Warning! Read This and You Will Become a Credit Score Expert!

February 27th, 2014 | Author:

[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.

Free Download Shows You How to Understanding Credit Scores

Newest Answers

What to Do When You Have Extra Money for Credit Card Debt

August 29th, 2016 | Author:
h

[M]ost of the time you struggle to make the minimum monthly payments on your credit cards. Now, you find yourself with extra money on hand and you wonder which cards to pay. Maybe you worked overtime or got a bonus, and you want to do the responsible thing with the money and pay down debt. […]

Continue Reading »

Why Your Child Needs a Savings Account

August 24th, 2016 | Author:
h

[I]n a world where credit is easily obtained, it’s far too simple for people to get into debt. Much more difficult is learning how to save. This practice should begin in childhood so that it is firmly ingrained in a person’s habits when they reach adulthood. When to Start Teaching about Savings You should teach […]

Continue Reading »

How to Stop Being a Co-Signer and Will It Hurt Your Credit?

August 22nd, 2016 | Author:
h

[M]any people become co-signers as a favor to a family member or friend who doesn’t have a credit history. After some time, they may want to take their name off the account. This is not always an easy fix, and it may have an impact to both people’s credit. The Process Generally, you have two […]

Continue Reading »

4 Ways Your Cell Phone Impacts Your Credit

August 19th, 2016 | Author:
h

[F]or many people, they can’t live without their cell phone. If they have a smartphone, they likely use it to do much more than just talk or text. While having a cell phone can be a good thing, it can also cause problems for your credit score. 1. Pay Your Bill If you fail to […]

Continue Reading »

Simple Ways You Can Mess Up Your Mortgage Approval

August 15th, 2016 | Author:
h

[A]fter the initial approval for a home loan, you may be feeling pretty confident about moving into your new home. However, there are some easy ways you can mess up your approval, causing your mortgage to fall through. 1. Adding Extra Income If you have more money in your bank account than what comes from […]

Continue Reading »

Credit Tips for Newlyweds

August 10th, 2016 | Author:
h

[S]ummertime is the time for beautiful weddings, followed by fabulous honeymoons. After the end of the vacation, you start your new life as a couple. If you haven’t already had the talk about money – and you should have, now is the time to do so. It’s important to start off a new marriage on […]

Continue Reading »

How to Build Credit without a Credit Card

August 8th, 2016 | Author:
h

[A]sk almost any expert, and they’ll tell you the easiest way to build credit is to get a credit card and use it responsibly. However, some people don’t like the idea of using credit to pay for things, so they want to find another way to build their credit history. 1. Ask Your Landlord to […]

Continue Reading »