Avoid Stimulus Scams and Ripoffs What You Need to Know About Your FICO Score Sites Where You Can Save
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Avoid Stimulus Scams and Ripoffs
The Better Business Bureau and the Federal Trade Commission have both issued recent warnings that scammers are out in full force trying to separate people from their hard earned cash.
Here are a few tips to help you avoid becoming a scam or ripoff victim:
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There is no stimulus check going directly to taxpayers. Watch out for emails and websites asking for your personal or bank information so they can send you your “stimulus check.” Instead, you’ll get your identity stolen or your account drained. Some of these sites have very official sounding names, and many use very authentic looking logos and associations to real lenders, so don’t be fooled! Just know that any claim to get you a check from the government in association with the stimulus is a ripoff.
Don’t pay for advice. Don’t fall prey to people promising free information and then asking for your credit card number. It seems many of the complaints filed with the BBB fall into this category. These companies are counting on you not reading the fine print and will continually change you a monthly fee - often for nothing. If you feel you may have paid a one-time fee and gotten little in return, check your credit card balances for recurring charges and report any suspicious activity to your BBB or the consumer protection division of your state’s Attorney General’s office.
Get your information from reputable sources. When the Treasury Department issues new guidelines affecting the mortgage industry, be sure to get your information from trusted sources. Similarly, trusted news outlets like CNN Money or the Wall Street Journal employ analysts to simplify the complicated messages into facts the public can understand. Don’t just take a company’s word, dig deeper and go to trusted sources!
Go with established companies. When it comes to refinancing your loan, there are a lot of would-be brokers who will ask for high fees to help you with your application, and then disappear. These people are the most unscrupulous of thieves, gaining the trust of people looking for help, and then taking off with their cash. Be sure to check a company’s credentials and ask questions. Any honest company is happy to share the details of their business with you.
Remember, do your research! The best protection against being scammed is your own resourcefulness!
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What You Need to Know About Your FICO Score
Whether you are able to obtain a mortgage, or any other type of loan for that matter, depends greatly on your FICO score. The three-digit number that is your FICO score predicts how likely you are to repay a loan, based on information in your credit report. The two major criteria, which account for up to two-thirds of your score, are your payment history and your outstanding debt. You should pay at least the minimum amount due each month — on time.
The amount of debt relative to your credit limit is your credit utilization; it's best to keep it below 25%. How long you've had credit counts, too, and authorized-user accounts can help you build credit even if you're not the one paying the bills. (FICO reversed an earlier decision to drop authorized-user accounts.)
Among other factors affecting your score are the number of inquiries on your account and your mix of credit. The FICO score, which ranges from 300 to 850, is the only one you need to know. It's the basis for at least 75% of mortgage decisions, and 90% of the largest banks rely on it.
Anyone can obtain their credit report for free these days, but the FICO score (the one all creditors use and look at) will cost you to get it.
The cheapest way to get your FICO score is to order one along with your request for a free annual credit report from Equifax (go to www.annualcreditreport.com); it'll cost you $8. Your FICO score and credit report from Equifax and TransUnion are available at myFICO.com, but you'll pay $15.95 each. Of the three bureaus, Equifax is the only one that will sell you a credit report and FICO score from its main Web site ($15.95). For TransUnion FICO scores, go to www.transunioncs.com ($14.95). Experian no longer sells FICO credit scores to consumers.
So what's a good score (the one that will enable you to get the best interest rate on loans, and the best rate on credit cards)? Believe it or not, you can have a score that is TOO HIGH. A score of 820 to 830 could make you seem unprofitable. You won't be turned down, but you may not receive new offers. The sweet spot you need to be aiming for is between 750 and 800.
Here are 3 ways to improve your credit score:
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Sites Where You Can Save
With everyone in a "Save money anywhere you can" mode these days, we thought we'd pass along a few websites that might help you save a few dollars on purchases you might be planning to make anyway.
Some of these sites are mere monitors of hundreds of sites for you, keeping you from having to jump from first one site, then another, just to compare prices on things. One site can do it all for you.
One of the biggest deal seeker websites is http://DODTracker.com This site monitors over 200 sources for "Deals of the Day" offers.
If you're looking for the best deal on jewelry, your best bet is to hop over and visit http://BlueNile.com You can find some pretty remarkable bargains on jewelry, sometimes as much as 40 to 50 percent less than traditional stores, and most orders include free shipping and a 30-day return policy.
Become a regular user of http://RetailMeNot.com and you may never pay full price for anything again. You can search by store, or by item, to find thousands of printable coupons and codes for online shopping.
Another comparison-shopping site is http://ShopZilla.com This site combs the Internet to locate bargains for you. A search can return as hundreds, even thousands of choices.
If clothes are what you're looking for, never miss another clothing sale by visiting http://ShopItToMe.com Sign up for free email alerts by entering brand names and sizes and the site will alert you when it has found a match for what you're looking for.
And finally, if you're looking for an event ticket, visit http://StubHub.com before you buy your next tickets and you can probably find your special event for a better price. The site guarantees you'll have the tickets in time for the event.
The Better Business Bureau and the Federal Trade Commission have both issued recent warnings that scammers are out in full force trying to separate people from their hard earned cash.
Whether you are able to obtain a mortgage, or any other type of loan for that matter, depends greatly on your FICO score. The three-digit number that is your FICO score predicts how likely you are to repay a loan, based on information in your credit report. The two major criteria, which account for up to two-thirds of your score, are your payment history and your outstanding debt. You should pay at least the minimum amount due each month — on time.
With everyone in a "Save money anywhere you can" mode these days, we thought we'd pass along a few websites that might help you save a few dollars on purchases you might be planning to make anyway.