What Is A Credit Rating?

Your credit rating is a number that many lenders and potential creditors use to decide whether or not to extend you credit. They also use it to determine the interest rates and terms they’ll offer you. There’s quite a few factors that go into determining your credit rating.

The Big 3 credit bureaus are TransUnion, Experian and Equifax. Lenders and creditors report their transactions to these bureaus, and then they access these records to decide upon an individuals credit worthiness. Some potential creditors will access just one report. Others will access all three.

What Is A Good Credit Rating Number?

The number that is generated for your credit rating is also know as your FICO score. Your FICO score is a number that ranges from 300 to 850. 300 would be bad, 850 would be great! This number is the easiest way for a potential lender to judge how high risk you are. There is a formula for calculating your particular FICO score. – the percentage of available credit you are using – how much credit you have open, and for how long – payment history and delinquent payments – size of debt and credit.

If your credit rating is lower than 550 you will have a hard time getting credit, or pay extremely high rates. Anything under 500-550 is considered very high risk. Once you get your credit rating over 600 you will have an easier time accessing credit. And above 750 lenders are more than happy to extend you credit.

It’s easier to access your credit report and FICO score thanks to the internet. Before you apply for a loan, mortgage or any other major credit, make sure you check your credit rating first.

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By following these eight Privacy tips when using Facebook and other social websites you can shield yourself from this harm.

In a nutshell my eight Facebook Privacy tips boil down to this: Never place anything online what you want to remain private now or at anytime in the future, because what you put online today can affect you tomorrow, or in 5 years time. Make sure that those effects are positive by keeping anything that will affect your credit rating out of Facebook.

“Keep a secret and you remain its master. Reveal a secret and you become its slave. [Arab Proverb]“

So how do you do that and open accounts such as Facebook online? Here are my tips for protecting your privacy on Facebook, and prevent your credit rating suffering because of identity theft.

Facebook privacy tip # 1. Never use your full name.

Most of your real friends don’t know your full name, so why give it out to complete strangers? Yes, its OK to use your family name. Anybody can know that and it won’t affect your privacy.

Facebook privacy tip # 2. Use your nickname and family name.

Never give your middle name. That is starting to identify you from thousands of other people with a first and last name like yours. If your real friends know you as your nickname, use that nickname as your first name online.  Keep your middle name blank, or add a fake one.

Facebook privacy tip # 3. If you don’t have a nick name or name that is shortened, e.g. Ron or Ronny for Ronald, or ‘Andy’ for Paul Anderson, then why not use a name that you would love other people to call you?

Many people don’t like their given name and secretly wish they had been called a different name by their parents.   For example if you were named Ronald at birth but hated the name, why not call yourself Ronaldino, or Ronaldo on Facebook? It makes you sound more interesting straight away.

Facebook privacy tip # 4. Never use a Passport photo as your Facebook image.

A natural photo of you with a big smile that is cropped from a larger photo with a landscape background is fine. [Passport photos dont allow you to smile, so this is unlikely to be used for fake IDs.]

Facebook privacy tip # 5. Don’t use your real home address.

Your real friends already know your address, and if you move you can tell them verbally. Your Facebook “friends” and Facbook don’t need to know your real address. I suggest that you use your job address or your school or college address. After all, you are there most of the time you are awake [hopefully] and this protects your identity and your privacy. The only exception here is if that is also your place of business. You may want people to know that address to find you, but most people that work at home or work from home, don’t meet their clients at home. [There are many insurance, security and other risks and Local Government legal requirements that make seeing customers at your home a bad idea.]

Facebook privacy tip # 6. Deliberately get your date of birth wrong.

Why would your friends need or want to know your actual date of birth? Women have a phobia about telling anyone their real age, except on Facebook it seems!  You can simply move to a year lower or higher. For example, let’s say your DOB is 9/11/1990. You could make it  2/2/1991 and this will protect your ID. That is, change the day, the month and the year. Your Real friends will know your actual birthday, and your facebook friends can celebrate your “second” birthday.

Facebook privacy tip #7. Its OK to use your actual mobile phone number.

Its personal and you can easily change it if you get unwanted calls as a consequence of having your phone number on line.

Never show or discuss your social security number, your tax file number, your credit card numbers, your pin numbers or your bank account numbers online. This is what as indentifying personal information, and should not be disclosed even to friends. The only exception is when transacting with a known trusted site with a security certificate, an HTTPS start of the internet address that shows that your information is encrypted.

Facebook privacy tip # 8 Never trust Facebook for keeping your confidential information private.

Facebook’s policies may change and errors can occur. Either can leave you exposed. So keep that private information out of Facebook in the first place.

Facebook can be fun and private at the same time, without endangering your credit rating.

Feel free to share with everyone on Facebook your photos [that you would be happy for your family to see, because they can], your other friends and all the hangers on you’ll gather, what you like and dislike and what makes you unique and as a person. Just remember, your friends nor your Facebook friends need to know any of your private information, so why share it with them?

The easiest way to protect your privacy on Facebook is not to share any credit rating related or private information that you would not want your worst enemy to know. When you avoid using your full name, your actual address and natural photos, then no one will be able to steal your id.

By never giving your bank account details, drivers license details or image, and social security or tax file numbers, and your privacy will be safe. Only give your credit card details to to trusted online sites that are encrypted and have a security certificate and show the HTTPS in the start of the address line.

So to protect your credit rating and your identity from being used by others, get on to Facebook and your other Social networking site accounts right now and edit your profile in the areas that affect your privacy. Don’t rely on the sites privacy policy to protect you.

Debt consolidation may mean two things: one, you may reduce your monthly payments by extending your repayment period and two, a fluctuation in the interest rate is inevitable because you have taken a bigger loan and interest rate may be hit.

On the other hand, if you were paying higher interest debts compared to your debt consolidation loan you will be paying lesser interest than before. The advantage as far as your interest rate is concerned is, you will have a fixed interest throughout the payment period.

If you have opted for a debt consolidation you are opting for a secured loan with an asset as collateral. Should you default on repaying this loan your asset will attract foreclosure as a repayment of the loan.

Reasons for debt consolidation:
Simplifies your finances by allowing you to make one payment
Protects credit rating by avoiding non payments
Reduces monthly instalment to one low payment
Has a lower interest rate while compared to credit cards
Has a final date of completion of the loan

Steps to take if you are planning to consolidate your debts:
Make a list of all your debts not forgetting the student loans, vehicle loans etc
Calculate the total minimum amount to be paid on all the loans
Research thoroughly and select the best debt consolidation loan available
Consolidation loans can be secured (against assets) or unsecured (personal loans)
Find the lowest rate line of credit that offers ample credit limit to cover the entire debt
Apply for loan that should consolidate all your old debts
Do not start the overspending again; stick to your budget
Start a buy by cash policy and stick to this
Continue with repayment of debt consolidation loan

A debt consolidation loan does not set any limits on which debts you can consolidate. The advantages of debt consolidation may be longer repayment plan, lesser interest rate and a single instalment. These loans also ensure peace reducing the stress of balancing payments for many credit cards. However, the flip side of these loans can mean an increase in total amount if you repay slowly. Such loans do not offer flexibility normally which in credit cards is allowed. Credit cards have a flexibility of repaying as low or as high as long as you pay the minimum balance. Debt consolidation loans can also create a false feeling of a single debt and may tempt you to make new debts.

Debt consolidation need not necessarily be done through a loan but you may opt for a debt consolidation program. In this a third party debt counselor works with you to pay down the debt you have by negotiating lower interest rates.

There are basically two kinds of credit cards. There are unsecured credit cards and there are secured credit cards. A secured credit card depends on you depositing some money in an account first. You can then use the credit card up to the limit of what is in your account. An unsecured credit card does not depend on an account. It depends on your ability to pay your monthly fee. That is the kind of credit card that most people have and it is the kind that most people want.

If you have a bad credit history it will be difficult to get an unsecured credit card from most of the major providers. But having a credit card is a vital part of modern life. It can be very difficult to manage your financial affairs without one. If you want to make purchases on line, or buy tickets over the phone a credit card is essential.

So if you have made some mistakes in the past, and most of us do, how can you get an unsecured credit card? Surprisingly enough there are companies that specialize in this niche market. They provide unsecured credit cards for people with a bad credit history.

Obviously this is going to be more expensive than an unsecured credit card for customers whose credit rating is perfect. But it may be a useful option if you feel that you need a credit card like everyone else has in their wallet

The Imagine card is a credit card for people with a bad credit history. It is based on the principle that people who have made mistakes should be given the chance to rebuild their credit record. All applications will be accepted. Everyone gets a chance to try again.

It is run by Mastercard. So it has the backing of one of the big companies. Imagine is not some fly-by-night operation.

If you take out an Imagine card you will be given a low credit limit of $70 or $300 and you will have to pay an annual fee of $155. This seems expensive. But you have to compare it to other sources of credit.

The low credit limit will protect you from going over your limit. It may not seem much but it will enable you to make many essential purchases for which cash is not appropriate.

The main advantage is that it is a “real” credit card that will enable you to rebuild your credit rating. If you keep up the annual fee and the monthly repayments your credit record will improve month by month.

Over time the annual fee, which is the credit card company’s insurance, may be dropped. Once they are sure that you have developed a pattern of regular payments they will have confidence in you. That is what you need to achieve.

An Imagine credit card is a learning curve for you. You will be developing good financial management skills that will help you manage a higher credit limit. The temporary annoyance of having a low limit credit limit will soon be over.

This a medium term strategy for repairing your credit rating. One mistake does not need to mean that you are permanently scarred. There is life after bad debt.

Abhishek Agarwal
http://www.articlesbase.com/credit-articles/unsecured-credit-cards-getting-an-unsecured-credit-card-inspite-of-bad-debts-703512.html

With the world economy in meltdown, each person is asking one question: “How is this going to affect me?” (Or affect us, if you have a family to feed.) Redundancies are already a global fact of life.

In December 2008, the US unemployment rate rose to 7.2 per cent, with more than 11 million people unemployed. In the United Kingdom, redundancies are hitting “white collar” workers – those in consultancies and management. Between June and November 2008, more than 22,000 people working in these areas lost their job. There have also been significant cutbacks in the leisure industries – tourism, hospitality, amusement and sports – largely because of the drop in the amount of discretionary spending available in most homes.

Who will survive?
During an economic downturn, businesses are at risk. Turnover is less and cashflow is tighter. Profitability is reduced, because business activity slows and there is more competition between firms for the small amount of business available.

If you are a small or medium business owner, you will already be taking steps to minimize the potential impact of the recession by attending to debt consolidation or reduction; taking a proactive approach to business management; reviewing costs; and ensuring asset protection is in place.

Employees can take similar steps to protect their personal assets and their wellbeing against the threat of redundancy.

Reduce debt
Make sure you know exactly how much you owe, and to whom. Now is the time to pay off your credit cards if you can and to dispose of all but the most important ones – three is possibly enough to ensure you maintain your good credit rating. Once you have paid consumer debt, accumulate as much cash as you can.

Become proactive
Rather than waiting for the worst to happen, take control of your life by looking realistically at your assets and thinking laterally. Do you have a hobby that you can use to make money? Are you prepared to work at times when others prefer not to – nights, or holidays? Not afraid of “dirty work” that others won’t touch? If you work in an industry where staff numbers are dwindling, are you able to re-train and embrace another career?

Review costs
Taking control means knowing exactly how you spend the money you have. Are there things you can do without? What does that daily cappuccino really cost? Are you spending too much on the power bill? On “toys” like a pleasure boat, or a TV in the bathroom? What other overheads do you and your family have? Most people can simplify their lives if they try, especially if they develop a taste for things that are free – hiking, visiting the library, gardening. By saving, you can often accumulate as much money as by taking on extra work.

Protect your assets

This is where you focus on the positive aspects of your life. Since you are your greatest asset, it makes sense to protect your health. Get sufficient exercise, eat healthy food, cut back on alcohol and tobacco, sleep soundly. Attend to the maintenance of your home – your second biggest asset.
And take good care of your family and friends, because we all need each other. Developing excellent communication skills will always stand you in good stead, whatever the economic climate!

SearchPooch.com
http://www.articlesbase.com/strategic-planning-articles/the-economy-and-your-job-749804.html

Depending upon which home insurance company you are choosing, the price you pay for your home insurance can vary by thousand of dollars. Here are some important tips that can help you to choose the best home insurance without making you confused since there are thousands of home insurance policies available in the market.

A home insurance generally refers to an insurance policy which is a combination of all the protections for yourself and your home. In fact many home insurance policies even protect you from any sort accidents that can occur in your home. This is the reason a home insurance policy is often referred to as homeowners insurance. It is considered to be the largest investment of all and this is the reason it is very essential for you to choose the best policy to protect your home. A home insurance policy can cover various conditions including coverage against theft, lightening, fire, smoke, ice, snow or even frozen pipes.

Some important tips can make your work easy in choosing the best home insurance policy. Firstly, keep in mind to visit many home insurance companies and obtain their individual quotes. The best way to save money would be to visit no less than ten insurance companies so that you can easily figure out the best deal after you compare all the quotes. This can save you hundreds of dollars ranging from $500 to $1100 on your yearly premium that you have to pay for the home insurance you choose. You can even log into a comparison website where you can find different rate quotes from various insurance companies and after comparing those quotes, you can choose the best one for your home. Many comparison websites also offer advice from insurance experts on call helping you to get your queries answered on the spot.

You can even raise the deductible so that you can easily save nearly 30% on the premium you pay for the insurance company. If you are planning to buy your home insurance and auto insurance, try to purchase both the insurance policies from the same company since consolidation helps you to save nearly 30% on your insurance. Another good tip for getting a healthy amount discounted from your premium would be to purchase and install dead-bolt locks, window locks, burglar alarms and other security lights for your home.

Before applying for the home insurance, please be sure that you are insuring only your home and not the land. Many insurance companies will try to convince you to insure both your home and land, but always remember insuring your land is totally useless. Another tip would be to apply for a senior discount if you are more than 55 years. Don’t forget to submit the proper age proof for availing the discount.

Lastly, check that you have a good credit rating since nowadays many insurance companies use credit reports to determine your risk factor. Therefore prepare a healthy credit report and check that you have all types of invalid entries removed to obtain a good home insurance policy from the company.

Adi Azar
http://www.articlesbase.com/finance-articles/tips-to-chose-your-home-insurance-713112.html

5 Things to Do Before You Even Think about Divorce

Summary — There are a number of things you should do before you take any action on your divorce. These 5 things are critical if you blow it on one of these you may have really made a huge mistake.

There are many steps to take to protect yourself in a divorce. This article will get you started. Your best bet is to talk to a lawyer before you do anything.

1. Talk to a Marriage Counselor or other professional who may be able to help you save your marriage.

Even if you don’t think there’s hope for the marriage, “divorce counseling” can help you discover what went wrong, how to cope, and how to pick up the pieces and go on. Don’t wait for your spouse to participate. If you don’t know how to find a qualified counselor, our firm will be glad to recommend one or you can check out the directory of professionals at stayhappilymarried.com. Your employment, social or religious contacts might also provide leads.

2. Talk to an attorney before you do anything.

Even if you don’t end up hiring an attorney to handle your separation or divorce, you would be well advised to get as much information as you can before you even discuss divorce with your spouse. There’s a lot to know about divorce in North Carolina . . . our laws are complex and even the simplest situation can be very confusing to families already in distress. Actions you take now may very well affect the outcome of your divorce (see #3) and you need to understand your options ahead of time . . . not some time down the road when it may be too late to alter the outcome. Click here to find attorneys who are well versed in the intricacies of North Carolina divorce law.

3. Do not move out of the marital home without talking to an attorney first.

Leaving the house without a good reason may cause you to pay alimony or may result in your inability to collect alimony. If you leave the house, you may also be unable to return until after a court divides the property. This process might take more than a year. The best advice is to stay in the house until after you talk with an attorney unless your spouse is violent. If your spouse is violent, you must take all steps necessary to protect yourself and your children.

4. If you have been involved in any extramarital affairs, talk to a lawyer before you discuss this with your spouse or anyone else.

In this case, honesty may not be the best policy. In addition to the fact that adultery is illegal in some states, admission of an affair can have other dire consequences. If your spouse is a candidate for alimony, any illicit sexual behavior on your part (during the marriage . . . which includes the time you are separated) could end up costing you thousands in additional alimony payments.

5. Take concrete steps to safeguard your assets before you and your spouse begin discussing divorce.

One of these steps is to take possession of certain assets during separation, especially those assets you wish to be using, such as furniture and vehicles, and those assets that might be liquidated by your spouse, including precious gems and stones, other collectibles, cash, and bearer bonds.

Another self-protective step is to file what is known as a Lis Pendens in the Deeds Office of any county where you and/or your spouse own real property. The lis pendens puts third parties on notice of your claim to have an interest in the real estate against which the lis pendens is docketed. The lis pendens is basically a notice of pending litigation that may affect real property. A properly recorded and served lis pendens clouds the title to the property, preventing an effective sale of the property behind your back. The rules regarding a lis pendens contain very specific requirements, all of which are spelled out in section 1-116 and the following sections of the North Carolina General Statutes.

A third possible step to protect the assets of your marriage is to get an injunction restraining your spouse from transferring or otherwise disposing of any property covered by the restraining order. Your attorney can also use an injunction to get your separate property returned to you, where your separate property is in the possession of your spouse and the spouse refuses to give it to you. The equitable distribution statute also provides a means for you to obtain an interim distribution of marital property, pending a final resolution of the property matter. Such an interim allocation could, for instance, give you much needed funds on which to live.

Other protective measures you might consider in your divorce planning include: (1) protecting your own credit rating by freezing or closing joint cards and by blocking your spouse’s access to other joint credit such as a home equity loan; (2) closing joint bank accounts and opening accounts in your own, individual name; (3) changing the name of the responsible party on utility and other bills; and (4) spending where possible your spouse’s separate property first, marital property next, and your own separate property last.

While this list will help you get started on the right track, it is by no means a complete list of all the things you need to do and know if you are considering a divorce. For more information about the rights and duties of separating and divorcing husbands and wives visit one of our Raleigh divorce lawyers. You’ll find a complete law library, downloadable divorce forms, a legal fee calculator, a child support calculator, lists of professionals who can help you and stories from people just like you who have survived divorce.

Lee Rosen
http://www.articlesbase.com/law-articles/5-things-to-do-before-you-even-think-about-getting-a-divorce-701265.html