Archive for August, 2010:
New Items On Your Credit Card Statement
If you haven’t noticed by now there have been changes on your credit card statement which makes it easier to read. For one, the interest rate is shown more clearly and not in small text that is impossible to read. To try and get consumers to pay off their debt as soon as they can, government regulations has told credit card companies that they need to clearly define how long it will take to pay off the credit card if you only pay the minimum.
Credit companies are not required to disclose more information to their consumer because of government interaction. This also affects the credit reporting and credit scoring agencies.
Financial responsible people make sure that their credit reports free credit scores are up-to-date and error-free. Getting a grip of your credit score and report information is the best way to start with your financial future.
About your credit score, it can be anywhere between the numerical values of 300 to 850. With the credit card act, the regulation is trying to minimize credit card debt and with this it helps increase credit scores across the board. Also with having a better credit score, you will be more likely to get loans and have a better interest rate.
To get a better gauge of what your financial situation is, get your free credit reports check online. The range for a good score can be from 700 and up so shoot for the stars.
The earlier you start the better. If I was still in school and need to a loan, I would get a student loan credit scores. Because nobody else will do it for you, you should make sure your credit report is up to par.
