CREDIT SCORES

When you are looking for your annual credit report from the three major credit bureaus, it makes sense to ask, “How often does the credit bureau update my report?” After all, you may want to time your annual request for your no-cost credit report at the time when you will get the most up-to-date information.

Credit Bureaus Can Update Reports at Any Time

You’ve probably heard all about responsible adults who have succumbed to bad credit through bad choices, and as a result have suffered immensely. As a college student, you are probably interested in ways to avoid unnecessary problems by making good choices early on. This is a great thing to do.

The good news is that you can get started on the right track now by learning how to build your credit while still in college. This way you can learn responsible actions and have a good credit score.

America’s obsession with credit has led to the development of a finely tuned industry that tracks, monitors, catalogs and scores it all.

If you’ve got any form of credit, your payment history (or lack thereof) is reported to the major credit bureaus, as are all your borrowing and lending agreements. Your requests for credit that aren’t approved get recorded, and your requests to see your credit information are also logged for people in the lending business to see. Anything that has to do with your credit history gets written up in a credit report. Based upon the credit report, the credit bureaus will then calculate your credit score. 

Identity theft is a serious crime that occurs to tons of people each year. Those who have been through this gut-wrenching experience can tell you that it’s something you never want to live through if you can help it. It robs you of a positive existence and often costs tons of money in losses.

To try to decrease your chances of becoming a victim of identity theft, it’s important to be careful where you submit your personal information, who you let see it, and even how you dispose of it. But another way to help decrease your chances is to frequently check your credit reports.

A credit score is the greatest tool in determining the types of rates you will have to pay when borrowing money. Based on your credit score, you can ultimately save thousands of dollars on auto loan, mortgage and credit card rates. It is important to understand the importance of managing your FICO score responsibly and what steps are needed to protect the integrity of your rating. Although there are many things you may do that affects your score directly, not all of your actions will lower your credit limit.

Increasing Credit Limits

You often hear about the importance of maintaining good credit so that negative information won’t be reported to the three credit bureaus, but what are they and how do they affect you? They are major players in the credit world and have a huge affect on your everyday life, which is why it’s important to understand the role of the credit bureaus. You definitely don’t want a lack of knowledge to have a negative effect on your day-to-day life.

Lets take a deeper dive into what the credit bureaus are and how they affect you…

Are you considering debt settlement but are afraid of what it might do to your credit score? You definitely should be a tad bit concerned simply because just about any activity that affects your credit could in turn affect your credit score. The truth is depending on the situation, debt settlement could have a negative impact; however, there are scenarios where it may not. So let’s take a closer look at specific scenarios to determine how it may affect your score.

If Your Credit Score Is High:

You’ve probably heard of your FICO score, which is a credit rating that is compiled to determine your creditworthiness to lenders, banks, credit card companies, and more, but the VantageScore you may not know as much about. While it is similar to the FICO score, it has its differences as well. Let’s take a look at what the Vantage Score is and how it affects you.

About VantageScore:

Anyone who has been online recently has seen the many offers for free credit scores cluttering the screen. They all promise to be free, quick and easy, which is probably true. The only problem is, there are multiple credit score systems out there, but only one that lenders really care about. That is your FICO score.

What is the PLUS Credit Score System?

1st Consitution Direct is offering a savings account rate of 2.50% APY on their Direct Super Savings Internet Special. To qualify for the 2.50% savings rate you must have a balance of $10,000 or more. Balances that are below $9,999 will earn 1.60% APY.

Benefits to this savings account: