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

Why You Need More than One Savings Account

June 30th, 2016 | Author:
h

[I]f you struggle to save money and would like to have extra funds for a vacation, a new car and an emergency fund, the answer to all your problems may be multiple savings accounts. Most people think of setting up one savings account, but for some it may be too tempting to access the funds […]

Continue Reading »

First Steps to a Budget

June 29th, 2016 | Author:
h

[N]o matter how much you want to build or improve your credit, you won’t accomplish this goal unless you have a budget to follow. You’ll need to decide how much money you have to pay down debt or pay off old accounts. To build credit, you need to have a credit account you pay on […]

Continue Reading »

What to Do When You Can’t Pay Your Bills

June 28th, 2016 | Author:
h

[W]hen your income won’t cover all your bills, it’s all too easy to just skip certain ones like credit card payments. After all, you have to keep a roof over your head and utilities turned on, right? However, this action (or inaction) will impact your credit score and will do so for several years even […]

Continue Reading »

Should You Refinance Your Car Loan?

June 27th, 2016 | Author:
h

[Y]ou see the ads for car refinance and wonder if it’s a good option for you. While not as popular as home refinancing, auto refinance can serve several goals. It’s important to understand the entire process of refinancing to determine if it’s the right option for you. Strict Approval Terms Many times, it’s more difficult […]

Continue Reading »

Mistakes to Avoid When Learning to Save Money and Protect Your Credit

June 24th, 2016 | Author:
h

[S]aving money is an essential part of having good credit and being financially responsible. However, many people make some common mistakes when they open a savings account or start putting money aside. An Emergency Fund is Not the Same Thing As a Savings Account When you save money in a savings account, you often think […]

Continue Reading »

How a Summer Vacation Can Ruin Your Credit

June 20th, 2016 | Author:
h

[M]illions of Americans will travel this summer on vacation. Many of them will go abroad while others will visit a different state or even a new city in their own state. No matter how far you travel or where you go, be aware that a vacation can have a negative impact on your credit. Identity […]

Continue Reading »

Can You Lease a Car with Bad Credit?

June 17th, 2016 | Author:
h

[L]easing a car instead of buying one is attractive to people for several reasons. You can trade it in when the lease is up, ensuring you drive a newer car all of the time. Monthly payments are usually lower with a lease than with a purchase. Plus, you don’t have to worry about trading it […]

Continue Reading »