credit rating – How To Occupy http://howtooccupy.org/ Thu, 17 Mar 2022 19:48:41 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://howtooccupy.org/wp-content/uploads/2021/07/icon.png credit rating – How To Occupy http://howtooccupy.org/ 32 32 3- and 5-year personal loan rates continue to fall https://howtooccupy.org/3-and-5-year-personal-loan-rates-continue-to-fall/ Thu, 17 Mar 2022 19:48:41 +0000 https://howtooccupy.org/3-and-5-year-personal-loan-rates-continue-to-fall/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. The latest personal loan interest rate trends […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (iStock)

Borrowers with a good credit application personal loans in the last seven days pre-qualified for lower rates for 3-year and 5-year fixed rates than in the previous seven days.

For borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender between March 10 and March 16:

  • Rates on 3-year fixed-rate loans averaged 10.13%, down from 10.47% the previous seven days and 10.83% a year ago.
  • Rates on 5-year fixed-rate loans averaged 12.23%, down from 12.95% the previous seven days and 13.16% a year ago.

Personal loans have become a popular means of consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical billstake care of a major purchase or finance home improvement projects.

3- and 5-year fixed personal loan rates have fallen over the past seven days. While the rates for 3-year terms only fell by a slight 0.34%, the rates for 5-year terms saw a more significant drop of 0.72%. Borrowers can enjoy interest savings with a 3 or 5 year personal loan now.

Whether a personal loan is right for you often depends on several factors, including the rate you may qualify for. Comparing several lenders and their rates could help you get the best possible personal loan for your needs.

It’s always a good idea to comparison store on sites like Credible to understand how much you qualify for and choose the best option for you.

Here are the latest personal loan interest rate trends from the Credible Marketplace, updated monthly.

Personal Loan Weekly Rate Trends

The table above shows the average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender.

For the month of February 2022:

  • 3-year personal loan rates averaged 10.52%, down from 11.09% in January.
  • 5-year personal loan rates averaged 12.99%, down from 13.40% in January.

Personal loan rates vary widely depending on credit rating and length of loan. If you’re curious about what kind of personal loan rates you might qualify for, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.

All Credible Marketplace lenders offer fixed rate loans at competitive rates. Since lenders use different methods to assess borrowers, it’s a good idea to ask for personal loan rates from multiple lenders so you can compare your options.

Current personal loan rates by credit score

In February, the average prequalified rate retained by borrowers was:

  • 8.32% for borrowers with credit scores of 780 or higher choosing a 3-year loan
  • 29.42% for borrowers with credit scores below 600 choosing a 5-year loan

Depending on factors such as your credit score, the type of personal loan you are looking for, and the repayment term of the loan, the interest rate may differ.

As the chart above shows, a good credit rating can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms.

How to get a lower interest rate

Many factors influence the interest rate a lender can offer you for a personal loan. But there are steps you can take to increase your chances of getting a lower interest rate. Here are some tactics to try.

Increase credit score

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

  • Pay your bills on time. Payment history is the most important factor in your credit score. Pay all your bills on time for the amount owed.
  • Check your credit report. Check your credit file to make sure there are no errors. If you find any errors, dispute them with the credit bureau.
  • Reduce your credit utilization rate. Paying off credit card debt can improve this important credit score factor.
  • Avoid opening new credit accounts. Apply for and open only the credit accounts you really need. Too many serious inquiries on your credit report in a short time could lower your credit score.

Choose a shorter loan term

Personal loan repayment terms can vary from one to several years. Typically, shorter terms come with lower interest rates because the lender’s money is at risk for a shorter period.

If your financial situation allows it, applying for a shorter term could help you get a lower interest rate. Keep in mind that the shorter term doesn’t just benefit the lender: by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

Get a co-signer

You may be familiar with the concept of a co-signer if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, find a co-signer with good credit could help you get a lower interest rate.

Remember that if you are unable to repay the loan, your co-signer will have to repay it. And co-signing a loan could also affect their credit score.

Compare rates from different lenders

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders generally offer the most competitive rates and can be quicker to disburse your loan than a physical establishment.

But don’t worry, comparing rates and terms doesn’t have to be a tedious process.

Credible is easy. Simply enter the amount you wish to borrow and you can compare multiple lenders to choose the one that suits you best.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

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Want a better credit offer? Improve your CIBIL score! https://howtooccupy.org/want-a-better-credit-offer-improve-your-cibil-score/ Sat, 12 Mar 2022 01:23:00 +0000 https://howtooccupy.org/want-a-better-credit-offer-improve-your-cibil-score/ Cibil Transunion Credit Score New Delhi: Credit score, also called CIBIL is a key factor for lenders when deciding on applicant eligibility and the applicable interest rate before approving loans and issuing credit cards. CIBIL — Credit Information Bureau (India) Ltd – the score is a three digit number, ranging from 300 to 900, which […]]]>

Cibil Transunion Credit Score

New Delhi: Credit score, also called CIBIL is a key factor for lenders when deciding on applicant eligibility and the applicable interest rate before approving loans and issuing credit cards.

CIBIL — Credit Information Bureau (India) Ltd – the score is a three digit number, ranging from 300 to 900, which determines a person’s creditworthiness. According to RBI, all lenders must verify the CIBIL score of each loan/credit card applicant at the time of assessment. A low CIBIL score reflects poor credit management skills.

Here are some important points to keep in mind to improve your credit score:

Timely credit payments

Failure to pay bills can reduce credit rating. Failure to meet deadlines can result in a significant decline as this indicates that you are not a responsible borrower. Since credit scores reflect credit history, a late payment could affect your report for years.

Lower balances

Remember that you should never stretch your expenses and only spend what you can repay before the billing date. Pay off your debts as soon as you can and control your card spending. Lower balances, which include unpaid dues on loans and low or zero balances on credit cards, can positively affect your credit score. It can also help you better manage your finances.

Keep your old credit card account

Switching to new credit cards because of lucrative offers isn’t always a good idea. You have to decide carefully if the new card gives you good reason to switch. If you have a credit card account that is prudently and well managed, it is better to keep it for a long time because the longevity of such an account can increase the CIBIL score. A good repayment history reflects your credibility as a lender.

Report and resolve inaccuracies

If you discover a discrepancy in the credit report, call for rectification if you have valid proof to back up your point. Disagreements and mistakes can happen, so you’ll want to have them rectified as soon as possible to avoid future problems. The recourse for rectification must be sent within a time limit set by the lender or the agency/financial institution. Ideally, you shouldn’t apply for new credit until old credit score disputes are resolved.

Use a secure card

Credit score can increase by using secured credit card offered by many banks such as ICICI Bank, CitibankSBI, Axis Bank etc These cards are issued against a fixed deposit of a nominal amount. Timely balance payments can increase the CIBIL score. So if, due to certain circumstances, you are in default, your bank will immediately liquidate the fixed deposit or other deposits against which you received the card and the debt will be repaid. This option is ideal for those with low credit scores or those with no credit history. It can improve your credit history and gradually increase your credit score.

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DO PAYDAY LOANS EVEN APPLY IF YOUR CREDIT SCORE IS BAD? https://howtooccupy.org/do-payday-loans-even-apply-if-your-credit-score-is-bad/ Tue, 08 Mar 2022 08:56:05 +0000 https://howtooccupy.org/?p=2325 GET A LOAN DECISION THAT IS GUARANTEED EVEN IF YOU HAVE BAD CREDIT If you think the process of obtaining the online cash loan with bad credit is complicated, then you’re not. There is no guarantee that you’ll get instant approval on the loan request, or even any type of approval however it doesn’t mean that […]]]>

GET A LOAN DECISION THAT IS GUARANTEED EVEN IF YOU HAVE BAD CREDIT

If you think the process of obtaining the online cash loan with bad credit is complicated, then you’re not. There is no guarantee that you’ll get instant approval on the loan request, or even any type of approval however it doesn’t mean that there’s no chance of getting a loan at an acceptable APR , as in Oak Park Financial they offer payday loans for people with bad credit.

Is there a loan to help with bad credit?

The phrase “bad credit” is a reference to personal loans that are available regardless of credit scores. Direct lenders that focus on bad credit look at other factors besides creditworthiness such as income sources and what you owe in existing outstanding debts when determining whether they can provide you with an loan even with a low credit rating or otherwise.

Every lender has their specific method for reviewing applications. This process is in place. And the greater the number of lenders you get in touch with, the better chance of being approved. Oak Park Financial can assist in contacting several lenders in one loan application.

Can I get a low credit loan that Guarantees immediate approval?

The simple answer is No. You cannot guarantee you can get money in a matter of minutes because no lender can promise you that the application that they make will be approved. If the lender believes that the chance of not paying for you is high, the application will likely be denied.

Go to our page about instant loans to learn more information.

Credit applications for those with bad credit can be complicated as it’s more difficult for the lender to evaluate their creditworthiness and the applicant will have a lower approval rates and higher rates of interest when they are approved even though they have low credit scores.

Here are some tips to improve your chances of getting approved for a loan even with low credit scores:

  • You must include the correct information in the application for a loan.
  • It is important to record every source of earnings that you make (benefits dividends, benefits , and the earnings from freelance work).
  • Get started on building credit today. It’s a lengthy process and the end product is enough to be worth it.
  • If you are in debt that are numerous, you wish to consolidate the debts.
  • Think about a secured bad credit loan for collateral.
  • Find a cosigner who has an excellent credit score.

What happens If there’s no Check for credit?

If you have a poor credit score, you should steer away from any lender that may conduct a credit inquiry on you. This could harm your credit score more.

Although the majority of our lenders perform an informal credit assessment which doesn’t impact the credit score of your customer There’s no assurance that some lenders will not conduct a real credit check.

What is the maximum amount I can borrow with a poor credit score?

If you opt to get secured loans the maximum amount you’re able to take out will be determined by your lender’s requirements, as well as the kind of loan you choose to get and the regulations of your state.

If you need an emergency loan, have a look at payday loans. an interest in $100-$100 payday loans

If, for instance payday loans are available in the state you reside in with Oak Park Financial, you could apply for a zero cash payday online with a maximum of $1500 (the amount may be lower dependent on the limit set by statute of your state).

An installment loan is a different possibility that’s very popular among people with bad credit. If you’re looking for months-to-month installment loans you can opt for a loan of up to $5000 and must be paid back in fixed monthly installments. These loans are secured. This means they don’t have co-signers nor collateral.

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Millennial Mom Side Jasmine McCall Rocks Passive Income Advice https://howtooccupy.org/millennial-mom-side-jasmine-mccall-rocks-passive-income-advice/ Fri, 11 Feb 2022 21:07:18 +0000 https://howtooccupy.org/millennial-mom-side-jasmine-mccall-rocks-passive-income-advice/ I grew up in a single parent family, in a neighborhood where money was always tight. I was surrounded by working-class people who were trying their best to make ends meet in jobs that didn’t satisfy them. These were difficult circumstances, but they motivated me to get a good education so that I could change […]]]>

I grew up in a single parent family, in a neighborhood where money was always tight. I was surrounded by working-class people who were trying their best to make ends meet in jobs that didn’t satisfy them. These were difficult circumstances, but they motivated me to get a good education so that I could change my family’s economic situation.

When I was 18, I wanted to enjoy my last freedom before going to college. So I got my first credit card. It came with a $500 credit limit and I maxed it out in one day by going to a restaurant with my friends and buying some cute clothes that I could wear to class when college started. A month later, I got the credit card bill, looked at it, and threw it in the trash.

I seriously underestimated how this would affect me in the next few months.

When college started this fall, my friend and I went to open bank accounts. That’s when reality hit me. My credit score, 495, was so low that the bank refused to open an account for me. I was embarrassed when the branch manager told me this and my friend watched from a distance.

This college experience completely changed the way I think about credit. I started monitoring my reports and scores each month through a service offered by my bank. I spent the next year disputing negative items, also known as derogatory marks, which led to them being removed from my credit report. This practice helped me increase my credit rating by 300 points.

Ultimately, this tough time in my life became an inspiration for the side hustle that helped me earn $100,000 in passive income in five months.

Here’s how I started.

I led with my personal experience

I created a system that could work without me

Video by Courtney Stith

I took this approach when I created my products. I wanted them to be as intuitive and economical as possible. I was hoping people would use them to defend themselves in what can be a confusing process.

So for my first product, the Ultimate Credit Boost Kit, I created templates that my clients could use as simple scripts when contacting credit reporting agencies to help them dispute and have negative ratings removed from their credit report. I have also made sure to include specific language citing the laws and guidelines by which the consumer is protected.

I relied on my first product to scale my business

Video by Stephen Parkhurst

Then in October, I was asked to create tools for people who wanted to help get noticed by recruiters. So I created a resume, cover letter, and thank you note templates, plus an interview guide, all in one set.

All in all, it took about two weeks to put the whole package together, including finding designers to work with to create specific branded materials.

My latest product is an online course called Digital Credit Recipewhich will be launched in February 2022.

I used YouTube, a platform I loved, to grow my community

Video by Helen Zhao

In my research, I discovered that once my channel was monetized, I could earn passive income through ads. I also learned how to optimize SEO on my channel so it can reach more people, which could lead to more subscribers and channel views, which are all factors that determine how much YouTube revenue you receive .

August 2021 was my first time making money on YouTube through ad revenue, a payout of $3,199, and that revenue grew over time, up to $6,800 in a month .

Now I regularly post the link to the products in my YouTube videos, and I have also partnered with companies like Experian and Carvana to advertise their products on my channel.

I focused on building relationships, not just products

My Youtube subscribers are like extended family to me. I love that every day I can read reviews about how people have used my products and seen their credit score go up, or how they come to my channel when they want advice.

One of the biggest things that helped me learn more about e-commerce and customer psychology is working with my mentor, Nicole Walters. We connected after I followed her on social media and took a business building course she led.

She helped me understand how to monetize what I was good at and how to build trust with people in a way where they don’t hesitate to invest in your products.

Video by Lauren Shamo

One of my favorite parts of my business is working directly with my subscribers or customers to learn their needs and how to create a solution for them in real time.

I’ve always believed that you are the company you keep, and surrounding me with people who have achieved the level of success I’m working toward gives me constant accountability and motivation to “elevate as I go.” I climb” and to ensure that everyone I connect with finds their own version of success.

Jasmine “Jazzy Mac” McCall is a financial expert, mompreneur, and YouTuber, where she creates content showing Millennials and Gen Z how to build credit, pay off student loans, and create passive income. Jasmine is also the creator of Digital Credit Recipe, an online academy that guides users through credit building and shortcuts to increasing their credit score. For daily credit and finance resources, you can connect with Jasmine at instagram and ICT Tac. Jasmine resides in Atlanta, Georgia with her husband and son.

More from Grow:

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How does a joint credit card account affect my credit? https://howtooccupy.org/how-does-a-joint-credit-card-account-affect-my-credit/ Tue, 08 Feb 2022 13:55:34 +0000 https://howtooccupy.org/how-does-a-joint-credit-card-account-affect-my-credit/ There are many ways people share their financial lives, and it’s common to have a mortgage or car loan with a family member, partner, or spouse. You can also share a credit card account. While there’s no right or wrong answer to whether a joint credit card account is a good idea, there are pros […]]]>

There are many ways people share their financial lives, and it’s common to have a mortgage or car loan with a family member, partner, or spouse. You can also share a credit card account. While there’s no right or wrong answer to whether a joint credit card account is a good idea, there are pros and cons to consider.

What is the difference between a traditional and joint credit card account?

A joint credit card works like a traditional credit card, except the account is shared by two people instead of being held by one. Each account holder has a credit card, but the cards are linked to the same account.

The main difference with a joint credit card account is that the responsibilities and benefits are shared by both cardholders. Any card activity will affect both cardholders and you are responsible for paying the balance on the card even if you have not made any charges.

Advantages and disadvantages of a joint credit card account

If you’re considering opening a joint account, talk frankly with your co-applicant about the responsibilities that come with having a credit card in both of your names.

Advantages

  • An account holder with a lower credit score may have access to more favorable terms. If one of the cardholders has a patchy borrowing history or a lower credit rating, they can take advantage of the co-holder’s stronger credit history. Keep in mind, however, that lenders consider the financial profiles of both applicants when denying or approving a credit card application.
  • It can help account holders improve their credit. If you keep the account in good standing by making on-time monthly payments, a joint account can help improve the credit rating of a cardholder who could benefit from a positive credit history. It can also be a helpful way to establish credit for someone who needs it.
  • There are fewer bills to manage. A joint account can make it easier to manage bills each month because the account holders’ combined purchases appear on one statement. Plus, both cardholders can take advantage of features of a credit card, such as redeeming points for rewards, airline miles, or balance transfers.

The inconvenients

  • The credit history of both account holders is affected. If a cardholder goes on a spending spree or if payments are missed, the credit ratings of both account holders can potentially be affected. Joint Account cardholders are also responsible for paying the balance on the card, regardless of who incurred the charge.
  • Disputes over the card can lead to relationship issues. A shared account can lead to disagreements between cardholders over spending habits, debt repayment, and account management.
  • Relationship changes affect the account. If you divorced or experience some other type of separation, you will need to close the account, delete one of the parties, or otherwise figure out how to move forward with the account. It is also possible for one user to deliberately spend or skip payments to damage the other’s credit.

If you decide to get a joint credit card account, make sure you’re both on the same page about what it entails. It is important that you understand that you are both legally responsible for reimbursing any charges that one of you makes.

Speak openly and keep an eye on the account

When both parties are responsible for the money and have an open line of communication on financial matters, that’s a big plus. Agree to make payments on time, discuss major purchases ahead of time, and avoid going too close to your credit limit.

With credit cards, it is important to monitor card usage. If you share an account:

  • Regularly discuss household expenses and personal expenses with all cardholders.
  • Regularly check the status of an account by calling the credit card company or setting up access online.
  • Make sure the other account holder isn’t incurring excessive charges that you can’t reimburse.
  • Monitor your credit by checking your credit report to make sure your credit score is healthy. You can consult your credit report for free every 12 months on annualcreditreport.com.

As a security measure, some creditors will allow you to limit the fees of the person with whom you share an account.

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Finance firm linked to Summit Contracting under fire from federal watchdog https://howtooccupy.org/finance-firm-linked-to-summit-contracting-under-fire-from-federal-watchdog/ Sat, 05 Feb 2022 00:14:00 +0000 https://howtooccupy.org/finance-firm-linked-to-summit-contracting-under-fire-from-federal-watchdog/ BROWN COUNTY, Wis. (WBAY) – Viewers continue to ask questions about what they should do in the event of fraudulent loans being taken out in their name from a now-shuttered outsourcing business. As we previously reported, the former owners and vendors of Summit Contracting Inc. – Chad Schampers, Gina Schampers, Nate Smith and Jeffrey O’Brien […]]]>

BROWN COUNTY, Wis. (WBAY) – Viewers continue to ask questions about what they should do in the event of fraudulent loans being taken out in their name from a now-shuttered outsourcing business.

As we previously reported, the former owners and vendors of Summit Contracting Inc. – Chad Schampers, Gina Schampers, Nate Smith and Jeffrey O’Brien – have been indicted in federal court on nearly a dozen charges of electronic and bank fraud.

Federal prosecutors say they used “deceptive and misleading” tactics to trick clients into unknowingly taking out large loans for home improvement projects, but kept the money to themselves.

In the three years since we aired First Alert Investigations, customers continue to tell us that these third-party finance companies are still suing them for the money from these fraudulent loans.

We have now discovered that GreenSky, one of those companies named in the Summit Contracting federal indictment, is also in trouble with the government for similar practices across the country.

GreenSky calls itself “leading technology company, as written on their website. It’s not listed as a bank.

Instead, he writes that the company “offers frictionless promotional payment options to consumers,” which facilitates and accelerates the obtaining of a loan.

Government translation? What he calls “negligent practices” this “allow merchants to take advantage of vulnerable customers.

We found this statement in documents issued in the last seven months by the Consumer Financial Protection Bureauthe federal agency that is supposed to make sure that banks, lenders, and finance companies treat you fairly.

Instead, the consumer watchdog agency found that Atlanta, Georgia-headquartered GreenSky violated the Consumer Financial Protection Act of 2010, according to a Bureau consent order.

Between 2014 and 2019, the Bureau found that GreenSky received at least 6,000 complaints from consumers who said they did not allow a loan application to be submitted.

The 57 page order says “Some consumers first became aware of the loan when they saw their credit report or received billing statements, collection letters and calls” by GreenSky.

How it happened ?

The Consumer Affairs Office says GreenSky used “a completely dematerialized application process”, which allows a contracting company or other trader to easily complete documents electronically, often while sitting in a person’s home, as long as they have information such as name, address and social security number.

Sound familiar?

That’s what Summit Contracting customers have been telling us since 2019.

The article continues under the links

In federal indictments filed against the owners and principal vendor of Summit Contracting, GreenSky was again named, alleging that is what the former De Pere company was doing.

Several clients have told us that they have complained and disputed the payment of these fraudulent loans, but nothing has changed.

In July, the Bureau said enough, ordering GreenSky to refund and reverse up to $9 million for harmed consumers.

The agency also ordered GreenSky to pay a $2.5 million fine and put measures in place to ensure this does not happen again.

In short review on his siteGreenSky writes, “without admitting liability or wrongdoing,” (it) agreed to pay the civil penalty and compensate eligible customers, but the company said that would be capped at $3 million. He also agreed to cancel up to $6 million in loan(s).

This all happened at the end of last summer, but all the local victims who contact us, saying that they are still having problems with GreenSky, also say that they have not received a penny and that their credit rating has dropped significantly.

They hope for a victim-only meeting with local and federal officialsscheduled for Feb. 9 at 5:30 p.m. at the Brown County Sheriff’s Office, will help resolve these issues or at least give them a starting point.

We have contacted GreenSky for comment, but as of the date of this publication have not received a response.

Copyright 2022 WBAY. All rights reserved.

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This credit score is optimal for most Americans, says this CFP https://howtooccupy.org/this-credit-score-is-optimal-for-most-americans-says-this-cfp/ Thu, 03 Feb 2022 04:12:01 +0000 https://howtooccupy.org/this-credit-score-is-optimal-for-most-americans-says-this-cfp/ Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products. A credit score of 850 is a coveted achievement for many because it signifies a “perfect” borrower. But very few […]]]>

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products.

A credit score of 850 is a coveted achievement for many because it signifies a “perfect” borrower. But very few Americans are able to achieve a perfect credit score, and according to Faron Daugs, CFP, founder and CEO of Harrison Wallace Financial Group, it’s really not necessary.

In fact, Daugs told Select that a score of 850 is “almost impossible,” but reassures consumers that anyone can achieve a strong credit score to earn the same financial opportunities.

To select details what is the most optimal credit score to get the best financial products and interest rates available, how to get your credit score up to par, and how you can get started today.

Subscribe to the Select newsletter!

Our top picks delivered to your inbox. Shopping recommendations that help you improve your life, delivered weekly. register here.

Here is the most “optimal” credit score

All Americans are rated on their FICO credit score, which ranges from 300 to 850. The higher your score, the more likely you are to obtain favorable financing options for a home, car or credit card.

But Daugs is a firm believer that an 850 credit score is an unnecessary benchmark for Americans. Instead, he says that 760 is the most optimal credit score.

Daugs told Select, “The optimal score that will give you the highest credit limits and lowest interest rates is actually 760. Once you reach a score of 760 (according to FICO ), you will receive the same rates and limits as someone with an 800, 825 or even the ultimate 850.”

That’s a little contrary to popular belief, as a credit score of 760 is considered “very good,” according to Equifax according to their credit score ranges on their website. The ranges are:

By having at least a “very good” credit rating, you demonstrate to financial institutions that you pay your bills on time, that you maintain a low rate of credit utilization and that you have a good credit history. And in doing so, a credit score of 760 is just as valuable as a score of 800 or any higher when it comes to applying for financing options.

In short, anything over 760 is just icing on the cake.

How to Get That Credit Score

Earning a credit score of 760 doesn’t happen overnight. It takes persistent effort and strong personal finance skills to establish your credit history without any blemish, but it can be done.

In fact, the average credit score in America in 2020 was 710, according to Experian. So, wherever you are on the path to building (or rebuilding) credit, there are several things you can do to move your credit score in the right direction:

  • Pay off or refinance credit card debt: One of the largest parts of your credit score is made up of all debts owed (30%). So, if you have a lot of credit card debt, it will significantly increase your credit score. You may want to consider a balance transfer credit card to avoid compound interest charges. Or if you have multiple credit cards with balances, consider applying for a personal loan to consolidate your debt.
  • Dispute credit report errors: Millions of Americans have errors on their credit report that can negatively affect their overall score. Be sure to check your credit report and consider using a credit monitoring service to track any new credit applications or potential fraud.
  • Apply for higher credit limits: Each of your credit cards has a credit limit you can spend, and the amount of credit you use against that limit affects your overall credit score. This is called your credit utilization rate, and if you keep the amount of credit you use low relative to your credit limit, the more your credit score can rise. The best part is that you can request a higher line of credit from your card issuer and it won’t create a new request on your credit report.

For more tips, read our guide on how to build and get good credit. And consider a credit monitoring service for more information on your score:

Capital One CreditWise®

Information on CreditWise was independently collected by CNBC and was not reviewed or provided by the company prior to publication.

  • Cost

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  • Credit score model used

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  • Cost

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  • Credit bureaus monitored

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  • Credit score model used

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  • Identity insurance

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Conditions apply. To learn more about IdentityForce®, visit their website or call 855-979-1118.

At the end of the line

Your credit score is the foundation of many financial opportunities. Without a strong credit score, you risk being denied opportunities to obtain affordable financing for a major purchase, possibly being rejected for a new job, not being approved for housing options and other fundamental decisions.

However, if your credit score isn’t perfect, there’s concrete steps you can take today to improve it. And once your credit score is up to snuff, you can start making more important financial decisions to increase your net worth and prepare for retirement.

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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Kreidler passes rule banning credit scoring for three years, proposes rule to increase transparency https://howtooccupy.org/kreidler-passes-rule-banning-credit-scoring-for-three-years-proposes-rule-to-increase-transparency/ Tue, 01 Feb 2022 18:05:08 +0000 https://howtooccupy.org/kreidler-passes-rule-banning-credit-scoring-for-three-years-proposes-rule-to-increase-transparency/ February 1, 2022 OLYMPIA, Wash. — Insurance Commissioner Mike Kreidler passed his rule banning insurers from using credit information to set auto, home and renter’s insurance for three years, beginning March 4. In addition, it proposes a new transparency rule requiring insurers to provide policyholders with a written explanation of any premium change. “I take […]]]>

February 1, 2022

OLYMPIA, Wash. — Insurance Commissioner Mike Kreidler passed his rule banning insurers from using credit information to set auto, home and renter’s insurance for three years, beginning March 4. In addition, it proposes a new transparency rule requiring insurers to provide policyholders with a written explanation of any premium change.

“I take this action against insurers’ use of credit scoring in response to the economic harm that many people have suffered during the COVID-19 pandemic – harm that has had a significant impact on people who are already financially vulnerable,” Kreidler said. “We know that now, more than ever, credit reports are unreliable. It’s unfair to base the amount someone pays for frequently required insurance on an unreliable and fluctuating factor like a credit score.”

The federal government recognized that many people are suffering financially and passed the CARES Act which allows lenders to provide relief to certain people in financial difficulty. However, the protections do not apply to everyone. And when the CARES Act ends, any default could then be reported or show up as a blackout period on someone’s credit report. This makes the credit history that insurers use unreliable and inaccurate. As it is unclear when the public health emergency will end, the rule requires insurers to temporarily remove the inaccurate credit score factor. The rule will be in effect for three years after federal or state emergency declarations end, whichever is later.

Kreidler’s rule is designed to be rate-neutral to insurers, meaning that any rate changes are spread across all policyholders. Some will see a one-time rate increase and others a rate decrease, depending on how much reliance their insurer has relied on the credit score. Based on consumer stories he heard during the public hearing on the rule, Kreidler asked insurers to provide additional information, including:

  • An illustration called a histogram that shows the range of premium changes due to removal of credit information as a rating factor. Some insurers have already provided these illustrations as part of their rate filings.
  • Copies of all communications used by insurers to describe the new credit rule to their policyholders.

He asked for copies of the communications because several investigations conducted by the ICO on behalf of consumers revealed that despite what their insurer had told them, the change in premium was not entirely due to the removal of the credit score. . In some of the responses they received, it was nearly impossible for the insured to determine what caused their premium to increase.

Only 12 companies representing 5.2% of the relevant market provided the information requested by Kreidler.

Based on the lack of transparency and answers, Kreidler is proposing a rule that requires insurers to provide policyholders with clear written explanations for any rate changes. This proposed rule will include stakeholder participation and a public hearing.

“If an insurer wants to change your coverage amount, you deserve to know why,” Kreidler said. “And it shouldn’t be difficult to understand the reasons that led to the change. If your insurance company wants your business, you deserve an honest and clear answer. We will help them give you one with this rule.

Below is a bar chart of the average premium change for the 12 companies that responded to Kreidler’s initial request for information on the impact of removing credit as a rating factor on their policyholders:















“I understand that some people will be upset that this rule is moving forward,” Kreidler said. “They think they deserve a discount because of their good credit rating, but I have to look at fairness for all consumers in our state. is not fair.

“During the three years that this rule is in effect, I intend to work with the Legislative Assembly, stakeholders and the insurance industry to see how we can permanently end the use of credit score in setting insurance premiums. It’s an outdated practice that relies on your creditworthiness instead of how you drive or treat your property. And if you think you’re more deserving of a good rate in because of your high credit scores what do you say to good drivers with low credit scores who pay an average of 80% more than you do We need to join other states that have done this and end this once and for all to this discriminatory practice.




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Caught up in the big buy now, pay later https://howtooccupy.org/caught-up-in-the-big-buy-now-pay-later/ Mon, 31 Jan 2022 06:51:00 +0000 https://howtooccupy.org/caught-up-in-the-big-buy-now-pay-later/ So I made a big mistake. My father passed away last September and my sisters and I are in the process of selling his house. The realtor was pushing for ID, and I helpfully — and very stupidly — emailed him a photo of my driver’s license. This is where my real problems started. Armed […]]]>

So I made a big mistake. My father passed away last September and my sisters and I are in the process of selling his house. The realtor was pushing for ID, and I helpfully — and very stupidly — emailed him a photo of my driver’s license.

This is where my real problems started. Armed with a credit card and a driver’s license, the criminals set up a series of “Buy Now, Pay Later” accounts in my name.

And then I started getting emails from vendors buy now, pay later – ahem, Openpay and LatitudePay, to be specific.

LatitudePay notified me of a request to reset my password so I tried to speak to their call center to let them know there must be some fraudulent activity as I didn’t even have account with them, let alone a password.

I asked to be introduced to the fraud department, but in a decidedly Kafkaesque gesture, the person I was talking to refused to do so unless I provided more personal details.

After providing a few more details, I began to feel extremely uncomfortable giving personal information over the phone, given that I had been scammed so recently.

Humm was a frequent communicator, sending a series of cheery emails letting me know that I had been approved for $1,000 credit and my credit card details had changed.

I wisely ignored them all, assuming they were part of an elaborate phishing scam.

But my anxiety started to mount last week as messages from Openpay grew more insistent. It started with a payment reminder for a purchase at Officeworks on Wednesday. I received a notification that the $99.40 payment was missed.

Last Friday I called humm and spoke to an extremely efficient person at their call center who told me that humm had my (correct) driver’s license details. Oddly, the criminals had replaced my original credit card details with those of two other cards – presumably also stolen – and paid off the original loan which was just under $1,000 ahead of schedule.

(A banker later explained that criminals use this tactic to improve their credit history so they can apply for larger loans.)

The humm employee happily informed me that because there was no money to pay, my credit rating would not be affected.

But she advised me to report the fraud to the police – which I did immediately – and get a new driver’s license.

I also contacted Openpay to report the fraud, but unfortunately the call center person did not give me details of the amount borrowed from my account as the account was now locked.

I found myself at the Rose Bay police station with a very friendly young officer as we considered how best to comply with Openpay’s request.

Openpay referred the matter to the fraud department, and I received an email – “Unfortunately, you may have been the victim of fraud” – which told me what steps I needed to take “to resolve this issue and clear your credit report“.

And although the account is now locked, I received a second late payment notice from Openpay early Saturday morning, which urged me to “make your payment as soon as possible, otherwise you may be subject to a Debt recovery”.

So Saturday afternoon I found myself at the Rose Bay police station with a very friendly young officer as we considered how best to comply with Openpay’s request for a police report or statutory declaration , which had to be attested by a member of the police force.

The policeman was extremely sympathetic, but not optimistic about the chances of locating the criminals who, he explained, were probably based abroad.

I was in a slightly agitated state. Shortly before going to the police station, I received an email from LatitudePay – “an exciting way to shop, packed with benefits”.

So, with the cop looking over my shoulder, I emailed them back telling them I was a victim of identity theft and asking them to block my account.

On Monday, I was disturbed to find out that the scammers had been approved for a $4,000 loan from LatitudePay, which they hadn’t used, which is remarkable.

Unsurprisingly, the cell phone number the scammers gave LatitudePay was the same one provided to humm. (Not mine, needless to say.)

LatitudePay’s fraud department was also very helpful in advising me to contact a credit bureau and get a copy of my credit file, and alerting them that I had been the victim of fraud.

There was also a major breakthrough on Monday when Openpay’s customer support team called to discuss my case, and I found out that thankfully Openpay had been very careful and only moved forward to criminals than the grand total of $497.

Openpay’s advice mirrored LatitudePay’s: get a new driver’s license, close my hotmail account, and most importantly, I should contact a credit bureau, ask them for my credit report, and ask them to block any further requests for credit.

Because, as the Openpay representative helpfully pointed out, it is by no means certain that the criminals limited themselves to requesting loans from humm, LatitudePay and Openpay.

I may have other loans outstanding with other operators buy now, pay later – or even other creditors – who are less communicative than this trio. If other creditors have filed an inquiry into my credit rating, that’s an indication that I’m even more deeply entangled in this dark financial nightmare.

Of course, one of the most disheartening aspects of this whole experience has been the abysmal asymmetry between how easily one can secure a purchase now, pay off a loan later, and the arduous and time-consuming process of sorting out their net.

The “frictionless” process to set up a buy it now, pay later only requires someone to provide a credit card number and some form of identification, such as a driver’s license, online. It’s no surprise, then, that businesses, consumers and banks nationwide – and buy now, pay later the operators themselves – lose billions of dollars each year to financial fraud.

As Dion Appel, Openpay’s Managing Director for Australia and New Zealand, put it The Australian Financial Review“Online identity verification is not unique to buy now, pay later and has been adopted by most industries that require some form of identification, with the practice now common in financial services, telecommunications and beyond”.

“Openpay, like other buy-it-now, pay-later providers, is not alone in being targets of fraud and has complex fraud detection and transaction monitoring processes in place.”

Of course, there are other options for fraud. A fortnight ago I received an email from Coinbase – the online platform for buying and selling cryptocurrency – informing me of their planned security upgrade and asking me to update the system. And just this morning, Coinbase support contacted me about another account I created “with the same information as our rules (sic)”.

For now, I’m guessing this is a phishing exercise, given that I’m even less likely to go after cryptocurrency than buy now, pay later. But I’ve made that mistake before.

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Improve your credit with a debit card https://howtooccupy.org/improve-your-credit-with-a-debit-card/ Sat, 29 Jan 2022 14:34:06 +0000 https://howtooccupy.org/improve-your-credit-with-a-debit-card/ Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products. For many, having a good credit rating is key to achieving many financial milestones in life, from getting a lower […]]]>

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products.

For many, having a good credit rating is key to achieving many financial milestones in life, from getting a lower interest rate on a loan to getting a higher credit limit. on your credit card. Credit cards are a way for people to increase their credit score with their daily purchases.

However, getting a credit card often requires a good credit score, so it can be difficult to start building your credit. However, fintech companies have been working on innovative solutions to help you build your credit score outside of traditional methods.

Extra Card created a debit card that allows people to build credit without a credit check or high credit score to qualify. Below, Select takes a look at how Extra Card works and the various features it offers.

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How can Extra be a debit card that improves your credit score?

Using an additional card may also impact your credit utilization rate. The credit utilization rate is the ratio between the credit you use and the total amount of credit granted to you. Your credit utilization ratio impacts the “amount owed” category of your FICO score. The “amount owing” category includes 30% of your credit score. Experts recommend keeping your credit utilization rate below 30%, or even 10% if you can.

Because the card is redeemed daily, your credit utilization rate will reset each day, Wimberly explains. When your credit utilization ratio resets frequently, you are more likely to have a low utilization ratio. Having a low usage rate also has a positive impact on your credit score.

The Extra card does not charge any APR or interest as you have to pay your balance daily. And unlike a credit card, Extra won’t let you spend more than you have in your bank account, so you won’t have to worry about overspending and potential debt.

To qualify for an Extra Card, you don’t need a credit score either. Extra does not perform credit checks, but potential cardholders must meet the following requirements:

  • Applicants must be 18 years or older
  • You must have an SSN or ITIN number
  • Applicants must have an address in the United States where you can receive your supplemental card (PO boxes are not valid)
  • Have a checking account at one of the 10,000 selected US banks
  • Have an iOS device (iPhone or iPad) or Android device running version 10 or later

According to Wimberly, 99% of applicants are approved for the card because all transactions on the card are guaranteed in cash. When cardholders sign up for Extra, they receive a spending limit based on the real-time balance of the bank account they choose to connect, Wimberly explains.

Fees and Rewards

Alternatives to the Extra Card

The extra fees can be quite a steep price to pay in trying to boost your credit score. You might consider alternatives like a secured credit card, which requires you to pay a deposit that serves as security if you do not pay your bills. Generally, your line of credit is equal to the amount of your deposit. Secured cards are much easier to approve if you have bad credit or no credit.

When Select analyzed various secure cards to determine which cards were best for people with no or bad credit who wanted to improve their scores, it ranked the Discover it® Secure Credit Card as the winner.

With the Discover it® Secured Credit Card, cardholders only need to put down a minimum deposit of $200 for a line of credit equal to that amount. Seven months after account opening, Discover will assess your credit card account to determine if you can upgrade to an unsecured line of credit.

If you don’t want to make a down payment, you might consider the “no annual fee” Visa® Petal® 1 credit card, which is aimed at people with non-prime credit who are looking to improve their scores.

The Petal 1 card has no annual fee, no welcome bonus, and earns 2-10% cash back at select merchants. With the Petal 1 card, you’ll have to make your monthly payments in full or risk having to pay interest. Unlike the Extra card, the Petal 1 card falls under the three credit bureaus, has no annual fees or foreign transaction fees (unlike Extra, the Petal 1 can be used abroad).

Plus, unlike the Extra Card, the Petal 1 Card is a credit card, so you’ll have a whole month to pay your bill.

At the end of the line

the Extra Card can be a useful tool for people who don’t qualify for most credit cards, but are looking to improve their credit scores. However, the card has a monthly fee of $8 or an annual fee of $84, so you might be better off getting a secured credit card with no annual fee in order to build your credit.

Secured cards will require a security deposit, but you’ll usually receive the deposit and qualify for an unsecured card after you’ve made your payments on time and in full for a few months. Extra Card also has drawbacks: your card history is not shared with the three credit bureaus and cannot be used abroad.

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Visa Petal 1 credit card is issued by WebBank, Member FDIC.

For Discover it® secure credit card rates and fees, click here.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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