Just as a letter grade in school determined your academic fitness, so your credit score determines your financial fitness. Credit score is a numerical expression generated by a mathematical algorithm based on information in your credit report. The resulting figure is a highly accurate prediction of how likely you are eligible to pay your bills. Credit score which ranges from the lowest score of 340 to the highest at 850 determines the rate of interest and whether you can buy a house, car or computer or get a student loan. It also tells lenders how likely you are to default on a loan.
Credit scores are designed to know if you are creditworthy or not. Your credit score will be calculated on the basis of your credit report which contains a history of how you’ve paid your bills, how much open credit you have, and anything else that would affect your credit worthiness. In the process of credit reporting, the consumer agencies, banks and credit unions score individuals and determine their credit profile. They instead of manually reading through your credit report will just look at a number: your credit score. You are advised to know how credit reports works, before planning g for your financial future.
There are lots of credit score programs and models that generate your credit score. Different models can determine different scores. But the lenders use some scoring models more as compared to others. Among all, the most popular credit score is the FICO credit score, from Fair Issac Corporation. Its scale ranges from 300 to 850. There also exist other credit scores which might extend the FICO credit score, or they might be custom built for lender’s particular needs. In US TransUnion, Equifax, Experian and Innovis are the four primary agencies that maintain credit information.
Your credit scores do not determine the approval of your loan. They are simply numbers generated from your credit reports and from where your lenders sets standards on which credit scores are acceptable and makes the final decision. You must improve your credit score, to show that you are a seasoned, responsible borrower. Take a hard, objective look at your finances and make a plan to tackle your credit and set a date to reach the desired score, to enjoy a healthy credit file.
Your Credit Score is a magical number that indicates your creditworthiness to potential lenders, banks, landlords, insurance companies, and even to some employers. There are various ways to increase your credit score in 30 days. Increasing your credit is not a big deal. With a little foresight and due diligence, you can reap giant rewards and increase your credit quickly. But with black marks like a bankruptcy or foreclosure in your credit reports can stand as a barrier in raising your credit score. Here is a list of few steps you can take to raise your score at ease-
· Paying down your credit card balances and reducing your overall debt on your credit report is an effective way to raise your credit score quickly. By doing this you lower your total balance owed and also lower the total amount of interest you pay, and in turn increase your credit score at the same time.
· Make all your payments on time. Delinquencies have a serious impact on your credit score. If you have overdue bills, make plans to get rid of it quickly.
· Keep a check on your credit limit. To have a good credit score, you should possess about 30% or more of the available balance on your credit cards available for use in emergencies. To increase your score try to keep a gap between what you owe and what you can still use.
· Don’t close your unused or old credit cards accounts. As a long credit history helps in increasing your score and plays a vital role in calculating your score.
· Check your credit report occasionally and see if your report is correctly reporting your credit limits for your cards. If you find any errors immediately clear it up, such as incorrect credit limits, late payments, or collection items that aren’t yours.
· Get a secured credit card. Without a credit history and with a low credit score, a secured card can help you build credit if it reports to the credit bureaus. For this you have to upfront a security deposit of at least a couple hundred dollars, which the card issuer holds as collateral. The bureaus uses your high balance as a proxy for your credit limit, which makes you look that you are maxed out.
There are numerous credit card processing companies to choose from, each offering different structures and fees. Before approaching any credit card processing company, you must consider many factors first. The company you choose should have a system that is fully compatible and fits your business needs as well as budget is important to reap the most rewards of credit card sales. The following tips will help you to select a reliable, affordable and beneficial right company.
Each business whether it is a start-up business, internet business or home based business, faces its own unique challenges. So, search or choose a credit card processing company that include features that will outline the specific needs of your business. When searching for a company, besides being reliable and trust worthy it is important to determine first with whom you are going to do business. The big, well known credit card companies are most likely to have an established reputation but you can do research about the smaller or less known companies via the Better Business Bureau or your state’s Attorney General’s Office.
Another most important factor to consider about the credit card processing companies is about the start up costs. The cost can range from affordable to expensive. Many companies don’t charge any start up fees, while some can charge as much as $250 start up fees. In addition to the start up costs, also look at other fees that may be required. Many credit card companies charge several types of monthly fees and gateway fees for their services. Before signing with the company, compare the fees associated with credit card processing to ensure you are getting the most value for your dollar. Make sure you choose a company that is both affordable for you and worth the costs.
Also have assurance that your transactions are safe and secure, therefore security features are a must have for any company processing credit card transactions. Also before choosing a company determine which credit cards you will be accepting and the type of equipments and features you need. In other words, choose a company that is both affordable and honest, fitting your budget and requirements at the same time. By picking a credit card processing company that meets all of your criteria you are in a better position to improve on and grow your business.
It can be possible that one can take mortgage after their bankruptcy is discharged. It does depend upon you how you are proving yourself behind lenders to satisfy repayment of a loan.
The best way to get Mortgage is to pay your bills or loans on time for at least three to four year. This type of practicing makes your report positive. Rebuilding your credit after bankruptcy is quite hard to a person but make it in habit that you have to pay your creditors on time.
Keep it in mind that no financial firm will pay you mortgage immediately after discharge of your bankruptcy filing. One more problem behind bankruptcy person that it your bankruptcy is documented on a credit report as per court judgment then your credit score may be reduce by 100 points.
| Injury to Person | Under a contract: 6 yrs. §6-2-34(9); In general 2 yrs. §6-2-38(l) |
| Libel/Slander | 2 yrs. §6-2-38(k) |
| Fraud | 2 yrs. from accrual of action (discovery) §6-2-3 |
| Injury to Personal Property | 6 yrs. §6-2-34(2) |
| Professional Malpractice | Medical: 2 yrs. §6-5-482 |
| Trespass | 6 yrs. §6-2-34(1, 2) |
| Collection of Rents | 6 yrs. §6-2-34(5) |
| Contracts | Written: 10 yrs. if under seal; 6 yrs. if not §§6-2-33 to 6-2-34; Oral: 6 yrs. §6-2-34(9) |
| Collection of Debt on Account | 6 yrs. stated liquidated account; 3 yrs. open unliquidated account §§6-2- 34(5) and 6-2-37 |
| Judgments | 20 yrs. §6-2-32 |
contracts | 6 years |
defamation | 1 year |
domestic and foreign judgments | 10 years |
Injury to personal property | 3 years |
intentional tort | 1 year |
libel | 1 year |
medical malpractice | 1 year from date of injury |
Medical Malpractice Actions Based on Insertion of Foreign Object into the Body | 1 year from date of discovery of object |
minors | begins on date of 18th birthday |
negligence causing personal injury | 1 year from date of discovery |
open account for debt collection | 6 year |
oral agreement | 6 years |
personal injury | 1 year |
product liability | 1 year |
products liability | 1 year after date of injury |
promissory notes | 6 years |
silicone breast implants | 4 years from date of discovery of injury. 25 years max |
slander | 1 year |
written contracts | 6 years |
wrongful death | 1 year from date of death |
The below chart is a rough guide line for statutes of limitations in New Jersey.
Contracts : 6 years
Conversion of an instrument for money : 3 years
Fraud : 6 years
Product Liability : 2 years from the date of the act or omission giving rise to the complaint
2 years from the date the injury was or reasonably should have been discovered.
Foreign judgments : 20 years (unless period in origination jurisdiction is less)
Defamation : 1 year
Injury to personal property : 6 years
Intentional Torts : 1 year
Judgments : 20 years (renewable)
Libel : 1 year
Medical malpractice : 2 years from date of act giving rise to injury
Minors : begins on 21st birthday
Negligence causing personal injury : 2 years from time of discovery
Open Accounts : 6 years
Oral Agreements : 6 years
Personal Injury : 2 years from date of injury
Slander : 1 year
Written Contracts : 6 years
Wrongful Death : 2 years from date of death
