Tuesday, January 13, 2009

Day 12 FTJ Bootcamp Activity(1/12)

Know your credit score

Heres the post from Mommysavers. I learned alot of stuff I didnt know about!

Here is a breakdown:
1. Payment history: 35%
2. Amounts owed: 30%
3. Length of credit history: 15%
4. New credit: 10%
5. Types of credit use: 10%

It’s a good idea to check it routinely (once a year) to ensure that it’s accurate, even if you don’t anticipate applying for a loan in the near future. If you’re in debt, it can be a tool to gauge progress and also negotiate lower rates. Prospective employers and landlords may check it to see how responsible you are in making your payments.

There are three main credit reporting bureaus:

You’re entitled to one free report from each agency during the year. The three credit reporting bureaus have a website and toll-free telephone number through which you can order your free annual report.
Online: www.annualcreditreport.com*
Via Phone: 877-322-8228Via the Mail: http://www.ftc.gov/bcp/conline/inclu...tformfinal.pdf

*Avoid signing up for ongoing credit monitoring when you check your credit score online.

Did you know? Potential employers, landlords and even utility/internet/cable providers may check your FICO score to see if you are a credit risk and to see how responsible you've been in making payments.

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