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What is a good credit score? When you request a free copy of your credit report, you will find a score assigned to your credit history. This score will determine whether or not creditors will grant you the loan or credit that you want because it gives them an idea of your risk to repay. Generally, the answer to the question “what is a good credit score?” is the higher the better.

Once you have your credit report in your hands your first question should be “What is a good credit score and what is my credit score?” Each credit bureau has its own method of computing the credit scores and by themselves they don’t really mean much. When the score is combined with your credit history, creditors can see at a glance how much money you owe and whether or not you have a good score. The scores range from 350 to 650, so if you are in the lower end of the score, then you will probably start to wonder “how can I raise my credit score?”

Using the mortgage industry as an example, if you ask what is a good credit score, the answer will be close to 650. If you are a lot lower than that, your chances of getting a loan to buy a house may be slim. If you ask about improving your credit score, then you will find that counsellors will tell you to pay your bills on time and try to pay them off. The less bills you have, the greater your chances of getting the loan you want.

You might not realize it, but applying too often for credit does affect your credit score. Your credit report contains the names of all the people who have requested your credit report, so having a long list of names in this section will not help you improve your credit score. Most consumers have the idea that when they ask what is a good credit score, they will find out that a lower number is better. You might also find that your score with one credit bureau is better than another depending on the creditors that deal with each one.

Moving many times also affects your credit score. Even though you pay your bills on time and are able to manage another loan, you may have to ask yourself how can I raise my credit score. When creditors see a lot of addresses, they assume you have trouble paying the rent. When you ask what is a good credit score, you also need to ask what factors affect the credit score. When you scan the credit report to see what your credit score is, you also need to look at all the bills and the number of times you were late with the payments. The next time you request a credit report, you will be anxious to see the score and you won’t have to ask what is a good credit score.

What is a good credit score? It’s all relative, but contrary to popular belief it is not “the lower the better”.

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Sooner or later you get yourselves a credit card; you acquire your first credit card as early as in senior school or when you enter college. And we all encounter the same type of problems while finding the perfect first credit card in terms of finding a credit card issuer or while managing the first credit card. Typically, all banks will ask you for a previous credit report that usually we are unable to provide to their satisfaction. Or sometimes they ask for some kind of guarantee that will prove us to be good paymasters. The first question that a bank will ask you while applying for a first credit card, is about your previous credit history. Since most of the younger generation usually does not possess any previous line of credit, banks tend to look at their first credit card applications disapprovingly. Thus it is not easy to find the right first credit card issuer as well as establishing a good credit score.

You can solve this issue by first looking for a credit card issuer making a special offer. You must search for a bank that tends to offer first credit cards for individuals who are starting off with their first line of credit. You may not have an excessive credit line at the beginning, but if you continue to be a loyal customer to the bank as well as a good paymaster, you will certainly receive the benefits of higher credit in the future.

If you are unable to find the perfect issuer who is willing to start you off with you first line of credit and first credit card then you will have to help yourself by establishing you own credit history. You can begin by getting your first credit cards from either gas stations, supermarkets or from department stores. These offer fidelity credit cards to their customers. From the time that you start owning your first credit card ensure its prudent usage which will help you in the future when you actually re-apply for a bank issued credit card.

Mark Henderson at http://www.creditrunner.com

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You get bombarded with them on a daily basis. They come in your mail by the dozens per month. When you go shopping at your favorite department store, they offer you one so you can 10 percent off your purchase. Instant approval credit cardsdo you really need them? Are they such a great idea? Anything that seems that easy to get can’t all be silver lining. There must be some dark clouds in there too.

Instant approval, though, can be a extremely convenient way to build up some credit for yourself, and credit is, as every expert will tell you, what you need to build if one day you hope to buy a car, own a house, save for your kid’s college education, and so on and so on until you retire happy and rich. But there are some tips you can follow when applying for instant approval credit cards to help you avoid the pitfalls of ruining your credit, or just not getting the credit card you hoped for.

1. Don’t Get Too Carried Away

The first tip, and possibly the best one of the bunch, is not to go too crazy with your applications. Pick one card to start with, and see how that application process goes. When you start taking offers from every credit card company that sends you something in the mail, you run the risk of damaging your credit. That’s because other credit agencies will begin to see you as desperate, the more credit cards you apply for, and get rejected from.

2. If at First You Don’ Succeed…

Next, if the standard credit cards don’t accept your supposedly instant approved application, then try your hand at a gas credit card or department store card. These are generally easier to get for beginners in the world of credit. They also tend to make for greater “trainer” cards, meaning you can learn how to make monthly payments on time, and build your credit.

3. Get Bill Savvy

Speaking of bills, know how to pay for them. Keeping some carryover debt on a department store card is a good idea. It shows credit agencies that you can handle an outstanding balance. But don’t build up debt on everyday items, such as gasoline, food, or entertainment. That doesn’t look good, and neither does a balance that grows and grows every month.

4. Don’t be Late on Your Payments

Want additional help with instant approval? Here’s a big hintdon’t be late on any payments that you already have, whether they be credit cards, gas bills, cell phone service, etc. Any slip-up like that can ruin any good reputation you may have with the credit agencies in an instant.

5. Take Your Time to Find the Right Deal

And finally, take your time when taking advantage of instant approval credit. Once you try the waters on one card, wait another few months, even a year, before applying for your next. Or better yet, if you don’t need it, don’t apply at all.

Joshua Shapiro recommends Find Credit Cards to find instant approval credit card applications.

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Small business owners, more than any other credit card users, are in the best position to profit from their use of credit cards. Profit from credit cards? The idea may seem foreign, if not preposterous. However, the truth of the matter is simple: if you use your business credit card wisely and open a high yield savings account, your credit card can easily make you a few hundred dollars a month.

Let’s begin by discussing the types of small business credit cards on the market. The first and often easiest for new businesses to attain are charge cards. There are a wide variety of these available from American Express’ OPEN, the small business network. The first benefit of a business charge card is the zero percent interest you pay. Yes, you must pay your balance in full in each month. However, we’ll soon see how borrowing money interest free is a great thing.

OPEN credit cards, like other American Express business credit cards, allow you to earn Amex rewards points with every purchase. In general, you earn 1 point for every dollar spent. In general, a point is worth between 1/2 to 1% of purchases, depending if you want to redeem your rewards for cash (1/2% value) or retail gift certificates and travel rewards (1%).

Now let’s assume your small business spends $10,000 a month. You will earn $100 in rewards from American Express. Plus, if you place that $10,000 into a high yield savings account with an interest rate of 4% or higher, you will earn over $30 a month in interest. Thus, the net earnings you will accrue by using an American Express small business credit card can easily equal $130 a month on $10,000 spending. Over the course of a year, that can add up to over $1500.

Small business credit cards with rewards provide similar profit opportunities, and fantastic short term profit opportunities, as many offer 0% interest rates for up to 6 months on purchases. For example, if you spend $10,000 the first month you have a 0% small business card, you can earn $100 in rewards, plus a very nice $200 in interest over the course of the introductory offer. When the 0% expires, you simply pay your bill in full and avoid all interest charges. You’ll find your business $300 richer.

Once the 0% APR expires on a small business credit card, you will have a “grace period” of around 25 days to pay off your new purchases before interest is charged. Thus, you simply treat your credit card like a charge card, and pay your balance in full each month, allowing you to earn rewards points on every purchase you make while earning interest on the money you already spent.

Over the course of a year, a small business that uses an American Express OPEN card and spends $10,000 per month can earn the equivalent of $1200 in Amex cash, travel, or retail rewards, plus over $400 in interest. That frees up over $1600 in capital that can be used to offset the cost of travel, purchase new equipment, or simply enhance your company’s cash flow.

Using small business credit cards strategically can positively affect your company’s bottom line, free up cash, and generate income through interest and rewards. With the wide range of cards on the market, it is important for each business owner to examine the interest rates, types of rewards, and fine print of small business credit cards before making a final choice. Personally, I’ve been a proud American Express OPEN Gold and Platinum small business cardholder for nearly two years and have nothing but praise for the company.

©2006, Credit Card Depot Inc. This article may be reprinted as long as the author’s bio and a live link to http://www.credit-card-depot.com remains intact.

The author is president and CEO of Credit Card Depot Inc. The company’s primary website, Credit Card Depot, features over 15 small business credit cards including American Express Open Credit Cards.

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Whether you want to buy a car, furniture, home electronics or you need to pay off medical expenses, most of us need to borrow money at some point in life. The willingness of lenders to loan you the money you want depends largely on what is inside your credit file. Credit bureaus located in most cities will tell you what information is in your file and give you a copy of your credit report for a small fee. You can find credit bureaus listed in the Yellow Pages under “Credit” or “Credit Reporting Agencies.”

If you previously had credit under a different name or in a different location and it is not reported in your file, request that the credit bureau includes it. If you shared accounts with a former spouse, ask the credit bureau to list these accounts under your name as well. Credit bureaus are not required to add new accounts to your file, but many will do so for a small fee. Finally, if you now share the use of a credit account with your spouse, ask the creditor to report it under both names.

When contacting your creditor or credit bureau, it will speed the process if you do so in writing and include relevant information, such as account numbers. As with all important business communications, don’t forget to keep a copy of all correspondence.

The law entitles you to correct any inaccurate information that appears in your credit bureau file. If a creditor rejects your application because of negative information contained in your credit report, it must disclose the identity of that credit bureau. At your request, the credit bureau must reveal the contents of your credit file. If you act within 30 days of being denied a loan, there is no charge for this service.

Check to see whether the information in your credit report is accurate and complete. You have the right, under the Fair Credit Reporting Act, to dispute the completeness or accuracy of any information in your report. Tell the credit bureau, in writing, why you think the information is not correct. As long as your dispute is neither frivolous nor irrelevant, the credit bureau is required to re-investigate the matter. They must correct any information that is not reported accurately. Information that cannot be verified must be deleted. If you disagree with the results of the credit bureau’s re-investigation, you may file a dispute statement telling your side of the story. At your request, the credit bureau will note your dispute in future credit bureau reports.

Be aware that when negative information in your report is accurate, only time can erase it. Credit bureaus are permitted by law to report bankruptcies for ten years and other negative information for seven years. There is nothing that can be done to force a credit bureau to remove accurate information from your credit file until the reporting period has expired. Don’t be fooled by advertising from companies claiming they can “repair” or “clean up” a bad credit history. In most cases, these promises turn out to be nothing but advertising hype.

Unexpected unemployment or illness occasionally makes it impossible for people to pay their bills on time. If you should ever discover that you cannot make your regular payments, it is imperative to contact your creditors at once. They may be able work out a modified payment plan that reduces your payments to a more manageable level. If you have a good history of prompt payments they will be more willing to accommodate your changed circumstances. But never wait until your account is turned over to a collection agency. At that point, it is too late.

If you need assistance dealing with your personal loans, you may want to contact the Consumer Credit Counseling Service (CCCS). This is a non-profit organization with more than 850 offices located in 50 states. Their counselors can try to arrange a plan for re-payment that is workable for you and your creditors. CCCS can also help you set up a realistic budget for the future. These services are available at little or no charge. You can find a CCCS office in your area by calling 1-800-873-2227.

Often overlooked are non-profit counseling programs operated at local colleges, credit unions, military bases and housing authorities. Lists of these no-fee or low-fee counseling services are frequently available from local consumer protection offices or banks.

Remember that good credit is a fragile commodity; much easier to break than it is to repair.

Carlotta Cortes is a personal loans advisor for Prime Loans Info, an information website dedicated to consumer credit and
personal loans. The web location is http://www.prime-loans.info.

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Everywhere you look it seems like another credit card company is offering a new reward program for using their credit card. They make it sound so good and such a great deal. But are the rewards really worth using the credit card? Let’s take a look at some of the different rewards that these credit card companies are offering.

You may be thinking that having one of the many different credit cards that are offering various rewards are a lot of fun. The truth is, you need to be careful and you need to be smart. Not all reward cards are worth having. You may think it is fun to use your credit card to gain free nights stay at a nice hotel, or fly free to a great destination, but you may have paid twice the price for these things in the long run if you’re not careful.

Avoid reward credit cards with high interest rates. In many cases a reward type card will carry a higher interest rate than your standard credit card. The higher interest charges can easily offset any possible reward. You’ll need to do some checking to see if it is worth it or not. Of course, if you’re someone who pays off his or her balance every month, this will never be a problem for you.

Likewise, keep an eye out for any reward credit cards that have a high annual fee. This may offset the value of any reward you would receive. By looking at the fine print you could save yourself a lot of money spent on fees and costs.

Cash Back

This is a popular type of reward credit card going around. Many of the top credit card companies offer cash back reward programs on your purchases. Generally the cash back is 1%, which comes out to $10 for every $1,000 spent. Be sure to read all of the fine print on these types of cards to see if there is a maximum limit you can receive.

Points

Another popular reward credit card is one that gives you so many points for every purchase with the card. You can then redeem your points for items such as a store gift certificate, or other items. Does the card have a limit on the number of points you can accumulate? Or do they have a time limit for saving up your points? If so, then this may not be a very good deal in the long run. Take your time and shop around for the best deal.

Airline Rewards

Frequent flyer programs have been around for a number of years. Some are based on points, while others are based on actual flying miles. You will receive one point, or mile, for every dollar you spend using your card. The problem with most of these type rewards is that it takes 25,000 points in order to redeem them. This makes it very difficult for most people to achieve the rewards from these types of credit cards. If you are a big user of your credit card, then this may be a perfect program for you.

Finding a good reward credit card can take a little work on your part. You may just find the perfect one that fits your needs and lifestyle. Or, you may find that the standard credit cards are more suited for needs. Be sure to read the fine print and shop around.

Michael Russell Your Independent guide to Credit Cards

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Consumers can now obtain a copy of their credit report from each of the major credit reporting agencies once a year without paying for it. But if you’re not sure how to get that important piece of information, you’re missing out on making sure that your financial future is still bright.

Going to the credit reporting agencies

Going to any one of the large credit reporting agencies can get you right to your credit report. That means going to TransUnion, Experian, or Equifax’s web site and asking for your report there. If you have already got your credit report for the year, you will need to pay a small fee.

When you get onto the site, they will ask you a stream of questions that will help to identify you. These might include various lenders that you might have accounts with that you will have to identify. Be sure to be within reach of your financial information in case you need specific account numbers.

After you have answered a few questions, you will be taken to your credit report with a detailed and a summary style report.

Or you can call the credit report agencies and have them send you a copy of your credit report as well.

What you’re looking for

Your credit report will show you the accounts that you have in your name as well as any revolving credit accounts (cars, mortgages, etc.). It will make note of the status of these accounts as well as any late payments that may have contributed to a lower credit score.

You will also find out how many people looked into your credit report. This might be due to a recent loan application or housing application. If you aren’t aware of anyone needing to know about your credit, then you might want to find out who has been looking.

While it might seem that credit reporting agencies should have everything well-organized, mistakes do happen and you may need to have corrections made. This might include your name or your birth date as well as other details about the payments that you have made or the accounts that you have.

If you don’t recognize an account, you will want to report that immediately to have that taken off your report as well as any other errors that might be present. Write letters to the agency as well as give any proof that you can to show that the information is inaccurate.

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This is the age of plastic money. It’s not uncommon for the typical consumer in the western world to go weeks at a time without ever handling a coin or bill. Everything we need is available to us with the simple “swik-swik’ sound of a credit card sliding through a reader. Supplies for the office, flowers for the wife, meals and drinks out, and an endless supply of useful products available for sale through the Internet can all be bought with naught a cent to be seen.

The big question is: “How safe is all this plastic?”

Cash has its obvious benefits. When you buy a sandwich for $2.95 and you hand the cashier a $5 bill, you know you haven’t been ripped off when he hands you $2.05 right then and there. But when you hand your card to a waitress at the local chain restaurant, how do you know she hasn’t taken a moment to sneak into the office and copy your card number and signature? You don’t, and the implications of this question are having a serious effect on credit card companies and the merchants they do business with.

In response to these issues, the big credit card companies have developed more secure ways to do business. MasterCard International and Visa got together and came up with a set of guidelines called the Payment Card Industry Data Security Standards. This is a list of 12 guidelines that imposes strict regulations on all transactions taking place between the card company and the merchants it trades with. While these standards have been in place since 2005, merchants are taking some time to catch up to them. However, in the past year there has been marked improvement, and both credit card companies have stepped up their tactics to the point where merchants may be experiencing losses of service if they do not fall in line soon. (You can read the 12 guidelines and the details of this plan on the homepages of Visa or MasterCard.)

Discover Card has responded to the pressure for more secure methods with it’s own program. They call it the Secure Online Account Number program. Anytime you use your Discover card to purchase a product online, their program will generate a random account number to “stand-in” for the one on your card. You then send this number to the merchant in place of the real number. When the number is verified with Discover Card, it will link to your account and the purchase is charged to you. The benefit of this system is that the merchant never sees your true account number. Only you and Discover Card have access to it. Once the transaction is completed the randomly generated account number is no longer valid, so any attempts to use it result in denial.

A security method that online merchants are employing is the requirement of a shipping address that matches the billing address on your credit card. This is to guard against thieves who may steal your account number but will have no access to your billing address. This way, if your card is stolen, it can only be used to make purchases that will ship to your address. Any prospective thieves will have to pick up their orders from your mailbox, not something the average anonymity-seeking thief will want to do.

There are also third party systems in place for ensuring online credit card security. VeriSign’s SSL (Secure Sockets Layer) technology is the leader in the field. VeriSign will give each merchant it conducts business with 2 “keys” (like coding alphabets), a public key and a private key. The public key is used to encrypt information, and the private key is used to decipher it. VeriSign’s technology now offers this encryption in 128- to 256-bit encryption, which provides a nearly un-guessable number of possible combinations of codes.

This article has been provided courtesy of Creditor Web. Creditor Web offers great credit card articles available for reprint and other tools to help you search and compare credit cards.

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Care to travel and earn mileage points while you’re at it? If that’s the case, then you should get yourself a United Mileage Plus Signature Visa card that lets you travel with ease and in style. For just $60 a year, cardholders are entitled to insurance for travel accidents worth $1,000,000, lost luggage ($3000), concierge services, reimbursements for delayed trips and emergency assistance. Additionally, with the United Mileage Plus Visa, you will also already be saving your way to a free ticket each time you charge to your card. This is possible as every dollar entitles you to one airline mile.

The United Mileage Plus Visa sets you off to a good start by awarding you 17,500 bonus miles upon activation. Some reviews of this card insist that you hold out for better offers that could reach well over 20,000 bonus miles. An extra 1000 miles can be obtained by signing up for the card online rather than over the phone. What’s more, with an approved application come a discount travel certificate worth $25 and a one-class upgrade on a 1000 mile free ticket, one-way.

Every year, cardholders have the potential to earn up to 60000 airline miles, even more for those who are members of the premier class. In fact, the miles remain valid if the card stays active for three years. Thus, if you are flying often on United Airlines you should get this card as soon as you can.

On the other hand, if you are not a frequent traveler and are always late with making payments, you are then better off with other credit cards. This is as the APR for purchases with this card runs on a variable rate with the regular figure at a whopping 17.74%. Finance charges are tabulated on an average daily balance while late payment fees are relatively higher than most cards. While it is common to find a $39 fee for a late payment of $1000 or more, this card charges you the same fee for $250.

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The consumer has legal right regarding the information that is reported to and stored by the credit bureaus. Credit repair specialists help consumers take full advantage of their legal rights.

How can I repair my credit report? If any information on your credit report is inaccurate, out-dated, unverifiable or misleading, you can dispute this information. Credit repair specialists can help you if you do not have the time or the know-how.

Will establishing “good credit” repair my credit report? While establishing good credit is always a good idea, even if that means obtaining a secured credit card, “good credit” does not outweigh “bad credit”. Most lenders look at your overall credit score, most evaluations are done by computer these days, so if you credit score is below a certain number you may not qualify for lower interest rates, or you may be denied credit completely. Reputable credit repair specialists should evaluate your individual situation, before promising results.

Can I repair may credit report on my own? Yes, it just takes time and patience.

Can I repair my credit report if I still have outstanding debts? No. While you may be able to have negative items removed, if the debt is still owed, the creditor may just report the information again. Reputable credit repair specialists do not recommend that you try to have items removed from your credit reports which are accurate, only that information which is inaccurate, misleading, unverifiable or out-dated.

Can I repair may credit report if I have declared bankruptcy? It is possible that you may be able to achieve some results if you have declared bankruptcy. Many people believe that bankruptcy wipes their credit report clean, but it only releases you from overwhelming debt. It does not remove information from the credit report that led to the bankruptcy in the first place. If you have a past bankruptcy and you are trying to improve your credit rating, it might be wise to contact credit repair specialists that are associated with a law firm. They will probably be able to offer more assistance than credit repair specialists that are credit counselors.

Where do I go to view my credit report? The website www.annualcreditreport.com has been set up to allow consumers to easily view their credit reports on line. Companies that advertise as credit repair specialists and attempt to charge you for copies of your credit report are not being honest. If you need more than one copy of your credit report per year, then you may have to pay for additional reports, but this payment should be made directly to the credit bureau.

Can credit repair specialists repair my credit report for me? They can help. You will be involved throughout the process, because the credit bureau will only communicate directly with you.

For more information about credit repair specialists, visit the Credit Repair Blog.

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