Are you aware of the fact that 99% of the credit grantors today use FICO? FICO scores are based on the credit report used to generate the score. Though there are other scoring models, but the scoring model developed by Fair Isaac is one of the leading models where you can check your credit scores.

In general terms in this method of checking your score they make use of your income, access to credit, credit history, outstanding debt and debt utilization over the years, and other factors that indicates your financial behavior. These factors help them to determine whether you can pay your bills on time, or if at all.

According to Fair, Isaac the breakdown of your FICO score can be determined in the following method:

Payment histories on your credit accounts determine 35% of the score; another 30% is based upon the amount of debt that you are due with all creditors.

How long you are using the credit card determines another 15% while 10% comprises of very recent history, whether you have made any efforts to obtain loans in the recent months and the remaining 10% is calculated from the mix of credit that you are holding. This includes installment loans, leases and mortgages.

Tags: credit standing, credit history, FICO, where to check your credit score, credit rating

In the modern world, the credit card is the easiest and the most common way of borrowing money. But when it comes to debt consolidation, then it becomes one of the most troublesome burdens. During such times, many people use credit card debt consolidation to solve their financial despair.

If you have a number of credit cards then at the end of the year you must be tiring yourself to reduce the number of bills that you receive each month; not actually getting time to clear off your credit card debt. There are several companies that offer tailored services online so that you get a solution in your debt consolidation. However, you can prevail over your debts by following the ways listed below:

• Improve your credit rating as much as you can.
• Try to avoid phone calls from creditors.
• Consolidate monthly bills on regular basis.
• Try to lower interest rates that you have to pay.
• Make sure to pay off your debt as early as possible.

If you follow these principles, you don’t need to worry about debt consolidation at the end of the year. You don’t also need to seek the help of the debt consolidating companies online who are solving such issues over the years.

Tags: debt consolidation, debt consolidation for credit cards

A credit rating is an evaluation of a person’s trustworthiness. This assessment is founded on an individual’s record of adopting money and giving back debts. A person’s profits and accessibility of properties also has a significant effect on the credit rating that he receives.

Generally, people have their own credit report. But for the married couple, the case is quite different. For the married couples, the case is quite different. If, for example, you wish to take a loan along with your spouse, then in both the credit reports, the record will be showing.

You cannot erase this credit history. The creditors will in this case submit credit reports and in any case of emergency, both the credit reports will be taken into account. Therefore, it is always advisable that you have your own credit cards and checking accounts.

You can check your accounts on a regular basis and if you do so, then in that case you may be able to maintain your record. Therefore, it can be said that spouse’s credit score would make a subtle difference.

If you do not sign joint agreements, then in that case, the scenario would be very different. Therefore, think twice before you actually take any loan either single or with your spouse.

As we all know that credit cards do not come for free. Different types of credit cards are charged differently. There are various kinds of credit cards which charges different sort of fees. The following is the list of various fees available:

Annual Fee: It is a yearly charge that is imposed on a credit card holder. Cards like secured cards, charge cards, and sub prime credit cards have this fee structure. It usually varies from $25 to $300/year and is charged once a year.
Some credit cards waive the fee if you can make a certain amount of purchase.

Application Fee: You have to apply to get hold of this credit card. When you apply for a credit card, then you shall get an application form. Mostly secured credit cards have an application fee.

Cash Advance Fee: This is charged for making a cash advance. Those cards which permit you to withdraw cash advance charges this type of fees. It is actually 1-3% of the cash advance transactions.

Balance Transfer Fee: This is charged during a balance transfer. The cards which allow a transfer of balance have this fee. It generally ranges from 1-3%. It is charged on single transfer of balance.

There are quite a number of steps to prove a stolen identity. The first thing that you should do is to act smart rather than to react because everything has been stolen.

You must keep in mind that no further information is leaked out when you are in trouble. Another important step that you should do is to aware all the creditors, brokers and check bureaus, department stores and other institutions that are directly related to your credit balance or your credit payment.

You must make a note of all the essential passwords and change them as early as possible. This would enable you to make no further blunders, since your passwords are the key to all your lockers and drawers, it is essential to safeguard them against any ruinous effects.

You must also make a fraud alert on your credit report which would ensure your safety in further cases. The companies would receive your call alert at any time of the day, round the clock service is provided for the benefit of the customers. An initial alert may be given for a period of 90 days. In most of the cases, this has been found to be immensely helpful.