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Your Credit Score : How to Fix, Improve, and Protect the 3-Digit Number That Shapes Your Financial Future

by: Weston, Liz

Your Credit Score : How to Fix, Improve, and Protect the 3-Digit Number That Shapes Your Financial Future

by: Weston, Liz

ISBN 13:
9780132254588
ISBN 10:
0132254581
Edition: 2nd
Format: Paperback
Copyright: 01/01/2007
Publisher: FT Press

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Summary

Your credit score. It's just three numbers. But it dictates whether you'll get credit, and what you'll pay. Insurers use it to set premiums. Landlords use it to make renting decisions. You need to understand it. In Your Credit Score, Second Edition, MSN Money personal finance journalist Liz Pulliam Weston gives you up-to-the-minute answers you can trust-and a proven action plan for building your credit, fixing it, and maintaining it, starting today! Weston has updated this national bestseller with extensive new information, including an inside look at the new VantageScore credit scoring system, "Fast Fixes " that actually work, and powerful tips for first-time borrowers. You'll discover how your scores are affected by everything from applying for loans to closing accounts... how to cope with a credit crisis, and bounce back from bad credit or bankruptcy... how credit counselling really affects your score...why paying old debts can actually damage your score... how to reduce your exposure to identity theft, and much more!

Acknowledgments	p. xvii
About the Author	p. xix
Why Your Credit Score Matters	p. 1
How Your Credit Score Affects You	p. 1
What It Costs Long Term to Have a Poor or Mediocre Credit Score	p. 3
How Credit Scoring Came into Being	p. 6
How Credit Use Has Changed Over the Years	p. 7
Consumer's Fight for Truth About Credit Scores	p. 8
Credit Controversies	p. 9
Credit Scoring's Vulnerability to Errors	p. 9
Credit Scoring's Complexity	p. 10
Credit Scoring's Use for Noncredit Decisions	p. 11
Credit Scoring's Potential Unfairness	p. 11
Conclusion	p. 12
How Credit Scoring Works	p. 13
What Is a Good Score?	p. 16
Your Credit Report: The Building Blocks for Your Score	p. 17
How Your Score Is Calculated	p. 18
The Five Most Important Factors	p. 19
Your Payment History	p. 19
How Much You Owe	p. 20
How Long You've Had Credit	p. 21
Your Last Application for Credit	p. 21
The Types of Credit You Use	p. 22
Your Credit Scorecard	p. 22
Your Results Might Differ	p. 24
How Do I Get My Score?	p. 25
VantageScore-A Revolution or Just More of the Same?	p. 29
The VantageScore Scale	p. 30
How VantageScores Are Calculated	p. 31
Comparing the Scoring Systems	p. 32
Some Rules Remain the Same	p. 33
VantageScore's Future	p. 34
So Which is Better?	p. 36
Improving Your Score-The Right Way	p. 37
Start with Your Credit Report	p. 37
Check the Identifying Information	p. 38
Carefully Review the Credit Accounts	p. 39
Parse Through Your Inquiries	p. 40
Examine Your Collections and Public Records	p. 41
Dispute the Errors	p. 41
Pay Your Bills on Time	p. 42
How to Make Sure Your Bills Get Paid on Time, All the Time	p. 43
Pay Down Your Debt	p. 47
You Need to Reduce What You Owe, Rather Than Just Moving Your Balances Around	p. 47
You Might Need to Change Your Approach to Paying Off Debt	p. 48
You Need to Pay Attention to How Much You Charge-Even If You Pay Your Balances Off in Full Every Month	p. 48
How to Find Money to Pay Down Your Debt	p. 50
Don't Close Credit Cards or Other Revolving Accounts	p. 50
Apply for Credit Sparingly	p. 51
How to Get a Credit Score If You Don't Have Credit	p. 51
Credit Scores Without Credit	p. 55
Credit Scoring Myths	p. 57
Closing Credit Accounts Will Help Your Score	p. 58
You Can Boost Your Score By Asking Your Credit Card Company to Lower Your Limits	p. 59
You Can Hurt Your Score By Checking Your Own Credit Report	p. 60
You Can Hurt Your Score By Shopping Around for the Best Rates	p. 61
You Don't Have to Use Credit to Get a Good Credit Score	p. 62
You Have to Pay Interest to Have a Good Credit Score	p. 63
Adding a 100-Word Statement to Your File Can Help Your Score If You Have an Unresolved Dispute with a Lender	p. 64
Your Closed Accounts Should Read "Closed By Consumer," Or They Will Hurt Your Score	p. 65
Credit Counseling Is Worse Than Bankruptcy	p. 65
Bankruptcy Hurts Your Score So Much That It's Impossible to Get Credit	p. 66
Coping with a Credit Crisis	p. 69
Figure Out How to Free Up Some Cash	p. 72
Evaluating Your Options	p. 75
Prioritize Your Bills	p. 75
Match Your Resources to Your Bills and Debts	p. 77
Figuring Out a Repayment Plan	p. 78
The Real Scoop on Credit Counseling	p. 80
Should You File for Bankruptcy?	p. 84
The Effects of Bankruptcy Reform	p. 85
The Type of Bankruptcy That You File Matters	p. 86
Choose Your Path and Take Action	p. 87
The Pay-Off Plan	p. 88
Credit Counseling	p. 88
Bankruptcy	p. 88
Rebuilding Your Score After a Credit Disaster	p. 89
Credit Report Repair	p. 91
Scrutinize Your Report for Serious Errors	p. 91
Know Your Rights	p. 93
Organize Your Attack	p. 94
What You Need to Know About Unpaid Debts and Collections	p. 95
What You Need to Know About Statutes of Limitations	p. 99
Should You Pay Old Debts?	p. 102
"But You've Got the Wrong Guy!"	p. 105
Adding Positive Information to Your File	p. 106
Try to Get Positive Accounts Reported	p. 106
Borrow Someone Else's History	p. 106
Get Some Credit or Charge Cards If You Don't Have Any	p. 107
Use Your Credit Well	p. 108
Pay Bills on Time	p. 108
Use the Credit You Have	p. 108
Keep Your Balances Low	p. 109
Pace Yourself	p. 109
Don't Commit the Biggest Credit Repair Mistakes	p. 109
Identity Theft and Your Credit	p. 111
New Laws That Might Help	p. 115
How to Reduce Your Exposure to Identity Theft	p. 117
Buy a Shredder	p. 117
Get a Locking Mailbox	p. 117
Protect Your Outgoing Mail	p. 117
Keep Track of Your Receipts	p. 118
Keep Your Financial Documents Under Lock and Key	p. 118
Get Stingy with Your Social Security Number	p. 118
Know What's in Your Wallet	p. 119
Ask About Shredding Policies	p. 119
Don't Let Your Debit Card Out of Your Sight	p. 120
Opt Out of Credit Card Solicitations, Junk Mail, and Telemarketing	p. 120
Don't Use a Cell or Cordless Phone to Discuss Financial Matters	p. 121
Be Wary of Telephone Solicitors and Emails Purporting to Be from Financial Institutions	p. 121
Monitor Your Social Security Statements	p. 122
Monitor Your Credit Reports	p. 122
Consider a Credit Freeze	p. 124
What to Do If You're Already a Victim	p. 131
Keep Good Notes of Every Conversation You Have Regarding the ID Theft	p. 131
Contact the Credit Bureaus by Phone and Then with a Follow-Up in Writing	p. 132
Contact the Creditors by Phone and Then Follow Up in Writing	p. 132
Contact the Police or Local Sheriff	p. 132
Contact Bank and Checking Verification Companies	p. 133
Contact the Collection Agencies	p. 133
Get Legal Help	p. 134
Don't Give Up	p. 134
What to Do If the Credit Bureau Won't Budge	p. 136
Emergency! Fixing Your Credit Score Fast	p. 139
Repairing Your Credit in a Matter of Hours: Rapid Rescoring	p. 140
Boosting Your Score in 30-60 Days	p. 143
Pay Off Your Credit Cards and Lines of Credit	p. 143
Use Your Credit Cards Extremely Lightly	p. 144
Focus on Correcting the Big Mistakes on Your Credit Reports	p. 144
Use the Bureaus' Online Dispute Process	p. 144
See If You Can Get Your Creditors to Report or Update Positive Accounts	p. 145
What Typically Doesn't Work	p. 145
Disputing Everything in Sight	p. 145
Creating a "New" Credit Identity	p. 146
Closing Troublesome Accounts	p. 146
Insurance and Your Credit Score	p. 147
History of Using Credit Scores to Price Insurance Premiums	p. 149
But What's the Connection?	p. 151
What Goes into an Insurance Score	p. 155
Keeping a Lid on Your Insurance Costs	p. 156
Start Thinking Differently About Insurance	p. 156
Raise Your Deductibles	p. 157
Don't Make Certain Kinds of Claims	p. 158
Be a Defensive Driver	p. 160
Use the Right Liability Limits	p. 160
Drop Collision and Comprehensive on Older Cars	p. 161
Shop Around	p. 161
Protect Your Score	p. 162
Keeping Your Score Healthy	p. 163
The Do's of Credit Health	p. 164
Pay Off Your Credit Card Balances	p. 164
Have an Emergency Fund	p. 166
Have Adequate Insurance	p. 168
The Don'ts of Credit Health	p. 169
Don't Buy More House Than You Can Afford	p. 169
Don't Overdose on Student Loan Debt	p. 171
Don't Let Your Fixed Expenses Eat Up Your Income	p. 171
Don't Raid Your Retirement or Your Home Equity to Pay Off Credit Cards	p. 172
Credit and Divorce: How Your Ex Can Kill Your Score	p. 173
Get Your Credit Reports	p. 174
Take Action	p. 174
Don't Be Late	p. 175
Dealing with Mortgages, Car Loans, and Other Secured Debt	p. 175
Consider a Fraud Alert or Credit Freeze	p. 176
Look for Lenders Who Aren't FICO-Driven	p. 176
In Conclusion: The Three-Year Solution	p. 177
Index	p. 179
Table of Contents provided by Ingram. All Rights Reserved.

Amazon no longer offers textbook rentals. We do!

Your Credit Score : How to Fix, Improve, and Protect the 3-Digit Number That Shapes Your Financial Future

Your Credit Score : How to Fix, Improve, and Protect the 3-Digit Number That Shapes Your Financial Future

9780132254588

0132254581

Summary

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

Your Credit Score : How to Fix, Improve, and Protect the 3-Digit Number That Shapes Your Financial Future

Your Credit Score : How to Fix, Improve, and Protect the 3-Digit Number That Shapes Your Financial Future

9780132254588

0132254581

Summary

Table of Contents

Supplemental Materials

Write a Review

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