There are many misconceptions about credit scores out there. There are customers who believe that they don’t have a credit score and many customers who think that their credit scores just don’t really matter. These sorts of misconceptions can hurt your chances at some jobs, at good interest rates, and even your chances of getting some apartments.
The truth is, if you have a bank account and bills, then you have a credit score, and your credit score matters more than you might think. Your credit score may be called many things, including a credit risk rating, a FICO score, a credit rating, a FICO rating, or a credit risk score. All these terms refer to the same thing: the three-digit number that lets lenders get an idea of how likely you are to repay your bills.
Every time you apply for credit, apply for a job that requires you to handle money, or even apply for some more exclusive types of apartment living, your credit score is checked.
Secret # 1
Interest Backing-dating
Most card issuers change interest from the day a change is posted to your account. if you don't pay in full monthly. But some charge interest from the date of purchase . Days before they have even paid the store on your behalf.
Solution: Find another card issuer , or always try your best to pay your bill in full 7 days before the due date.
Secret # 2
Two-Cycle Billing
Issues which use this method of calculating interest charge 2 months worth of interest for the 1st month you failed to pay off your total balance in full. This issue arises only when you switch from paying in full to carrying a balance from month to month.
Solution: Switch issues or always try to pay your balance in full.
Secret # 3
The Right To Set-off
If you have money on deposit at a bank, and also have your credit there, you may have a signed an agreement when you opened the deposit account which permits the bank to take those funds . If you become delinquent on your credit card.
Solution: Every week deposit the Automated payments to a Prepaid Card for you can at least pay more than the minimum payments 7 days before the statement date and due date.
Secret # 3
The Right To Set-off
If you have money on deposit at a bank, and also have your credit there, you may have a signed an agreement when you opened the deposit account which permits the bank to take those funds . If you become delinquent on your credit card.
Secret # 4
Fees Are Negotiable
You may be paying up to $50 a year or more as an annual fee on your credit card. You may also be subject to finance charges of over 18%.
Solution: If you are a good customer, the bank may be willing to drop the annual fee, and reduce the interest rate to 9%. You only have to ask! Otherwise, you can switch issues to a lower-priced card.
Secret # 5
Interest Rate Hikes Are Retroactive
If You sign up for a credit card with low leaser rate such as 7% . when the low rate period expires, your existing balance will likely be subject to the regular and substantially higher interest rate.
Solution: Pay in full before the rate increases or close the account.
@icrfinancialfitness
Secret # 6
Shortened Due Dates
Most Card issuers offer 25 days grace period in which to pay for new purchases without incurring finance charges. Some banks have shortened the grace period to 20 days , but only for customers who pay in full monthly.
Solution: Ask to go back to 25 days.
@icrfinancialfitness
Secret # 7
How to get your 3 Free Credit Reports
During the COVID-19 pandemic, accessing your credit is important. That's why Equifax, Experian and TransUnion are continuing to offer free weekly online credit reports.
Solution: Got to: https://www.annualcreditreport.com
Get all 3 reports for free
Secret # 8
Solution: Go to:
https://www.myfico.com/fico-credit-score-estimator/estimator
Answer these ten easy questions and it will estimate your FICO Score range for free.
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There are many misconceptions about credit scores out there. There are customers who believe that they don’t have a credit score and many customers who think that their credit scores just don’t really matter. These sorts of misconceptions can hurt your chances at some jobs, at good interest rates, and even your chances of getting some apartments.
The truth is, if you have a bank account and bills, then you have a credit score, and your credit score matters more than you might think. Your credit score may be called many things, including a credit risk rating, a FICO score, a credit rating, a FICO rating, or a credit risk score. All these terms refer to the same thing: the three-digit number that lets lenders get an idea of how likely you are to repay your bills.
Every time you apply for credit, apply for a job that requires you to handle money, or even apply for some more exclusive types of apartment living, your credit score is checked.
Secret # 1
Interest Backing-dating
Most card issuers change interest from the day a change is posted to your account. if you don't pay in full monthly. But some charge interest from the date of purchase . Days before they have even paid the store on your behalf.
Solution: Find another card issuer , or always try your best to pay your bill in full 7 days before the due date.
Secret # 2
Two-Cycle Billing
Issues which use this method of calculating interest charge 2 months worth of interest for the 1st month you failed to pay off your total balance in full. This issue arises only when you switch from paying in full to carrying a balance from month to month.
Solution: Switch issues or always try to pay your balance in full.
Secret # 3
The Right To Set-off
If you have money on deposit at a bank, and also have your credit there, you may have a signed an agreement when you opened the deposit account which permits the bank to take those funds . If you become delinquent on your credit card.
Solution: Every week deposit the Automated payments to a Prepaid Card for you can at least pay more than the minimum payments 7 days before the statement date and due date.
Secret # 3
The Right To Set-off
If you have money on deposit at a bank, and also have your credit there, you may have a signed an agreement when you opened the deposit account which permits the bank to take those funds . If you become delinquent on your credit card.
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