A FICO score is a credit scoring system that is commonly used by financial lenders to evaluate the borrower. Here's a list of different factors that impact your credit score and their approximate percent of impact.
Types of Credit in Use: 10%--Considers the number of credit accounts and the mix of credit types: credit cards, installment loans, mortgages, and is most important if you don't have a very lengthy credit history.
Payment History: 35%--Takes into account (1) many different types of payments, including mortgages, major credit cards, department store credit cards, car loans, other installment loans such as for furniture, etc., (2) information from public records such as bankruptcies, liens, lawsuits, foreclosures, judgments, and wage garnishments, (3) details of any missed or late payments, such as the amount, how long ago it occurred, and how late it was.
Amounts Owed: 30%--Looks at (1) the total of all the amounts you owe for all accounts, (2) the mix of amounts owed (credit cards versus installment loans, for example), (3) the number of accounts that have balances, (4) how much of your total credit available on credit cards and installment loans you're using (the closer you are to maxing out your available credit, the more negative the impact on your score), and (5) how much of the original balance borrowed you still owe on installment loans, like your car loan.
Length of Credit History: 15%--As long as you don't have negative information in your file, the longer your credit history, the higher your score.
New Credit: 10%--Considers (1) how many new credit accounts you've opened recently, (2) how long it's been since you opened a new credit account, (3) how many requests you've made for credit recently, (4) how long it has been since lenders have requested credit information on you, and (5) how good your recent credit history has been.
www.fico.com
Saturday, February 28, 2009
Tips for making your move a breeze!
Moving is a big decision and it takes a lot of work. Here are simple tips to think about when your planning your move.
Make a LIST. Having adequate supplies will make your move easier, so you'll want to have more than just boxes. You'll need packing tape to seal your boxes, permanent markers to label them, newspaper to insulate breakable objects, and bubble wrap to protect your more fragile belongings. You should be able to obtain boxes from your local grocery store, but if they're out of boxes, try fast food restaurants. You may consider purchasing some plastic storage boxes if you have items you won't be using soon after the move. If you have a few boxes of items that are going to go straight into the attic, for example, plastic boxes might be a wise investment.
Get an early start! Sorting through your belongings will help you decide if there are some things you can part with -- without missing it later on. Even if you end up keeping everything you own, take advantage of the fact that there are items you only use part of the year. If it's summer, you can pack your skis and your winter clothing first, as you won't be using those items for a while. The early phase of packing is the time to pack up that stack of books you've been meaning to read, Christmas lights, holiday decorations, and any other items you can comfortably live without until you've moved into your new place. If you have excess items that you don’t want to throw away, have a moving sale or donate them to a local charity.
Categorize your Boxes. Make sure you label your boxes clearly. When you’re labeling boxes, try to be as descriptive as possible. Instead of labeling sheets and pillowcases "guest bedroom," for example, label them "sheets and pillowcases- guest bedroom," and so on. This will not only help you know where to place the boxes on moving day- it will also help you locate an item if you find yourself needing it before you've completely unpacked.
Start Planning. If you're not planning on hiring a moving company, start recruiting the help of friends and family members early on. In most cases, they'll be happy to help as long as they've been given enough notice, and you'll likely have plenty of time beforehand to ask them in advance. Make sure you call or send an email reminder a week before moving day to remind them. On the day your helpers arrive, be ready! If you make it easier to move, it will make the big day less stressful for everyone.
Remember that everything you can do ahead of time will make your move simpler for everyone, and considering the fact that moving is naturally stressful, the more you can prepare yourself for a smooth moving transition, the better.
Make a LIST. Having adequate supplies will make your move easier, so you'll want to have more than just boxes. You'll need packing tape to seal your boxes, permanent markers to label them, newspaper to insulate breakable objects, and bubble wrap to protect your more fragile belongings. You should be able to obtain boxes from your local grocery store, but if they're out of boxes, try fast food restaurants. You may consider purchasing some plastic storage boxes if you have items you won't be using soon after the move. If you have a few boxes of items that are going to go straight into the attic, for example, plastic boxes might be a wise investment.
Get an early start! Sorting through your belongings will help you decide if there are some things you can part with -- without missing it later on. Even if you end up keeping everything you own, take advantage of the fact that there are items you only use part of the year. If it's summer, you can pack your skis and your winter clothing first, as you won't be using those items for a while. The early phase of packing is the time to pack up that stack of books you've been meaning to read, Christmas lights, holiday decorations, and any other items you can comfortably live without until you've moved into your new place. If you have excess items that you don’t want to throw away, have a moving sale or donate them to a local charity.
Categorize your Boxes. Make sure you label your boxes clearly. When you’re labeling boxes, try to be as descriptive as possible. Instead of labeling sheets and pillowcases "guest bedroom," for example, label them "sheets and pillowcases- guest bedroom," and so on. This will not only help you know where to place the boxes on moving day- it will also help you locate an item if you find yourself needing it before you've completely unpacked.
Start Planning. If you're not planning on hiring a moving company, start recruiting the help of friends and family members early on. In most cases, they'll be happy to help as long as they've been given enough notice, and you'll likely have plenty of time beforehand to ask them in advance. Make sure you call or send an email reminder a week before moving day to remind them. On the day your helpers arrive, be ready! If you make it easier to move, it will make the big day less stressful for everyone.
Remember that everything you can do ahead of time will make your move simpler for everyone, and considering the fact that moving is naturally stressful, the more you can prepare yourself for a smooth moving transition, the better.
Monday, February 23, 2009
What is the $8,000 tax credit for First Time Home Buyers?
Yahoo posted a great article on the new $8,000 First Time Home Buyer tax credit.
Read the article here
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.
Read the article here
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