Personal finance news - CNNMoney.com Updated : Life after a six-figure salary Happy new year and welcome to your new job. One that pays 30%, 50%, 70% less than your old one. Publ.Date : Fri, 02 Jan 2009 06:26:42 EST Keeping wealth in the family Lisa and Bruce Brown are fortunate enough to have plenty of assets to protect. Foremost of these is their children: The Browns are the proud parents of four-year-old Emma, and they have another baby on the way. The Oakland couple also have considerable assets of the financial variety. Thanks to diligent saving and smart property investments, the Browns have a net worth of nearly $2 million. Publ.Date : Wed, 31 Dec 2008 13:09:06 EST Macy's reports overcharging customers Some Macy's stores overcharged holiday shoppers who used debit cards to make purchases on one of the busiest shopping days of the year. Publ.Date : Fri, 02 Jan 2009 15:27:22 EST Add RSS Feeds To My Web Pages More Web Site Traffic

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What is a credit score?

One of the most important information in a credit report is the credit score. The FICO (Fair, Isaac and Co) score is the single best score that reflects one’s credit worthiness. This score gives the lenders a prediction of the risk involved in offering a loan or a mortgage. Credit score has a value from 300 to 900 and if one has a score of 650 and above, the risk is considered to be less and hence the applicant of a loan has a high probability of being accepted by the lender. The higher the score the better it is for anyone.

What factors determine the credit score?

•      Past history of credit repayments

•     Extent of utilizing the credit limit in the past. For example, if a person has been set a limit of say, $ 5000 on a credit card and if the person always has outstanding dues which are almost close to the limit, then the person is considered risky.

•      Number of years a person has had a credit. More the years, better the score.

•      Frequency of loan applications. If a person applies for loans often, he may have a less score.

There are other factors also the FICO system considers before calculating a credit score for a person. If you are looking for a mortgage and if you do not have a favorable credit score, it makes sense to build credit worthiness before requesting for a loan.

In this website you can find links to various internet sources that give information on debt consolidation loans, home equity loans, car loans, mortgage loans, personal loans, credit cards and credit reports. Click through these links and understand the terms and conditions before applying for any of these loans, credit cards and credit reports.