CREDIT » Credit Scores & Reports

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?

Citi Bank is now offering a high 4.07% APY cd rate – this is by far one of the highest cd rate just for an 18 month cd. The stock market hasn’t done too extremely well in recent months and many people are flocking into low risk investments such as cds, so if you’re one of those people this cd rate may seem like a “treasure chest.” Also this offer is design to help those with poor credit.

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:

If you’ve got an enormous credit card bill and you’re paying an ugly interest rate on it, then you may want to transfer your balance to a new credit card in order to take advantage of a low interest rate introductory offer. Many credit cards will offer zero or low interest rates on your balance for a few months, which many people will find very appealing. But before you do, consider the pros and cons of the long term credit history on your current account versus transferring your balance to a new credit card card account.

People who have some type of credit will have some type of debt.  These debts come in various forms, such as credit card balances, student loans, auto loans, mortgage loans, etc. However, there is a difference between good debt and bad debt.

Almost everyone knows the importance of having a good and solid credit history in regards to everything from qualifying for the best loan rates to searching for a new job. Yet despite your best efforts of prompt payment and open communication, companies can make mistakes within their system that negatively impact your credit score.

Take the case of Kristin and her husband as reported by the Consumerist. The couple worked diligently to ensure that their car payments to Nissan Finance were always on time and never missed a payment. However, Kristin “got notified by my credit monitoring company that Nissan was reporting me 30 days past due on my credit report,” and was less than pleased with that information.

Transferring a credit card balance from one card to another is easy – if you can find the right offer. In the past, transferring a credit card balance was practically guaranteed as an option because all the credit card companies were fighting for people’s business, and so offers were everywhere. Now that the economy has entered a downward slide, and credit is drying up everywhere you look, the offers to transfer your credit card balance have dried up with it. Nonetheless, there will still be offers out there, you just have to look a little harder for them. Once you find one that meets your needs, transferring your credit card balance is a fairly easy transaction to perform.

If you’ve got a less-than-perfect credit score and are stressed out about it, relax.

Although the credit card legislation that was just approved in Congress outlines rules for more accountability on the part of credit card companies and their ability to charge sometimes shocking rates or late fees, it could actually end up hurting consumers during this recession. Increased monitoring of credit card companies could lead to offer credit to only top tier customers, arguably taking away credit from those who need it most.