Question by Elfeeble75: If I told you that a “credit score” was created by the lending industry to increase borrowing interest..?
would you believe it? yes or no

Best answer:

Answer by Luis
Well one could make that argument and it it sound logical but I will give you this instead.

The credit score industry was invented mainly because somewhere someone found that there was a demand for the product. Since there was a demand, money could be made. Since lending is a big business, it makes sense, that probably a lot of money could/has been made.

But that is just me thinking

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Question by Leggio: what exactly is a “credit score?”?
im 15 and i know it has to do with debt but honestly i have no idea. can some one fill me in on it

Best answer:

Answer by bm
Credit score is pretty much like your rating determining if you’re trustworthy or not with loans. low scores have a hard time qualifying and higher scores have better rates and how much credit you’d get.

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In today\’s society, using a credit card is the preferred way to pay for purchases. Sometimes, however, when the credit card is not present, or for whatever other reason, people choose to pay with a check over the phone.

Most people today require quick services and that is why the card not present type of operations are the fastest growing. When an item is procured through mail order, telephone, or the internet, instead of actually going to a store physically buying something in person, then \”card not present\” transactions are carried out. If the service is not available, the customer will simply move on to someplace that will accept this form of payment. That is why it is important that customers are provided with the services by which they can make payments quickly and efficiently.

Merchant credit card processing services can help set accounts to process credit cards. Numerous services are available like, merchant processing, internet processing, and wireless credit card processing – to mention just a few. When processing internet or mail order transactions or any other types of transactions where the physical presence does not exist, the business needs to set up a special account that is specifically geared towards that. Since the physical presence of a card is not there, it cant be swiped through the magnetic reader. Some of the better known cards use varying criteria for evaluating the risks involved and hence, have separate fee structures for these kinds of transactions.

Merchant fees are quite competitive. Total Merchant Services (or TMS) can help setup the total process within minutes and have the system running within days. They can authorize net merchant account and get quick processing of orders. It can be done through a virtual terminal, point of sale processing software, or just entering data manually in the point of sale terminal. TMS also provides Discover merchant services.

With the virtual terminal software, the business gets the software for any device that has internet, whether it is a PC or mobile phone. In the case of a PC, the software gets installed on the computer with a modem. This setup is ideal for businesses accepting cards for orders placed through the mail, phone, or fax.

It is easy to apply so a business can be set up to accept credit cards. There are two ways to be approved. Simply fill out a form and apply. If auto approval does not work then the TMS approval can be applied for. Just provide a good owner history, financial statements, and existing statements of credit card processing. Even customers with a credit history that is not outstanding have a chance of being approved.

The application process for acquiring credit card processing services is simple. You can submit an application online, by fax, or by meeting with a sales representative at your business location. Your application will be approved almost immediately, your account will be activated, and if you\’re buying or leasing new terminal equipment, it will arrive in just days.

Merchant credit card processing services provide terminals that are free of cost. If the credit card processing equipment needs to be updated, Total Merchant Services will ship it free, and their running fees are very cost effective. Merchant accounts cater to restaurants, e-commerce websites, retail stores, and many more kinds of business establishments.

When customer service is required, there is a 24/7 service available with one-on-one trouble shooting guidance available. Total Merchant Services has the answers to all credit card processing services as they have the experience needed to handle these services.

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Question by _maddog_: Is there any “initial” credit score?
I am from Brazil and I am moving in to US next month to work (legally). What will be my “initial credit score”? Will I be able to lease a car without any problems?

Best answer:

Answer by bdancer222
You will start out with no score. To have a score, you have to have credit history.

You may have to get a secured credit card — you pay a deposit which is held as collateral for the line of credit. Use the card and pay it in full every month. In 6 months you’ll have a score — it won’t be very high. After a year, you can probably convert the secured account to a regular credit card or apply for a second credit card.

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Article by Alva Gould

Some are even looking at bankruptcy in their hard work to get rid of credit card debt. Credit card debt settlement could aid a borrower avoid that.7 to 10 Many yearsBankruptcy has a pretty lengthy term negative impact on the client who uses it to get out of debt. But, lots of Americans are going through bankruptcy. Bankruptcy can remain on your credit score report from 7 to ten decades. That smudge on your credit report will make it incredibly tough to get a residence, or a automobile, or even a job, in the future. There are other alternatives to bankruptcy for these with mind-boggling financial debt, credit score card or in any other case.Credit card debt Settlement a Terrific Option to Get rid of Credit score Card Credit card debtA person this kind of possibility that exists is a tactic termed financial debt settlement. What takes place is that a debtor negotiates with a creditor to shell out back a part of the financial debt. Seeking at the substitute – missed payments, continual reminders and mobile phone calls, bankruptcy – a creditor might very nicely be inclined to talk about a lower payback quantity or decrease month-to-month payments. Particularly with so quite a few buyers going through bankruptcy or the prospect of defaulting, most collectors are satisfied to get some cash relatively than none. Forestalling bankruptcy can be an exceptional successful predicament for both equally you and your creditor.Credit Card Financial debt Settlement NegotiationApproaching a lender, certainly one particular you have had to offer with in the past and not on the most amicable terms, can be intimidating. There is also a good deal of financial background know-how that the common client just does not have. The typical shopper just does not have a very good hold on their rights and positive aspects.Pennies on the Dollar toward Eradicating Credit Card Credit card debtDebt settlement demands a negotiator approaching each and every financial institution and negotiate a pay-back alternative. Frequently, this total can be quite important — up to fifty% or much more of the original credit card debt. So a lot of individuals presently are on the brink of economical catastrophe, typically seeking to bankruptcy. Since of this, many creditors are relieved to be acquiring a thing on the credit card debt relatively than practically nothing. That can happen simply ought to a borrower declare bankruptcy.Acquiring a NegotiatorFinancial debt negotiators know how to technique lenders and other collectors. They have an in-depth expertise of personal markets, economic developments, and the fluctuation of curiosity charges and currencies. This understanding can be priceless when it come to negotiating a debt settlement. Also, immediately after preliminary negotiations, the negotiator will be in a position to present the overcome buyer as to their rights and option with regards to the credit card debt.Payment Because ofOne time all the negotiations have used spot, and this can have weeks, particularly if you have more than one or two creditors with whom you are hoping to wipe out credit card debt, the payments will be produced to the negotiator and he or she will hold track that the conditions they have negotiated are kept. The debtor will end up earning 1 inexpensive payment when a month, to 1 position, at one interest rate.Where to Seem

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Question by Bryan B: will closing a paid-off credit card account that’s reported a late payment b4 hurt my credit?
I have a retail store credit card. I carry a very small balance on it from time-to-time to take advantage of their no-interest promotions. Well, a year ago I forgot to make a twenty-dollar payment while I was out of town and not getting my mail. My credit was hit and it really hurt my score. The same thing happened this week with the same card. I paid the card off this morning but apparently I am just too retarded to keep track of more than a couple credit cards so I am considering closing the account. But I wonder what’s best… Should I try to “repair” my relationship with them by buying something else and making regular payments, or will that not help me? I have a mortgage and other credit cards (that I carry much larger balances on), and I am never late on them. So is it okay for me to close that retail store credit card account, or should I keep it for a while and try to show them that I’m not an idiot? What’s going to help bring my score back up?

Best answer:

Answer by Dana R
It is much much better to keep the account open with a zero balance than to close the account. Just having the credit helps your debt to high credit ratio and can eventually boost your score even if you don’t use it. It shows that you have credit and are responsible enough to pay it off and not keep a balance. If you have a few accounts that you use every once in a while and pay them off right away that is a good thing. Obviously it’s not good to pay them late at all. But in the end it benefits you more to leave the account open and not use it than to close it. Don’t worry about buying something else with it because that won’t make a difference. Just leave the account as it is. That will help your credit. Good luck!

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Question by chilicooker_mkb: Question(s) What is a good “credit score” & what is FICO mean. My score is 744. Is that good or bad?
I’m trying to buy the Condo I live in. What are my chances?

Best answer:

Answer by madamsmall
It’s good. You also need to review your credit reports for any issues, though, just in case.
Your chances depend on your income, job history etc

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Article by Kenim Wids

Bad credit score is a matter of problem for those who are in need of cash at the time of urgency. Financial institutions and even lenders do not prefer these people for lending cash as the risk of non-repayment of amount is high. If you are in such a condition where you are not able to arrange cash to pay your hospital bills then you can opt for money loans for bad credit scheme. The name of the scheme itself makes it clear that this scheme is made especially for bad credit score people. This scheme allows you to borrow amount from $ 100 to $ 1500. With the help of this scheme you can pay your medical and telephone bills, house rent, school fees and even buy food items for your house. The advantage of this scheme is that it does not demand any form of security to be kept as collateral to the lender for borrowing the amount. Also the interest charged on the borrowed amount is very nominal. The other advantages of the scheme are that there is no paper work involved and there is no lengthy process for applying to the scheme.

Money loans for bad credit scheme are best for those people who are unable to get cash from other sources due to bad credit score and need cash in a day or two. You can apply to this scheme online. You need to fill an online application form in which you need to tell the reason why you are applying to the scheme, amount required and then your bank account number. There are some conditions of the scheme which you need to fulfil before applying to the scheme. The conditions are:

• You should be a permanent citizen of USA.• You should have an active checking account which should be 3 months old.• You should be 18 years and above.• You should be working with some company from past 4-6 months.

After the conditions are filled you can apply to this scheme. You need to submit the filled form online only. The amount will be transferred to your account as soon you submit it.

If you are in such a condition where you are not able to arrange cash to pay your hospital bills then you can opt for money loans for bad credit scheme. The advantage of this scheme is that it does not demand any form of security to be kept as collateral to the lender for borrowing the amount. Also the interest charged on the borrowed amount is very nominal. You can apply to this scheme online.

Bad credit score is a matter of problem for those who are in need of cash at the time of urgency. Financial institutions and even lenders do not prefer these people for lending cash as the risk of non-repayment of amount is high. If you are in such a condition where you are not able to arrange cash to pay your hospital bills then you can opt for money loans for bad credit scheme. The name of the scheme itself makes it clear that this scheme is made especially for bad credit score people. This scheme allows you to borrow amount from $ 100 to $ 1500. With the help of this scheme you can pay your medical and telephone bills, house rent, school fees and even buy food items for your house. The advantage of this scheme is that it does not demand any form of security to be kept as collateral to the lender for borrowing the amount. Also the interest charged on the borrowed amount is very nominal. The other advantages of the scheme are that there is no paper work involved and there is no lengthy process for applying to the scheme.

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Exclusive Credit Cards And Offers Bad Credit Repair Info And Services and All Types Of LOANS Instant Approval Fast And Easy Guaranteed Visit Us Now Apply Online NO FEES Compare the best credit cards available for US residents quickly and easily with Credit Cards Web, visit today to find…
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www.Getcredithealthy.com Elizabeth Karwowski Paying back students loans is never easy, and if you lose your job, it can be impossible. But now, you can take a break from writing those checks with student loan deferment. 7′s Lynn Martinez tells us how on tonight’s “Money Monday.” WSVN — Tammy Kolinger has a bachelor’s and master’s degree in marketing, but a couple of years ago, she decided to reinvent herself. Tammy Kolinger, Applied for Student Loan Deferment “I decided to go back to school later in my life and study interior design.” The course cost 000, and she took out a student loan to pay for it. But later, she lost her job, just as the student loan payments came due. Tammy Kolinger: “It was very difficult and challenging to be able to pay all my bills, including my mortgage and car payment and everything else that comes with that.” Tammy struggled with the 0-per-month payment until she found out about student loan deferment. Leslie Bosson, Credit Wellness Advisor: “That means you won’t have to pay for your loan for a certain amount of time.” Credit advisors say you might qualify for student loan deferment if you’ve graduated and can’t find a job, if you lose your job, or if your work hours fall below 30 a week. Leslie Bosson: “This is a great opportunity for people to take some stress off of their lives and focus on organizing themselves and looking for a job without feeling that constant stress of having to make their payments.” To keep your loan deferment …

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If you borrow money, you probably know that your credit score is important. The company behind credit scoring, Fair Issac, recently announced changes in the way they’ll soon be doing it.
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www.videocreditscore.com – Secured Credit Card Impact Credit Score – This episode focuses on pros and cons of getting a secured credit card.
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