Get Great Credit

Are you getting the correct credit report?

How do you know if you are getting your correct credit score? This is a dilemma for many people.

Fair Isaac and Company, known as FICO, is what the lenders and creditor use when you apply for credit This is one of the factors that you are judged as creditworthy or not A while back, people tried to introduce a new credit scoring system That wasn’t successful in over taking FICO as far as lenders where concerned.

But when you as a consumer want to know your credit score, you may be getting something totally different Many companies, including the credit bureaus may be selling you a score calculated differently and on a different scale than FICO FICO uses a scale that tops out at 850 If you have a score of 760 or higher, you have an A+ FICO score With others use scales that go well into the 900’s, that 760 or above score isn’t A+ like you are thinking You would be considered a B You see how this is confusing.

To top it off, when you order your FREE credit report form www.AnnualCreditReport.com, you don’t get your credit score To get your FICO credit score, you will need to go to www.MyFICO.com and pay a fee to see your credit score Remember that each of the three credit bureaus, have a score and they are not necessarily the same number at each.

Are you confused about where to get your FREE credit report?

The ads tell you that you will get a free credit report, but then you learn you have to pay for a service to get the report. Those ads have confused so many people.

If you have been following this blog, you know to visit AnnualCreditReport.com. This website is the ONLY authorized source for a free annual credit report that’s yours by law.

As of April 1, the Federal Trade Commission has amended their law to combat this confusion. The other websites that offer free credit reports (with the purchase of another item and/or service) will have to have a statement that says you have the right to a free credit report from AnnualCreditReport.com, the ONLY authorized source under federal law and provide a link. Never again will you have to pay for your free credit report.

In addition, the AnnualCreditReport.com home page will no longer display ads from the three credit reporting agencies (Experian, Equifax and Trans Union). Some were lured away with these ads and were charged a credit monitoring fee by the credit reporting agencies. After you’ve ordered your free report, you’ll see the ads, but it won’t be as confusing.

Note that the radio and TV advertisements have until September 1 to comply with this change. Free means free! Remember that anything for free should not have you buying another service.

45 Days Notice for Retroactive Interest Rates

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Nine

You credit card company will have to give you 45 days notice before they increase your balance with a retroactive credit card interest rate. This gives you time to transfer the balance or pay it off.

Beware: They don’t have to give you notice if you agreed to pay the balance within a set time period on a promotional offer. It also doesn’t apply if your account is past due.

21 Days to Pay your Credit Card Bill

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Eight

Does it ever feel like your credit card bill is due the same day it arrives in the mail? That’s changing with the Credit Card Act of 2009. Creditors will now have to mail your bill 21 days before the due date.

With Multiple Rates, the Highest Gets Paid First

The New Credit Card Act of 2009 takes effect on February 22, 2010 To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Seven

Do you ever wonder why it takes so long to pay off your credit card balance? It’s partly because creditors apply your credit card payment to the lowest interest rate balance first.

Here’s an example: Let’s say you took a zero percent balance transfer offer. Then, you made some new purchases on that card. In the past, your payment would go to the balance transfer amount first until that’s paid off, while you’re interest rates pile up on those clothes you bought 6 months ago. That allowed the credit card company to make the most interest it possibly could possible off your purchase.

Well, no more. The Credit Card Act of 2009 will require creditors to apply your payment to the highest interest rate balance first.

How Long Will It Take for Me to Pay Off My Credit Card

The New Credit Card Act of 2009 takes effect on February 22, 2010 To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Six

How do you handle your credit card payments? Do you pay the balance very month, or do you only pay the minimum?

Your bill will now include a section that tells you how many months it will take to pay off your credit card balance if you make only minimum payments. That will be an eye opener for some of us.

Weekend Credit Card Due Dates Don’t Count

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Five

Have you ever received a credit card bill with a Sunday due date? Were you charged a late fee if they didn’t process the payment until Monday? That’s changing with the new Credit card Act of 2009. Your payment won’t be marked as late if it’s due on a weekend or holiday, but posted by the next business day.

Stricter Credit Card Applications

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Four

If you had trouble getting a new credit card before, it may be harder now. With the new Credit Card Act of 2009, you will have to disclose your income and your ability to repay the balance up to your credit limit.

Over Your Credit Limit? Purchase not approved

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Three

In the past, you wouldn’t know if a purchase put you over your credit limit until you received a big fee on credit card statement.

But that’s changed. Now, if a purchase will put you over your climit, your purchase will be declined. With the new Credit Card Act of 2009, only pre-authorized purchases will be approved.

(Remember, this doesn’t apply to your debit card. You’ll receive no warnings if a purchase will overdraw your checking account. )

No More Credit Card Payment Fees

The New Credit Card Act of 2009 takes effect on February 22, 2010 To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Two

Have you ever gone out of town and arrived back home to find out that you have a credit card payment due tomorrow? Like most people, you probably got on the phone, or online, to make the payment because you wanted to pay right away You also probably got charged a nice little fee for not sending a check through the postal service like a good little credit card owner.

With the new Credit Card Act of 2009, you will not be charged a fee to pay your credit card, unless you specifically ask to have your payment expedited (which means that you asked to have it rushed through).