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5 Things In Your Credit Report You’ve Got To Know About

in Credit Scores/by New Opportunity Provider

How much do you know about what’s in your credit report? Many people may be aware of their score, but their are components that affect your score. When you decide to take a look at your credit report summary, here are 5 things you can expect:

Your payment history: This shows you any positive or negative information showing up in your credit file. It shows any late payments or actions from collection agencies.
Available credit: This shows you what percentage of available credit you’re using and if you’re using too much or too little.
Credit age: Your credit age is how old your credit history is.
Range of credit: This part will show exactly what is on your report including mortgages, car loans, credit cards, and student loans.
Number of inquiries: Every time you apply for credit, it shows up on your account as a hit.

It’s important to be informed on the items in your credit report so you’ll know what other others are looking at too when they view your report. Read More

Key To Raising Your Credit Score Using Credit History

in Credit Scores/by New Opportunity Provider

Believe it or not, credit history has a huge impact on your overall credit score. It comes in third place right after payment history and amount owed. As you can see, if you want to keep your credit score, you can’t ignore this important factor. Here’s how you can score high in this very important area:

Keep old accounts open: It may be tempting to close an old account, but don’t. The older your accounts are the better it looks towards your overall score.
The earlier the better: The earlier you start using credit, the better it looks for your credit history. The key is to be responsible with what you borrow.
Take caution when opening new accounts: When opening new accounts, you’re actually lowering your points in this category.

If you keep your old accounts open and remain responsible with payments, you have a great chance of keeping points in this category high.

How Length Of Credit History Affects Your Score

in Credit Scores/by New Opportunity Provider

The amount of time you’ve had credit makes a difference in your credit score. In fact, after payment history and amounts owed, length of credit history is the most influential part of your FICO score.

Length of credit history means…

Age of your oldest credit account
Age of your newest credit account
Average age of all your accounts
How long various credit accounts have been opened, such as mortgages, credit cards and auto loans.
Length of time since different types of credit accounts have been used.

Keep the length of your credit history in mind the next time you check your credit score. The longer you can prove your history, the better the it looks towards your credit score.

Advantages of Salary Loans

in Loans/by New Opportunity Provider

Have you ever heard of salary loans? Salary loans are similar to payday loans except the fees are much lower and they are done at your local bank. You usually can only borrow up to $500, although there are some cases where you may be able to borrow more. Here are some advantages to taking out these kinds of loans.

Lower interest rates – The interest rates on these loans are much more manageable than pay day loans.
Lending standards – Lending standards are making it easier to borrow money even if you have poor credit or no credit at all.
Build credit – If done correctly, you may be able to build your credit score with these loans.

Word of caution…only take out these loans for emergencies. The payments are due right away meaning there is a possibility that you’ll run short on cash until your next paycheck.

Difference Between Payday Loans and Salary Loans

in Loans/by New Opportunity Provider

If you need to borrow money fast, you may be tempted to take out a payday loan. But before you take out a payday loan there is another option you should be aware of called salary loans. Salary loans are a rather new product that can be taken out at either your bank or credit union. Not all financial institutions offer it, but if they do you’ll at least have to have direct deposit in order to get approved.

So, what is the biggest difference between the two products? Salary loans aren’t cheap, but the fees are much lower than payday loan fees. It’s also less risky for the bank because they can easily collect fees from you through direct deposit.

These loans have to be paid off more quickly, which can be a financial burden. The good news is, you may be able to negotiate installment payments that will allow you to still get by until your next paycheck.

Ever Asked Your Bank For A Salary Advance?

in Loans/by New Opportunity Provider

If you need to borrow some quick money fast, you may be tempted to take out a payday loan or installment loan. But, there is another option out there that you can try that is rather new. It’s called salary advance loan. This is an alternative offered by many banks and credit unions.

Salary loans are small and short term. The most you may be able to borrow is $500. The first step to qualifying is having direct deposit set up at your bank. This ensures easy collection of funds. Here are some of the terms and conditions:

You may have to pay back by your next paycheck.
If you can’t pay back in that amount of time, you need to break payments into smaller regular chunks.
Regardless of which option you go for, you have to have it paid back within ninety days.

Consider trying your local bank or credit union to see if they offer a product like this. It may be a much better option than pay day loans.

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