California Mortgage Applicants Have Best Credit Scores

Jan 14, 2011 Posted Under: Credit Cards Info

California mortgage applicants led the nation in the credit score department, according to a study from MortgageMarvel.com, a provider of real time mortgage quotes.

The company said Californians had the highest credit scores on average, at 755, beating the national average of 735.

Hawaiians took the second spot with average credit scores of 752, followed by Connecticut with 751.

Oregon and Wisconsin rounded out the top five, at 751 and 747, respectively.

All of these could be considered excellent credit scores, though there are some lender cutoffs at 760, meaning mortgage rates and approval chances are better for borrowers with credit scores above 760.

However, borrowers in these states are more likely to qualify for the low mortgage rates on offer at the moment, as credit scoring is a huge factor.

On the opposite end of the spectrum was Mississippi, where prospective homebuyers and refinancers had an average credit score of just 695, which is a borderline bad credit score.

You can probably still get approved for a mortgage with a credit score below 700, but your options will be more limited and your rate will be higher.

West Virginia and Tennessee completed the bottom three in the nation, at 700 and 704, respectively.

It is recommended that you check your credit scores long before applying for a mortgage to ensure you’re in good standing.

See all 3 credit scores now for free to see where you stand.

Fighting Higher Interest Rates

Jan 14, 2011 Posted Under: Credit Cards Info

Interest rates for mortgages have lowered because the Bank of England has lowered their base rate so much. However, there is one product that does not seem to be following the base rate. Instead, credit cards are gaining higher interest rates despite the base rate of the Bank of England. In order to fight these current troubles with interest rates credit card holders are looking for better products. They are searching for deals with 0 per cent on balance transfers and purchases. They are also looking for rewards cards that will work for them in order to help make the higher interest rates more favourable for them.

It is estimated that 2.8 million cardholders are going to shift roughly 2.8 billion pounds onto new credit cards in 2011. About half of these credit cardholders will make this move in the first 3 months of 2011, at least according to Santander Credit Cards.

It is partly a sign that cardholders are looking to get their debt under control since most have an average debt of 1,015 to 2,290 pounds on the cards.

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Credit Card Signatures – to Sign or Not to Sign?

Jan 13, 2011 Posted Under: Credit Cards Info

Every card holder is required to write their signature on a small blank strip on the back of every newly issued credit card. Many cardholders, however, don’t realize that they have the option of not signing this strip, in order to safeguard their signature and credit card account from individuals with nefarious intent. Cardholders also have the option of writing “see ID” on the line instead of their actual signature. The rationale behind not signing a credit card signature strip is simple; if the card is lost or stolen, anyone who gains possession of it will be able to forge the cardholder’s signature based on a convenient example on the back of the card. So the question is . . . to sign or not to sign?

Pros and Cons of Not Signing the Card

Credit card companies are known for requesting that new card holders sign their card, regardless of their preference. In fact,

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Americans Having a Tougher Time Paying Back Loans

Jan 10, 2011 Posted Under: Credit Cards Info

Paying back loans was a struggle for many American consumers in 2010, according to a new report from the American Bankers Association (ABA). The report, released on Tuesday, revealed the overall loan delinquency rate jumped in the third quarter. This was the second straight quarter to see increases.

Loan Delinquency Rate Jumps to 3.01 Percent

The ABA revealed the overall loan delinquency rate increased from 3.00 percent in the second quarter of 2010 to 3.01 percent in the third quarter. The association defines a delinquency as a payment that is at least 30 days overdue.

Some of the loans included in the overall delinquency percentage included those taken out for car financing, HELOC and credit cards.

According to the report, delinquency rates for auto loans provided by a bank increased from 1.67 to 1.74, representing the largest increase among loan types.

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Benefits of Small Business Cards

Jan 10, 2011 Posted Under: Credit Cards Info

Keeping your small business finances separate from your personal finances can make things a lot easier on yourself and on your accountant. Small business credit cards allow businesses to gain momentum and continue their growth when they might otherwise face financial road blocks. Consider a small business credit card to help you keep track of purchases, earn rewards for your business, and make tax reporting easier with simple itemization.

In addition to keeping their business finances organized, business owners can also enjoy rewards specific to their small business credit cards. Spending with a business credit card also allows the cardholder to build credit for their business, setting the stage for later loans and credit line needs. Business credit cards allow business owners and executives to have their own cards while also extending purchasing power to employees who may need to expense office supplies, business travel, and more.

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Line of Credit and Credit Scores

Jan 10, 2011 Posted Under: Credit Cards Info

At some point, a responsible consumer may find themselves managing multiple lines of credit. These can range from utilities to credit cards and from school loans to home mortgages. Many consumers, however, do not understand the roles that their lines of credit play in influencing their credit scores. Below is a list of facts that consumers should keep in mind when considering how to handle their lines of credit.

  • Utilities are as important as credit cards. Bills of any kind, even utilities bills, are as important to a consumer’s credit score as any other line of credit. Many consumers make the mistake of thinking that certain lines of credit, such as credit cards and home loans, are the only things that can affect their credit score. The truth is, however, that utilities are, in fact, a form of credit themselves, with the utility companies “lending” the service to the consumer in lieu of a monthly payment. Of co

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The best balance transfer credit cards

Jan 9, 2011 Posted Under: Credit Cards Info

Barclaycard is offering 0% for 17 months on its Platinum Transfer Visa but what are the best balance transfer credit card deals?

By moving to a 0% balance transfer card, borrowers can shave hundreds of pounds from their interest repayments. At least, that is the lure.

First, you need to work out how long it will take you to pay off the balance. There are a number of cards on the market with differing lengths of balance transfer and typically a fee – ie Barclaycard offers 0% for up to 17 months.

By cutting out the interest charges, the money you repay is going straight to repaying the debt, reducing the time it takes to clear the debt as well as saving you money.

But there are hidden risks to watch our for, such as, transferring your balance within a restricted number of days and making sure you keep up with repayments to avoid large charges.

If you’re looking for a balance transfer credit card then we discuss the options below.

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Credit Card Rates Stable for First Week of January

Jan 8, 2011 Posted Under: Credit Cards Info

For right now it seems most credit card companies are holding on their interest rates. The interest rates are fairly high on most credit cards as is, but it does not look like they are increasing the average or typical rate at the moment. The first week of 2011 has shown interest rates on credit cards at 12.589 per cent. This is unchanged from the week prior and the end of 2010. The question is, how can you obtain such a low rate?

A lot of the credit cards you see on comparison sites are in at 11.9 per cent at the very least in order to tempt you towards getting the card. However, the average credit card rate is not always what one is awarded. According to recent studies many have high debts to income ratio, which means 11.9 per cent or 12.5 per cent is often out of the question.

Credit cards are always going to be based on risk regarding credit worthiness, history, and scores.

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