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Write You - 5 Common Credit Score Myths
Yes folks, there is a way of making absolutely certain-sure that you have developed a winning product.Do you want to know how to do this? You do?Well, it's quite simple: You allow the punters to tell you whether or not they want your product.I am being deadly serious here when I tell you that the only certain way to be sure is to test your product in a suitable, email broadcast, newspaper ad or direct mail campaign.The punters will pretty soon tell you whether or not they want to buy or not. Either you will get lots of orders, or you will just about break-even, or you will hardly get any orders at all. You just wont know until you test!Now, do you want to know the single most powerful piece of informa
MYTH #1: The major bureaus use different formulas for calculating your credit score.
FACT: The three major credit bureaus - Equifax, TransUnion and Experian -- give the score a different name. Equifax calls thei
The trucking industry is no longer as simple as it once was. Because of deregulation and changes in the marketplace, companies now experience tremendous operating pressure. Revenue may be growing rapidly without a corresponding increase in profitability. Senior management wonders, “What is wrong and what can I do about it?”All companies reach a point where they can either move forward to profitability or wallow in stagnation. If a company’s performance is stagnant, it’s because problems have become too complex for senior management to see and understand—what I call the Barrier of Complexity. As a result, symptoms are treated and the real problems go unresolved.In the trucking industry, you know all too well what those
Yet, according to a survey that was recently conducted, nearly half of all Americans don't know how these scores are derived or even what factors are used to come up with them.
For example, if your credit score is 580 you are probably going to pay nearly three percentage points more in mortgage interest than someone who had a score of 720.
Or another way of looking at it, if you had a $150,000 30- year fixed-rate mortgage and your credit score was good enough to qualify for the best rate, your monthly payments would be about $890. This is according to Fair Isaac, the company that created the FICO score and who the rate is named after (Fair Isaac COrporation). If your credit is poor, however, it is very likely that you would have to pay more than $1,200 a month for that same loan.
With so much depending on the credit score, it’s important to understand what it is all about and what are the things that affect it.
Unfortunately, people commonly have a lot of misinformation and misunderstandings about their credit score. Here are five of the most common credit score myths and along with it the true facts:
MYTH #1: The major bureaus use different formulas for calculating your credit score.
FACT: The three major credit bureaus - Equifax, TransUnion and Experian -- give the score a different name. Equifax calls their
Okay, so you've spent several months shopping around for a business to buy.You have your financing lined up.The numbers look excellent.Everything seems profitable, and everything is perfect.Except for one thing.And that is...unless you've bought a business with a system in place that literally "runs itself" -- whether or not you show up every day -- all you've done is buy yourself a glorified job.A job where you will probably make (if you measure your income per hour) less than most of your employees.A job that will likely cause you an enormous amount of stress, anxiety and pressure every single day of the week -- including weekends.Why do I say this?Because that is what ha
For example, if your credit score is 580 you are probably going to pay nearly three percentage points more in mortgage interest than someone who had a score of 720.
Or another way of looking at it, if you had a $150,000 30- year fixed-rate mortgage and your credit score was good enough to qualify for the best rate, your monthly payments would be about $890. This is according to Fair Isaac, the company that created the FICO score and who the rate is named after (Fair Isaac COrporation). If your credit is poor, however, it is very likely that you would have to pay more than $1,200 a month for that same loan.
With so much depending on the credit score, it’s important to understand what it is all about and what are the things that affect it.
Unfortunately, people commonly have a lot of misinformation and misunderstandings about their credit score. Here are five of the most common credit score myths and along with it the true facts:
MYTH #1: The major bureaus use different formulas for calculating your credit score.
FACT: The three major credit bureaus - Equifax, TransUnion and Experian -- give the score a different name. Equifax calls thei
Are you considering having a partner in your new business?Often I find that my clients are looking to go into a business partnership when starting their new business. Considering my market – new entrepreneurs it makes sense that this is happening. After all new entrepreneurs having never been involved in a business partnership would be likely to try it out. On the surface it seems a fairly common occurrence and a generally accepted business practice. Underneath however you're mixing a volatile concoction. One life lesson I learned long ago is that until you know how someone is about money, you really don’t know how that person is. Money has the ability to reflect the best and worst in people. We all know it but somehow when it c
With so much depending on the credit score, it’s important to understand what it is all about and what are the things that affect it.
Unfortunately, people commonly have a lot of misinformation and misunderstandings about their credit score. Here are five of the most common credit score myths and along with it the true facts:
MYTH #1: The major bureaus use different formulas for calculating your credit score.
FACT: The three major credit bureaus - Equifax, TransUnion and Experian -- give the score a different name. Equifax calls thei
Q: I am thinking about starting my own business, but statistics show that most new businesses fail. Why do you think most businesses fail?A: This is the column that probably gets me kicked out of the entrepreneurial chapter of the Priory of Scion. I look silly in those long robes anyway, so here goes.A thousand apologies to my entrepreneurial brothers and sisters, but. I think the more important question is: do businesses fail or does the entrepreneur in charge of them fail? I have to be honest and tell you that I think most business failures must be laid at the feet of the person in charge.Sure, there may be contributing factors to the demise of a business, such as a huge chain store moving in next door, a down ec
With so much depending on the credit score, it’s important to understand what it is all about and what are the things that affect it.
Unfortunately, people commonly have a lot of misinformation and misunderstandings about their credit score. Here are five of the most common credit score myths and along with it the true facts:
MYTH #1: The major bureaus use different formulas for calculating your credit score.
FACT: The three major credit bureaus - Equifax, TransUnion and Experian -- give the score a different name. Equifax calls thei
As a small business operator myself I know I am always on the lookout for ideas that will keep my business at the forefront of my customer’s minds.Well bingo.If you are in a similar position then I have something to share with you. I got thinking a while back, most of my clients, and I bet your’s too, have a cup of coffee just about every day. So imagine how easy it would be to get right there in their faces everyday if your company or business logo was imprinted on the front their coffee mug.From my experience promotional coffee mugs and cups are a top marketing tool that is both affordable and carries long term benefits in getting my business up close and personal to my customers.Now on the subject of emp
MYTH #1: The major bureaus use different formulas for calculating your credit score.
FACT: The three major credit bureaus - Equifax, TransUnion and Experian -- give the score a different name. Equifax calls their score the "Beacon" credit score, Transunion calls it "Empirica" and Experian gives it the name "Experian/Fair Isaac Risk Model." They all use different names for the credit score, but they all use the same formula to come up with it.
The reason that the credit score you receive from each bureau is different is because the information in your file that they base the score on is different. For example,the records that one bureau is using may go back a longer period of time, or a previous lender may have shared its information with only one of the bureaus and not the other two.
Usually the scores are not too far from each other. Unless there is a big difference between what each bureau says is your credit score, many lenders will just use the one in the middle for the purpose of analyzing your application. So, for this reason alone it is a good idea to correct any errors that exist in each of the three major credit bureaus.
MYTH #2: Paying off your debts is all you need to do to immediately repair your credit score.
FACT: Your credit score is mostly determined by your past performance more than your current amount of debt. It will definitely be very helpful to pay off your credit cards and settle any outstanding loans, but if yours is a history of late or missed payments, it won’t remove the
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