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Today, we are discussing credit score factors that can help you to boost your FICO score.

Payment history – Loan payment, credit card payment, and mortgage payment these things contain 35% value of total score. Therefore, it is strongly recommended to make the payment on or before due date. Once you follow this practice, you will see huge change in your total credit score.

Debt – Approximately your 30% score is calculated on the basis of outstanding debt. So, you should not borrow money unnecessarily. Avail cash from external sources only when you need it and repay the amount according to due date.

Credit check – Credit check can be divided into two categories, like hard and soft. In soft check, individual himself checkout his/her credit history. On the other hand, hard credit check is done by the banks and financial institutions while lending credit card, loan or mortgage to borrower. It contains approximately 10% value in credit score.

So, do not allow every company to perform credit check on your name. It wi

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Tags: Credit, Credit Score, Credit Score Factors, Score Factors

Credit card Q&A: “What credit card limit can I get?”

Consumers are often curious about what they’ll qualify for in the way of a credit card, if approved at all.

Unfortunately, it’s always a bit of a mystery until after you apply and receive your credit card (and its related terms).

But you can certainly clue yourself in a bit before you apply.

Credit card issuers tend to look at two main things, including your credit score and your income.

It used to be household income, but now it’s just your income, since living with your wealthy parents doesn’t necessarily mean they’ll pony up if you can’t pay your debts.

Credit card companies also ask for employment information (and schooling prior to that) to get a better idea of what you make, considering the fact that you simply state a number on the credit card application.

They then take this information and look at it alongside your credit score, along with the information in your credit report, to determine your credit card limit.

Lower Credit Scores and Income = Lower Credit Card Limits

Generally, those with lower credit scores and lower gross annual income will receive lower credit card limits, and vice versa.

So a consumer with an average credit score and low income who applies for a credit card may receive a $3,000 credit card limit, while a consumer with an excellent credit score and higher-than-average income may receive a $25,000 credit card limit.

Of course, it’s hard to just say you’re this, so you’ll get that.

The takeaway is higher income and credit scores equals higher credit card limits.

Additionally, those with limited credit history will see lower limits than those with proven track records of supporting large amounts of debt, so understand that it takes time.

Keep in mind that charge cards don’t have a pre-set spending limit, but must be paid in full each month.

Tags: Card Limit, Credit Card, Credit Card Limit, Get

Leaving behind your assets to your family is something everyone plans to do but many put off the process due to lack of knowledge on how to get started. Estate planning can be complex based on the amount of assets and funds you have and how many people you plan on dividing them up amongst. If your estate is smaller and your assets are not as spread out, you may find the process to be simplified. In either case, with some basic tips and guidance, estate planning can be  a straightforward process that once accomplished will leave one with a feeling of security, knowing that their loved ones will be taken care of long after they are gone.

When getting started with estate planning, there are some basic steps to take to make sure the process runs smoothly. The first step is clearly to take an inventory of your belongings, deciphering which among them as enough value to include in your estate. The bigger assets are the easiest to include and these can involve residential and rental property, RVs, boats, and vehicles.

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Tags: Estate Planning, Planning

Before I became a bankruptcy lawyer, I thought that successful companies were generally pretty honest.  I would have guessed they were more honest than most people–otherwise why were they so successful.  Or at least, they’d be honest because they had more to lose.

Before I became a bankruptcy lawyer, I thought big companies were honest.

Now I know better.  I can’t compare the honesty of the average company, with the honesty of the average person.  But I do know that being big and successful does not make a company honest.

Check out this article in the Wall Street Journal about the debt collector, Portfolio Recovery, and a lady named Martha Kunkle.

When a debt buyer sues a consumer on a charged off debt, they have to prove the amount of they debt.  And they have to prove that they now own the debt.

Portfolio Recovery is one of the biggest and most profitable debt buyers in America.  Their websit

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Tags: Bankruptcy, Bankruptcy Debt

“I don’t like Chapter 13 bankruptcy, when we can avoid it. Your credit so much much worse than if you filed a Chapter 7 bankruptcy.”

I don’t like Chapter 13 bankruptcy.  One reason is chapter 13 is much worse on your credit.

Since you are paying your creditors, at least a little, in Chapter 13, that’s unfair. Five years after filing a Chapter 7 bankruptcy, people can have great credit. (Assuming life hasn’t knocked you down again.) You can get a car loan at as good a good rate. You could already be a year or two in your new home.

After five years of Chapter 13 bankruptcy, your credit will still stink. Why is that? About half the companies you owe money to, will have given you five more years of bad credit.

They are not allowed to do that.  They do it anyway.

For years, the credit bureaus had no rules on how chapter 13 should show on your credit. But they corrected that, finally, in December 2009. (That wa

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Tags: 13 Bankruptcy, Chapter 13, Chapter 13 Bankruptcy, Credit