[O]ur credit score is very likely the most important number attached to our lives other than our Social Security number. It can determine whether we get a loan or receive other forms of credit, rd, but also if we secure the apartment we’d like to rent. There is even more tied up in our credit scores than we realize. Even our insurance or utility rates can be affected by our credit score, for better or for worse.
Additionally there are different models of credit score that are used by different creditors. The whole subject of credit histories, scores, and credit reports can be confusing and outright overwhelming for the average consumer. There is the FICO model to consider, and the more recently introduced Vanguard system. Both have quite different rating systems, yet both can dictate whether you receive credit or not.
Many consumers are unaware of what their credit score is, yet alone how it is calculated. The truth is; different models use different criteria to compute a credit score. It is possible you could have a good score with one version, a low score with another. It really can be quite confusing.
There is no longer a need for anyone not to understand the topic of credit scores however, as there is a new EBook available to consumers that takes the mystery out of the credit-related financial system. It is written in clear, easy-to-understand language, with credit and financial terms explained in layman’s language that everyone can comprehend.
Written and compiled by credit score specialist Ethel Wilson, Understanding Credit Scores takes readers through the differences between a credit report, credit history, and credit score, the different types of credit score models such as the Vanguard and FICO scores, and even goes into precise detail about how credit scores are calculated and what consumers can do to repair or increase their credit score.
“This EBook is written for the average consumer,” says Ms. Wilson. “Our goal in publishing it is to help every individual to understand their credit score, how much it affects their life, a better rate on loans and credit cards, and have much better overall financial health.”
Edit: The original post indicated that a better credit score can help you improve your chances of getting a job. This is incorrect and we apologize for the error. The fact is that employers use credit reports and not credit scores to filter applicants for certain roles. The two (credit scores and credit reports) are not the same and this is further explained in the PDF booklet we’ve created.
[I]f your credit score isn’t where you need it to be, change often feels like a frustratingly slow process. This is particularly true in those instances when you need to gain points fast in order to meet an important goal. Fortunately, a few key methods exist that will help. The following are the quickest ways […]
[C]losing a credit card account may seem like a great way to deal with debt. However, the tactical measure of cutting up your card may backfire by hurting your credit. While you may stop the spending that created the initial debt, you have also lowered your amount of contractually available credit. Find out how to […]
[P]reparing for retirement requires a significant amount of planning. Aside from securing your nest egg, you will want to shore up your credit. Taking steps to strengthen your credit will ensure that you are ready for whatever life brings you. Follow these tips to prepare your credit for your upcoming retirement. Create A Spending Plan […]
[M]ost people are aware that a car repossession can significantly damage your credit. However, the severity of the harm done to your personal credit score cannot be understated. It is important to do everything possible to halt a repossession before it takes place. Downward Spiral A car repossession does not exist on your report as […]
[T]he holiday shopping season offers plenty of discounts for shopping online. Online shopping accounts make it easy to make your purchases. Storing your information within the program saves you from having to enter it each time you complete a transaction. However, there are risks to storing your card data with a shopping website or app. […]
[O]ne of the most attractive features in a credit card is one that allows you to earn points toward traveling. After all, most people enjoy the idea of a free vacation. The Barclaycard Arrival World MasterCard offers you rewards with bonus miles based on how you use it. Here is a list of benefits that […]
[F]inding out that your information was made vulnerable in a data breach happens more frequently than ever. In this era of cyber crime, the stakes for businesses and consumers alike have never been higher. Regulators are working overtime to fight against fraudsters. Credit card chips are one byproduct of this effort. Learn more about chip […]