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How the credit works!

Every time you make a purchase with a credit card or get a loan you are using credit. When you use credit you borrow someone else’s money and agree to pay interest and other fees until all money is paid pack. The amount of money you borrow directly correlates to the total you will pay in interest and fees.

Advantage of using credit

You can buy needed items now, do not have to carry cash, record of your purchases. You probably use credit without know it. Credit card can useful to help you to manage your finances. However, if you do not use them wisely this useful tool can turn into financial disaster and keep you from getting a job, as I mentioned above. Use credit with caution before charging a purchase on your card; ask yourself do I need to make this purchase.

The following is the contact information of the tree major credit bureaus

1. Equifax,P.O.Box 105873 Atlanta, GA 30348www.equifax.comPhone: 1-800 685 1111Credit Score low 300 to high 850
2. TransUnion CorpP.O.Box 390, Springfield, PA 19064-0390www.transunion.comPhone: 1-800 916 8800Credit Score low 150 to high 934
3. ExperianP.O.Box 2350, Chatsworth CA 91313-2350www.Experian.comPhone: 1-888-397-3742 or 1-714 830-7000Credit Score low 340 to high 820

Credit score may vary from different credit bureaus.

If you are thinking of buying a car/home or getting a personal loan your credit score is very important number. Lenders have guidelines about handing out the best terms and those rules always place a major emphasis on your credit score. If lenders offer their best rate to borrowers with a score less than 720, it could may cost you more money.

The good news is that you can take steps to improve your credit score. To earn great score you must pay your bills in time, keep your account balances low, and take out new credit only when you need the most or re-financing your home, consolidating your bills with the lowest interest.

Online tools are available, to find out which strategies could have the most impact on your score,Fair Isaac’s. www.fico.com

This site may offer a credit score simulator when you purchase a credit report Better yet visit a9car.com you can down load for FREE credit report (why pay).

The important thing to remember is that you are not powerless when it comes to your credit score. These are many actions you can take to improve your credit score.

It is import to know your 4cs, they are

1. Credit, this is your credit history.
2. Capacity, this is your ability to re-pay your loan.
3. Capital, this is the amount of cash you invest in your purchase transaction.
4. Collateral. This is an item you will use to guarantee re-payment of your loan.

If you apply for a car loan and get denied, there are one can build non-traditional credit history can help you show that your ability handling money, bills is you should use a non-traditional credit sources by opening a saving account and making regular deposits.

  • Keep record of all bills. Cancelled check, paid bills.
  • Asking those people to whom you pay your bills in time.
  • Get a c-signer (Co-signer is a person who’s uses good credit history)

(Get on to your parents insurance, if you parents already have a car, you might be able to get a deal by adding your car on their policy. This may be cheaper for you and for your parents.)

Under Federal law you have the right to obtain a free copy of your credit report, if you find mistakes on your credit report contact the agency. It is a good idea to check your report often to make sure the information it contains is accurate.

Here is the web address www.annualcreditreport.com

Phone: 1-877 322 8228Or by mail, Mail your completed credit report request form (you can obtain from Federal Trade Commission, to get address and phone number to call visit a9car.com

Annual Credit Report Request Services,

P.O.Box 105261,

Atlanta,GA 30348

A9car is an information and technology platform. My Mission is to educate the Consumers.. Read More
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