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Informative Articles

WHAT THE SEC REALLY THINKS ABOUT MUTUAL FUNDS!
Let’s go into the details of why non-indexed mutual funds are such a bad deal. When Arthur Levitt became the head of the Security Exchange Commission in 1993 he had to sell off all of his individual stocks so that people would not claim that he...
Need help getting out of debt?
Nowadays it seems that getting into debt is much easier than getting out of debt. With todays numerous schemes and facilities no one wants to wait until they have saved enough money to buy anything they wish. If you are one such person who find...
MUTUAL FUND PERFORMANCE AND WHY THERE ARE NO DICE COUNTERS IN VEGAS!
A way that investors get ripped off and in a sense rip themselves off is based on the culture of performance in the mutual fund industry. If you stop and think about it there is absolutely no reason that the past has to equal the future. If you...
Learn the tax benefits of a Flexible-benefits Plan
Flexible-benefits Plan (FBP) is an employee benefits plan which helps the employees' to save considerable amount of taxes by paying certain expenses from their pre-tax income. Some of the eligible expenses from pre-tax income are medical,...
Credit card fraud is usually preventable
One of the worst things that can happen to you is credit card fraud. This is even worse if you don't pay very much attention to your credit reports, since you may not find out about the fraud until there are very serious problems to deal with. Even...
 
Getting The Credit You Deserve

Getting The Credit You Deserve By Gabriel B. Avalos, Trusted Advisor

Tip #1: Know your score

People like you and me applying for a mortgage or a car loan are nothing but a "number." A credit score in other words. And even though you may be a fine citizen and pay just about every bill on time, the Fair Isaac algorithm for predicting credit failure may "mark" you as a poor risk using its predictive analysis. Even if you have paid your bills on time for many years, and someone else has claimed bankruptcy in the past three years, the "bankrupt" person may be the one to get the credit! It's not fair; but to understand the system you must learn some basics.

Tip #2: Get a FREE copy of your credit report

You don't have to pay anyone for a copy of your credit report! This central site allows you to instantly receive a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. Visit them today at www.annualcreditreport.com.

Tip #3: Just the past 18 months count the most

In today's credit lending environment, lenders are not looking at the past seven years like before but rather are looking at the last 18 months. This could be good news or this could be bad news... If most of your mistakes are in the past, previous to the 18-month cut off, then it's easier to qualify for credit. But if you have had a great payment history for the last 5-years, then missed a few payments in recent months, and have had a few other mistakes, its going to cost you dearly in getting the best rates, or even approved for that new loan. It is important for you to know that the past 18-months are what count the most.

Tip #4: Know your "Middle" score

More and more these days, lenders are using third party credit reporting agencies that take all three of your credit reports, merge them into one, and highlight your "middle score." For example, if you have a 680 score on Equifax, a 720 score with TransUnion, and a 620 credit score with Experian, then 680 would be the credit score given the most attention. Most lenders look at your middle score and determine your credit risk based on that score. 620 is the cut off for being a "good" credit risk, everything below 620 has a higher risk rating and may or may not be approved for a loan. The higher the risk, the higher the interest rate.

Tip #5: Boost your credit score

Your credit score can range from 300-850. Lenders will give you a home loan or auto loan with a score of 500 and up. However, the "magic" score is considered to be 720. With a credit score above 700 the ability to get the most creative financing available is at your finger tips. Want those car loans with zero percent interest? Have a 720 credit rating. If you don't have a 720 credit score, try for 660. A 660 credit score still is good enough to qualify for most loans, including a "no-income verification" loan, something highly sought after by self-employed people.

For more information, please contact Gabriel Avalos directly @ 206.423.6733 or online at www.teamavalos.com.
About the Author

Gabriel Avalos is Vice President of LG Capital Funding in Bellevue, Washington. His 10+ year career specialty includes credit restoration, personal finance, and credit management.