly instalment for the car is low, you can also plan to make double payments, or extra payments, whenever you feel that you have the liquidity. When you are able to make the payments faster, it can reduce your interest burden, and can also help in boosting the credit score.
These were some of the reasons for taking up a car loan. Hope these answers were satisfactory, and helped you in finding the answers for ‘Does a car loan help my credit?’ Taking a car loan is definitely a good and easy way for boosting the credit history. It is not only easy, but is also quite flexible and affordable. You can drive your way to a good credit history, by purchasing a car with car loans.
How to Build Good Car Credit
April 1, 2015
How to Build Good Car Credit?
While most of us have a credit card with us, it is usually not easy to get hold of the first credit card. There are lots of things, which are checked by the credit card company, before they issue an unsecured credit card. Also, if you wish to purchase anything in life, you need to also have a good credit. Having a good credit history can make you eligible for all kinds of loans, like housing loans, car loans, and other kinds of loans. So, how does one build a good credit history? How to build good car credit? These are some of the questions, for which you will find answers over here.
Want to Know How to Build Good Car Credit?
There are some ways by which you can build a good car credit. And, that is by not paying the full money in cash. Well, if you are planning to purchase a car, you can use the option of dealer financing for purchasing the vehicle. Once you take the dealer financing, you can prepay the complete loan, after just one monthly instalment. Are you wondering how this will help you? Well, you will be paying minimal interest, and you would be establishing a good credit history, by making the payment on time. In fact, some people end up getting better deals on their cars, because the dealers give a lower price when they help you in financing the loans. So, you would actually be making a good profit.
Yes, this is one of the best ways for improving the car credit. And, with the help of this credit history, you would be able to get a credit card issues on your name too. But, once you have the credit card, you should use it in a responsible manner. Sometimes, the credit score is calculated on the basis of the time period, for which the accounts are open. So, it is always useful to have the credit card account kept open. This will help you in achieving the high credit score. And, of course, you should pay the bills on time, and in full. But, remember that you should not go overboard with all these credit cards.
Hope you got your answer for “how to build good car credit”. You can use these options, and improve the car credit, which will be useful for you in purchasing new cars, and also in other things.
Short Term Car Loans
March 31, 2015
Short Term Car Loans
There are times, when a customer does not qualify for credit from the banks, and they keep wondering, whom to approach for the money. Well, they might still be eligible for the short term loans, which are available for less than one year. These can be used for financing their temporary requirements or to build their good car credit.
How Long are Short Term Car Loans?
These are the loans which typically have a maturity period of less than three years, and are termed as the short term loans. Given below are some of the features of such loans:
- These loans can help in providing immediate funds for purchasing a used car.
- These loans can be repaid back in monthly instalments at simple rates of interest. And, the lump sum amount can be repaid back at any time.
- The documentation for taking these loans is quite easy, and is free of hassles. There are no complicated procedures to be followed.
- There are absolutely no prepayment charges, unlike some other car loans.
- Customers can get the loans very quickly, and it gives them a lot of flexibility.
- The loans are disbursed without doing a lot of checking of the customers credit history.
- The costs involved in long term debt may be higher than the short termed loans.
- There is a potential increase in interest rates on these types of loans due to the increased risk to the car dealership and/or finance company.
These short term loans, usually found an buy here pay here dealers, provide a great deal of flexibility for buying materials and services, and these can be repaid back at a later date. And, when all the other doors are shut, these loans can become quite helpful.
Apply Now for a Short Term Car Loan.
How to Budget – 5 Easy Steps
March 26, 2015
How to Budget – 5 Easy Steps
Due to the ever increasing lifestyles that we lead, it is sometimes important to become a little frugal, and follow budgets. Following a budget can help in purchasing some dream object, which has been on our priority list. Well, we give below budgeting 5 easy steps, which can make you a frugal spender. It is very important to have a control on how much we spend, as compared to how much we earn. Some percentage of the total income should be saved so that you get closer to your dream:
Budgeting – 5 Easy Steps
- Evaluate the income: What is the income that you are earning? Create an excel file with all the sources of income, and enter the interest rates, rental income, and any other income.
- Calculate the expenses: Well, this is a difficult part. While we can track our income sources, expenses come in many forms. So, jot down all the fixed expenses that you incur every month. These would include car loan payments, rent, insurance policies, school fees, and other things. After that, include the variable expenses, like gas, food, entertainment, etc. Also, include other expenses, like car maintenance, gifts, taxes, and other things. Once you have the hang of your total expense, deduct it from the total income. This will give an alert to you about whether you are on an overspending spree, or a thrifty spender. It will also give you an idea about where you can cut down the expenses.
- Avoid wasteful expenditure: When you get a hang of your expenses, you can cut down wherever you can. It would be good to analyse and categorize the expenses into necessities and luxuries. Of course, you cannot avoid the necessities, but can definitely cut down on the luxuries.
- Have a good savings in your account: The job scene is quite unpredictable these days. So, one should save enough money to tide through the difficult times. If you have a good amount of money in your savings account, you would be able to get through the difficult period, even when you are switching jobs.
- Stick to your budget: This is easier said than done. But, when one looks at the big picture and the future rewards, this becomes an easier task.
Following these budgeting 5 easy steps will ensure that you lead a comfortable life, and are prepared to face all future calamities, as well.
Identity Fraud Protection
March 20, 2015
Useful Tips on Identity Fraud Protection
With the increased modernization and online tools available, one finds oneself in the centre of various kinds of frauds. And, one major fraud is the identity theft. These happen when a person obtains the personal information, like the credit card information, and other ID, for committing frauds. While, some frauds can be minor in nature, others can be quite dangerous. Well, due to the increase in these kind of frauds, there is a need for identity fraud protection.
Well, to provide the identity fraud protection to our customers, we have devised some products and services, with which, we can monitor the credit of our customers, and help you in protecting yourself from such frauds.
We give below some of the pre-requisites, which you should follow, so that you don’t fall a victim of identity frauds:
• Safeguard the online information: With the increasing e-commerce, and online transactions, most of the banking and shopping happen online. So, it would be good to clear the logins and your passwords, after each transaction. And, this should be especially safeguarded when the transactions are done on a public computer. Change the login and password on a monthly basis.
• Make payments through credit cards, instead of using net banking: Credit card transactions are governed under the Federal Law, and they are safer than the net banking services.
• Be aware of the phishing activities: There are various hackers and spams, which mimic the legitimate banks, to obtain the personal information. Before entering the login and password, make sure that you are on the right website, which has the right security controls.
• Monitor the credit card and bank statements: Keep checking your statements for finding anything unusual. If you find anything unusual, you can check up with your bank or credit card companies.
If you are able to exercise some caution at your end, you would be doing yourself a great favour. Take out identity fraud protection services, if you would like more help with your identity protection. We provide the following benefits:
• Our services would be useful for you, if you do a lot of online shopping and net banking.
• Also, if you don’t have enough time for monitoring the information, our services can be quite useful.
• We can provide the best identity fraud protection for you, and it will save you from a lot of headaches, and unnecessary hassles.
Visit our site, and find out other useful information on how you can benefit from our services.