 I found a check? |
i found a check to day for $665.it is signed by the person who gave it and it has who it is to.can i cash it?
Additional Details
and i am only 13 and i am not going to do ... |
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 Can a debt collector place a lein on property AFTER running it on your credit for seven years? |
| My Husband had a truck and never paid for it. The debt collector wouldn't never come get the truck becasue they went bankrucpty. They ran it on his credit for seven years. NOW they have put a ... |
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 I think I overdrew money on my DEBIT CARD...advice please...? |
| OOOH SHOOOT man it was an emergency! i had to use about 20 bucks and so i was checking to day and i went over 18 dollars! i'm so scared i don't know what to do. i usually manage my money ... |
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 Can I finance a new car with a credit score of 551 and a cosigner that has a credit score of 680? |
| im 19 years old and i want to finance a new car for 14000 with a credit score of 551 but I will have a cosigner. i have two jobs. any information regarding this matter please ... |
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 Does Cosigning a student loan lower your credit score? |
| My sister needs me to cosign her loan. I have just graduted from college and worked myself up to a 700 FICO score (I know it's not perfect). I wonder if cosigning a $10K loan for four years in a ... |
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 I have a credit score of 753. Is that good? What's the highest possible? |
Additional Details
I haven't been working at my credit, I'm just responsible. My personal banker told me it was good, just wanted an unbiased opinion ZinaRae.... |
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 What are some things I can do to establish credit? |
| I am attempting to establish credit but I don't really have any idea of how to go about it. Credit card companies send me offers every week. But I know that most of those are no good. I read all ... |
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 I want to consolidate my debts into 1 monthly payment...? |
| I have been screwed around by these bogus credit repair agencies I would just rather contact a "legit" debt consolidation company so I can start repaying my debt and bills o I can re-... |
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 HEELPPP!!! PLEASE HELP and 10 POINTS!? |
| will all items i bought will be shown on my credit card bill? and will all the details like the name shown on the bill? i am new to my credit card, i am using mastercard and i havent receive the bill ... |
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 I lost my debit card!!!!!? |
| My debit card was stolen a couple of days ago (4-5 days) and used to make purchases worth more then 2000 dollars. I have contacted the police after my bank have notified me of the overcharges the ... |
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 Personal Loan Question...? |
| Is there a way to obtain a personal loan with the promise that you'd pay back in full using your tax returns? We'd make payments on it until then, but we'd pay it off in full come F... |
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 Debt Help!!!!!!!!!!!!!? |
| I am in a little debt I owe one credit card company 1700.00 ad another 350.00 how do I establish this debt without having to pay in full...I really want this off my credit the 350.00 credit card ... |
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 Maxing out credit cards and moving abroad???!!!? |
| I have two friends who are in the process of doing this right now as they are in New Zealand. It's not just credit cards either - there's a couple of loans as well. When I was living in A... |
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 I have HUUUUUGE debt I can't pay. What do I do? |
| Everythings in collections, I just moved to a new city and I can't find a job. I can't afford the payments and havent been able to in a long time. Whats the best thing I can do? Can I get ... |
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 Pay off credit cards all at once, or gradually? |
| I just inherited about $30K. I've got $21K in credit card debt that I really want to pay off (since it's costing about $500 a month in minimum payments that aren't reducing what I owe).... |
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Mickey Serene | What is a Credit Score? |
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SPIFIMAN1
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Credit scores are based on the following factors;
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
The actual way they are calculated is a trade secret. FICO scores run from 300 to 850 with anything that calculates to below a 300 defaulting to a 0.
Scores are used to determin the risk involved when people apply for credit. Simply put the higher the score the lower the risk.
Scores are not all that matters, credit profile is just as important as scores.
To have the best of both people need 3 credit card accounts (revolving) with balances below 30% of their limits and 2 cars, boats, homes, computers, furniture or personal accounts (installment) all with good long pay history's.
I look at credit everyday and see people every month with vey high scores that can not buy a car because their score is based on 1 credit card with a $500.00 limit paid 15-times and a couple of student loans.
While this profile generates a great score it doe's not show the actual ability or willingness to pay anyone. |
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Chief Rain In the Face
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A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person, which is the perceived likelihood that the person will pay debts in a timely manner. A credit score is primarily based on credit report information, typically sourced from credit bureaus / credit reference agencies.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.
Credit scoring is not limited to banks. Other organizations, such as mobile phone companies, insurance companies, employers, and government departments employ the same techniques. Credit scoring also has a lot of overlap with data mining, which uses many similar techniques.
In the U.K., there is much academic research into credit scoring. Experts from banks, academia, and government agencies gather biannually at the "Credit Scoring & Credit Control" conference in Edinburgh.
The most popular statistical technique used is logistic regression to predict a binary outcome, such as bad debt or no bad debt. Some banks also build regression models that predict the amount of bad debt a customer may incur. Typically, this is much harder to predict, and most banks focus only on the binary outcome.
Credit scoring is closely regulated by the Financial Services Authority.
It is very difficult for a consumer to know in advance if they have a high enough credit score to be accepted for credit with a particular lender. This is due to the complexity and structure of credit scoring, which differs from one lender to another.
Also, lenders do not have to reveal their credit scoring methods, nor do they have to reveal the minimum credit score required for the applicant to be accepted. Simply due to this lack of information to the consumer, it is impossible for him or her to know in advance if they will pass a lender's credit scoring requirements.
If the applicant is declined for credit, the lender is also not obliged to reveal the exact reason why |
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abhi555
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Its a way to identify how creditable the person is for an organization/individual. Score calculation is much complex. But simply: if you are making payments on time, it will increase your credit score. |
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Gary W
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Credit score is a number that is based on financial trustiness of a person. Credit score can be easily determined by credit report that contains all history of your bills (payable/paid), credit info or anything else that would affect your financial creditworthiness. All lenders like banks and credit card companies use credit scores to know the financial ability of consumers. |
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Jeffrey
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A credit score is a numerical representation of your creditworthiness that is provided to potential creditors to determine whether they will lend you money/credit.
Fair Isaac is, by far, the most popular company providing credit scores. Their score is called a FICO score. |
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lilly.lydia
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Credit score is a number that is based on loyalty of the payment you made for the Loan you take. The better is your credit score, the better chance of getting the loan at less interest rate. Your credit score defines any bank or company about your stability position to return back loan |
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Junior H
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What is a Credit Score?
In the credit game, the crowd judging you is a company called “Fair Isaac” and the numbers range from 375 - 900. This is your credit score—your FICO score— which heavily determines your credit attractiveness to a large number of people (i.e., banks, insurance companies, loan companies).
It’s unnerving enough just knowing you’re being judged on anything. But how about being judged on things you have little control over, or not even knowing the criteria upon which you are being judged?
This is not an exaggeration. For the longest time, no one knew the criteria for credit scoring. Only after enormous public and government pressure, consumers are now allowed to get their credit scores, although the formula used to calculate your score is still as mysterious as the recipe for love.
Your credit score is derived from information accumulated in a credit bureau that issues your credit report. Your score is based on the number of credit accounts you have, your payment history, and your personal information, and is derived from a calculation so complex that there is no exact formula to print. But it is a statistical yardstick projecting whether or not you will default on future credit. Fair Isaac developed this statistical model (used by all three credit bureaus and most banking institutions), but will not reveal the exact recipe for the model. The company maintains that its model is a proprietary system, and keeping it a secret
ensures its continued existence. If it gave away the product, how would Fair Isaac make money? What most people don’t realize is that this credit scoring model is a product sold to lending institutions and, of course, credit bureaus.
This scoring model did not start out to be the industry standard, but since it was the most complete model available when the banking industry was interested in
such information, it became an integral part of the credit granting process. The model took years to develop, and Fair Isaac has all kinds of empirical data to back up its accuracy. The lending industry considers this model to be fair and accurate. Since almost everyone uses it, it implies that everyone is measured by the same yardstick. Many (if not most) American and Canadian consumers are at the mercy
of this statistical model. |
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ibettergonow
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they range from 350 -850 ...not 1000 like noted on another reply |
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StardustMemrees
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A credit score is a number based on 1000 and when you are old enough to apply for a credit card (for example...a MasterCard), now when you open the credit card, it costs you 50 points <now, that may not seem like much, but follow along...>.
Now, you are at 950 points...then, you apply for a car loan, this time, it may cost you a little bit more of your points...say, 100> and then, you rent an apartment...another 100.
Each time you open a credit card and they do a check of your credit worthiness (meaning, how fast you pay the bills create), your score goes back up towards 1000, but the more credit you have, the lower your score goes and it eventually gets to a point where your Credit levels off, and that is what is known as your 'Credit Score'.
DON'T GO CRAZY in trying to get your first credit card because you are lowering your Credit Score and the more points you lose, the less likely you are to be approved for a credit card <Not everyone is approved for a credit card> and eventually, when you are, the credit card company will expect you to repay what you owe with a really high APR <Annual Percentage Rate, which is an charge they make you pay for using this card and some can be as high as 30% or 30c for every dollar you spend>. YOU NEED TO READ THE FINE PRINT ON THE BOTTOM OF THE CREDIT APPLICATION TO KNOW WHAT YOU ARE GETTING INTO BEFORE YOU SIGN ON THE LINE BY THE X!!!
Another thing you need to be careful of are those types of things that credit card companies and department stores will use to try to get you to apply, like '20% off for applying today' or 'Free xxx for opening a credit account'.
Lastly, you also should be careful of the Credit Card Insurance that they offer. The credit card company will get you to sign up for it and tell you that the first X-amount of time is FREE, but after that certain time is up, they will add a charge of $25+ onto the amount you owe. They will use things such as 'This can come in handy if you get laid off or are unable to pay your bill because of illness, etc.', but this, too, is just another way for them to get your money (how many people expect to become sick or lose their job?). The credit card company will often mail you a packet AFTER you've signed up for the insurance and in the fine print, it will state that the insurance is only good for something like 6 months and after that, your account is sent to the Collection Agency.
The Credit Score is best if you can leave it at the HIGHEST AMOUNT POSSIBLE and you should try to pay whenever CASH so you can make your dollar go farther because even though it might look impressive to some to see alot of plastic in their wallet instead of cash and they may feel rich because they got $xxx of a limit that they can spend, how is that better if you have to pay it back with Interest and Finance Charges? |
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