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Month: May 2011

The Cost Of Bad Credit

Bad credit costs you in more than the extra interest you have to pay. Bad credit can lead to reduced opportunities, family stress, and having to associate with lenders who see you as a mark. Here are some of the unpleasant consequences of bad credit.  Fees: Creditors may add fees, such as late fees, over-limit…

Identity Theft Just Keeps Getting Worse

  Approximately 15 million United States residents have their identities used fraudulently each year with financial losses totalling upwards of $50 billion. That means approximately 7% of all adults have their identities misused with each instance resulting in approximately $3,500 in losses. Close to 100 million additional Americans have their personal identifying information placed at…

FICO Score vs VANTAGE Score

There is some confusion going on lately about the credit score range and about the credit scoring in general. We believe this is caused by the recent introduction of the VantageScore in addition to the FICO score that we are all used to as a ‘classic’ or common credit score. Let us outline the main…

How Credit Is Calculated

· 35% Payment history · 35% Amounts owed · 15% Length of credit history · 10% New credit · 10% Type of credit – Stay away from small department store cards; they have a low limit and tend to bring down your overall score. – You must use credit in order for it to report…