Credit Score?

Question by Gehrig04: Credit Score?
How do corporations compute your credit score?

Best answer:

Answer by Kitch
The credit scores are determined individually from the three major credit bureaus: Experian, TransUnion, and Equifax. The algorithms aren’t made known to the public, though. Each bureau calculates it a little differently, and that is why the scores aren’t identical even if the information in the report is.

Here are the factors that contribute to your score:

Payment history (35%). Your score is negatively affected if you have paid bills late, had an account sent to collection, or declared bankruptcy. The more recent the problem, the lower your score — a 30-day late payment today hurts more than a bankruptcy five years ago.

Outstanding debt (30%). If the amount you owe is close to your credit limit, that is likely to have a negative effect on your score. A low balance on two cards is better than a high balance on one.

Length of your credit history (15%). The longer your accounts have been open, the better.

Recent inquiries on your report (10%). If you have recently applied for many new accounts, that may negatively affect your score. Promotional inquiries don’t count.

Types of credit in use (10%). Loans from finance companies generally lower your credit score. FICO says this is most important when there isn’t a lot of other information upon which to base a score.

What do you think? Answer below!

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Ten Best Retail Processing Agencies inside Canada Issued inside April 2014 by topcreditcardprocessors.ca


(PRWEB) April 13, 2014

topcreditcardprocessors.ca has announced the number one retail processing services inside Canada inside the credit card processing industry for the month of April 2014. Thousands providing solutions in the industry are put to the test inside purchase to find that services make the many impressive solutions to companies inside need. Businesses interested in impressive credit card processing services to support them access the listings online to obtain services that have been judged by an independent 3rd party.

Retail processing companies are put from the topcreditcardprocessors.ca authentic analysis procedure inside purchase to determine that companies inside Canada provide the best total service. Firms are diagnosed based about merit diagnosed by performance inside the analysis procedure. This task consists of the utilization of the set of analysis verticals, interacting with customer references, plus operating many marketplace plus industry analysis projects.

The 10 top retail processing businesses inside Canada for April 2014 are:

1. Millennium Payment Systems

2. Digitech Payments

3. Merchant Services Inc.

4. Charge National

5. Axxess Payments

6. Helcim

7. Collective Point of Sale Solutions

8. Merchant Accounts.ca

9. Advanced Merchant Group

10. National Debit Card network

ABOUT topcreditcardprocessors.ca

topcreditcardprocessors.ca is an established independent analysis fast inside Canada concentrating found on the analysis plus reviews of payment processing agencies around the globe. The reviews are formulated by the independent analysis team monthly to showcase the best retail processing agencies based about their performance plus their rating accomplished by the proprietary analysis task.

The 10 top retail processing agencies for April 2014 is found at:

http://topcreditcardprocessors.news-prs.com/ca/retail-processing-rankings

Retail processing agencies interested inside being evaluated may visit:

http://topcreditcardprocessors.news-prs.com/ca/apply-for-rankings







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Sound Advice to Spring Clean Your Finances


Beloit, Wisconsin (PRWEB) April 11, 2014

The season for spring cleaning has arrived and while many may be focused on organizing closets or scrubbing floors, First National Bank and Trust (FNBT) encourages consumers to clean up their finances, as well.

“Spring is a great time to take a hard look at your finances and identify ways to manage them more efficiently,” said Laura Pomerene, FNBT Marketing Director. “By getting your financial house in order, you can set the stage for a stronger, more successful future.”

FNBT offers the following Sound Advice to help our customers cut back on financial clutter this spring:


Evaluate and pay down debt. Take a look at how much you owe and what you are paying in interest. If there are better rates available now, consider requesting a lower credit card interest rate or refinancing your mortgage. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates or eliminating smaller debt first.

Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or become a single income household, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving and stick to it.

Check your credit report. Every year, you are guaranteed one free credit report from each of the three bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan, or cause you to pay a higher than necessary interest rate.

Set up automatic bill pay. By signing up for automatic bill pay, you’ll never have to worry about a missed payment impacting your credit score. You can set it so that money is withdrawn from your checking account on the same day each month. Your information is securely encrypted and you can assign accounts to categories for easier payment processing.

Sign up for e-statements and paperless billing. Converting to paperless billing will help keep your house, physical and financial, more clean and organized. FNBT’s e-statements are accessible online, saving you time. Plus, they are more secure than mailed statements in an unattended mail box.

Consolidate your accounts. Managing several accounts can be challenging. If you have open accounts that you rarely use, consider closing them. It’s important to note that cancelling accounts may come with a fee or impact your credit score. Other options include streamlining all your accounts under a single bank, or using an account management service such as FNBT’s Total View that allows you to view all of your financial accounts in one place. You can build a comprehensive database of all your finances including your FNBT accounts as well as accounts at other institutions to make monitoring and analyzing your budget simple and easy.

Download our mobile apps. Many banks offer mobile apps that allow consumers to manage their finances from the palm of their hand. With the click of a button, you can make a deposit or access a record of all your recent transactions. FNBT now offers apps for smartphones and iPads® making banking more convenient than ever.

First National Bank and Trust Company is a family-owned, community bank headquartered in Beloit, Wisconsin. Chartered in 1882, First National Bank and Trust Company now serves more than 27,000 households in 9 communities and 12 locations in Southern Wisconsin and Northern Illinois with assets of approximately $ 850 million. Commitment to full service banking, investments, asset management, exceptional service and Sound Advice has positioned First National Bank and Trust Company as a Stateline leader in the industry. For additional information, visit http://www.bankatfirstnational.com.

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Moody's Investors Services: Obamacare may harm credit ratings for nonprofit

Moody's Investors Services: Obamacare may harm credit ratings for nonprofit
The credit rating agency on Thursday warned that some emerging risks tied to the Affordable Care Act, or ACA, may affect hospitals' future ability to access loans and other financing. These risks touch on a range of topics, such as health insurance …
Read more on Albany Business Review (blog)

Building credit one purchase at a time
Insurance rates are also based on a customer's credit rating. And the type of house a he or she will be allowed to buy can be limited by his credit level. Kostenski offered simple suggestions to obtain a good rating. First, a customer must establish a …
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Scottish Independence Poses Threat to UK Credit Rating, Warns Fitch
Fitch has warned the markets that Britain's credit rating would hinge on the terms of the agreement between UK and Scotland, if the latter decided to end the 307-union, following the referendum later this year. According to the rating agency's latest …
Read more on International Business Times UK

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