When Do I Need To Report My Credit Score Information?

By MIKE SELVON

 In an ideal world, everyone would have lump sums of cashing floating around and have the ability to just drop $100,000 down on a house or $25,000 down on a new car. We can’t all be rich, but the United States allows us to live like we are through a system of credit. This is often referred to as “purchase power” and to have a lot of purchase power, you will need to report credit score information prior to borrowing and be found to have good credit scores.

This credit scores range, between 300 and 850, will determine whether you can borrow, how much you can borrow, how often you can borrow and ultimately says something about the person, personally. There are many reasons to work towards clear credit and not get caught up in the hype of “free money.”

You’ll need to provide credit score information if you want to buy a house. According to “My FICO”, if you’re in the top credit score bracket of 760-850, then you can get a 30 year fixed-rate mortgage at an interest rate of 6.149%, so you’d pay roughly $609/month on a $100,000 house. However, if you’re in one of the lower credit score brackets (500 – 579), then your interest rate will be 10.310%, making your monthly payments $901 on that same house, which means by the end of your loan period, you will have paid $105,120 more than the person with good credit!

A low rating credit score in the range of 300-500 means you won’t get a home loan at all! In fact, in lieu of the mortgage meltdown, most financial institutions have raised the bar considerably, so you can’t get a mortgage if your credit score is below 650! For many heartbroken ex-homeowners, this means they’ll need to downsize their family into an apartment and wait for at least three years before their credit scores can rebound.

You will also report credit score information when you’re opening a bank account. This may sound silly, but if you abuse your credit purchasing power, then you won’t be able to open a bank account! If you have a history of overdrafts on your account, or bounced check fees and not paying monthly bills on-time, then no one will even offer you a place to rest your money.

If you think you can just leave one bank and walk into another, guess again! With their industry ChexSystems database, other banks will see your banking history, as well as your credit score report and will deny you all the same. Soon, you’ll find yourself searching for a MoneyMart or payday loans center to take care of your banking needs. That’s no way to live!

To secure the best interest rates for new credit cards, the industry will report credit score information to these companies offering you money. If you’ve ever missed one payment, then you’ll notice how quickly your interest rate can go sour. You may start with an interest rate of 8% but see it skyrocket to 20% once you miss a payment and many of the 0% interest cards function this way.

So if you have a balance of $1,000, then you will go from paying $8 in interest to paying $20. You can see how easily that can escalate, especially if you have more than one credit card. Yes, they can all go up together if you owe more than a grand.

All the subsequent offers you receive will show that new high interest rate, which could jeopardize your entire financial future. Ensuring good credit history and good credit scores can help open doors for you.

Mike Selvon’s portal will expand your knowledge on report credit score when borrowing. Visit us and leave a comment at our credit score factors blog where a free gift awaits you.

Let your fingers do the with a Payday loan
By Ben Needles

 The Internet is really a godsend to many of us. This is especially true to those people who do not have the time to go running around to do their errands. With the Internet, we can do a lot of things from the comforts of our homes without having to spend more time and money as we would if we were to actually leave the house. One of the things that we can do online is to take out a loan.
Though not everyone favors the thought of taking out a loan, there times when we simply have to deal with it. Loans have been created to meet a specific need and when the need arises, there is no harm in taking out one, as long as you are a responsible borrower. One of the best types of loans in the market today is a payday loan. It is simply a product which allows the average person to deal with immediate financial needs without having to expend too much effort on the whole process.
Who are qualified to take out a payday loan? The answer to this is simple practically anyone is qualified to take out a payday loan! Payday loan lenders operate online most of the time and they make it easy for us to avail of their product. Each payday loan provider may have some certain requirements that may be unique to them but in general, they all have the same basic requirements that can determine whether or not you are qualified to take out a payday loan.
One, you have to be a resident or a citizen of the United Kingdom. Two, you have to be at least 18 years old. These two requirements are really common sense as most business transactions that you will engage in would require these two things. Three, you need to have a regular source of income. This is very important as this is probably the weightiest of all the requirements. This is needed by the payday loan lender in order to determine if you have enough money coming in on a regular basis in order for you to be able to pay back the payday loan. Four, you need to have a current bank account. This is also important because you would be receiving the proceeds of your payday loan in this bank account.
If you already meet all these requirements, all you need to do is let your fingers do the talking. You go to the web site of the payday loan lender that you prefer and then fill out their online application form. Most of the communication between you and the payday loan lender will be conducted online so you really do not have to leave your home or office for this loan. Once you get your approval through the Internet as well you only have to wait for 24 hours or so to receive the money in the bank account that you have specified in your application.

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