What is a Good Credit Score ?

What is a Good Credit Score ?
Is 700 a Good Credit Score? This is a common question what
score is considered worthy of good rates and terms?
Typically Scores range between 300 and 780. There are
scores that get into the 800's but you typically don't get
that high unless you are in your 50's with low debt. There
is a time factor in the calculations for having a score
that high. You need to be around a while before it happens.
You also need to have a excellent credit history with very
little debt. So what are lenders looking for to consider
your credit risk low? Here is the break down of what goes
into the Credit Scoring process.

What goes into a score?
The basic credit scoring formula takes into account several
factors from your credit report. The impact of each element
fluctuates based on your own credit profile:
* Payment history — A good record of on-time payments will
help boost your credit score.
* Outstanding debt — Balances above 50 percent of your
credit limits will harm your credit. Aim for balances under
30 percent.
* Credit account history — An established credit history
makes you a less risky borrower. Think twice about closing
old accounts before applying for a loan.
* Recent inquiries — When a lender or business checks your
credit, it causes a hard inquiry and a slight ding to your
credit score. Apply for new credit in moderation. "Soft"
inquiries such as pre-approved offers or checking your own
credit score will not impact your score.
* Types of credit — A healthy credit profile has a balanced
mix of credit accounts and loans.

When creditors look at your credit report, you really
should have at least a 660 credit score so you will not get
gouged with high interest rates. Most lenders will charge
higher rates when your scores are lower than a 660. You
typically can get loans when you scores are lower, but your
rate of interest will be higher. If you stay on top of you
personal Credit Report you really should have a credit
score of 720 or above. If you are not sure what your score
is you really should get a copy of your Free Credit Score
Report. So a Good Score is 660 or above. If you stay above
that threshold you should be fine with just about any
application With a 720 score you will typically get the
best rates and terms. Good Luck.

----------------------------------------------------
About the Author: Mike Clover is the owner of
http://www.my720fico.com . My720fico.com is one of the most
unique on-line resources for free credit score reports,
Internet identity theft software, secure credit cards, and
a BlOG with a wealth of personal credit information. The
information within this website is written by professionals
that know about credit, and what determines ones credit
worthiness.

What Are The Benefits of Prepaid Credit Cards?

What Are The Benefits of Prepaid Credit Cards?
Prepaid credit cards have become all the rage lately as
these cards provide a valuable financial transaction
service that many people have long since needed.
Essentially, prepaid credit cards are not credit cards at
all because they do not extend credit. That service is the
ability to use a debit card wherever credit cards are
accepted. Instead of advancing credit charges one draws
from a finite amount of deposited cash. Now, some may
consider this a somewhat unnecessary service, but when one
examines the benefits of prepaid credit cards it becomes
obvious that these cards have a great deal to offer.

For starters, prepaid credit cards are a great way to
protect oneself from fraud. While we would all like to
assume that the world is made up of honest people, it is
not. As such, there have been a great number of instances
where people have been defrauded of their credit card
funds. This happens often online as a number of less than
reputable sellers operating out of seemingly unknown
locations in the world rip people off for their credit card
information. Considering the following common scenario: a
person finds a website selling used books and makes a
purchase using credit card information and when the credit
card statement arrives it is discovered that the $5 book
purchase led to $2,000 of purchases with the provided (and
compromised) credit card information. Now, a prepaid credit
card would be quite beneficial in this instance or in any
instance where one is purchasing from an unknown vendor.
For example, one could keep a very minimal amount on the
prepaid card (say $20) so that if it is compromised the
losses will be minimal and the card can simply be discarded.

Also, these prepaid credit cards are the same as using cash
to pay for items without having to carry cash around. This
can provide a safety net so to speak if the card is lost or
stolen. For example, if you record the account number of
the prepaid card and the card ends up being lost you could
quickly transfer the balance of the card to another
account. This way, no money is lost. Now, if a wallet full
of cash was lost then...oh well...it is gone forever. As
such, the ability to replace cash with an alternate means
of payment is always a huge positive particularly one that
also has a threshold limit of spending much lower than a
credit card as a lost credit card can prove even more
calamitous than lost cash.

Another aspect of prepaid credit cards that is supremely
beneficial is the fact that these cards are based on a
finite amount of money as opposed to advancing money on a
borrowed basis. For some, there is a lack of desire to
amass credit card debt, but the need for a credit card in
the modern world is generally unavoidable. Additionally,
there will be those individuals who would like a credit
card but for a number or reasons they are turned down due
to bad credit, lack of credit, etc. In regards to these
problems, these prepaid credit cards come in handy as they
provide a solution to such a dilemma.

As one can see, prepaid credit cards have a host of
benefits that speak volumes for the value of these cards.
So, if worries about lost or stolen cash or credit cards,
overextending oneself on credit or simply wanted to avoid
the complexities of applying for a credit card, prepaid
credit cards provide a simple, safe and sane solution. What
better of an endorsement could one ask for than that?

----------------------------------------------------
To search through the available prepaid credit card offers
and find the very best deal for you, please visit our brand
new prepaid credit cards website located at:
http://www.prepaid-creditcards.net

How To Obtain Limousine Financing For A Start Up Business

How To Obtain Limousine Financing For A Start Up Business
Many enterpreneurs like the glamour of starting a limousine
business but the road to their success may be a little bit
more complicated than one might anticipate. This article
will concentrate on the financing side of the startup
investment and try to give the want to be limo entrepeneur
a reasonable assessment of what is in store for them.

Today, most typical lenders aren't interested in lending
money to a start up business for a limousine service. They
consider it a high risk type of business and feel that
their investment dollars can be better spent somewhere else
in their portfolio. However, there a few lenders out there
that feel comfortable in the transportation industry and
will lend accordingly. Their bankground might be
exclusively in this industry and will cover not only
limousines but additionally limousines and shuttle buses,
coach and tour buses, ambulances and hearsts etc.

Most lenders review the applicant's background and want to
ascertain that they have experience it in this industry
and/or have other key employees that can supplement this
situation. Additionally, they understand that this start up
business may lose money at the start and want a comfort
level that the applicant has a nest egg of money. An income
producing spouse that can support the cash flow
demand.during the start up phase would be a real plus.
Additionally, the personal credit of the applicants may be
raised to a higher standard to reinsure the lender that he
has a qualified applicant.

Once the lender gets passed the initial credit review and
the applicant's qualifications to run this type of
business, the amount of upfront money to qualify for a
lease becomes an issue. Each lender is different but for
the most part they require the applicant to put up
somewhere between 10%-25% of the acquired cost of the
limousine. Each limousine deal is reviewed separately by
the lender because, in their mind, a hummer vs a lincoln
stretch has different criteria to them. They review the
year, make and model, including the mileage, etc to come up
with a financing deal. Many lenders don't like lending
below $25,000 to $30,000 and a limousine no older than
maybe three to four years old. Additionally, their leases
could run as little as 30 months and as much as 60 months.
It is advised for you to look at more than one lender and
see what criterial is best for you.

The final part of the financing exercise is to find out how
much you monthly payment will be. This can be an
interesting excercise because know one is going to quote
you an interest rate. I have seen start up limousine
businesses being charged anywhere between 14%- 38% interest
per year once you get through all the red tape. This
carrying cost is criterical for you to make sure you are
able to afford the payment per month because you don't want
a run away business which will be out of balance from the
start. It is a good idea to have a business plan prepared
by you or a qualified individual to see what all the
variables are. I seen many times where a limo bus might be
a better investment than a stretch because the region
dictated this demand. Obviously, it is important that you
understand your customer base and hopefully obtain
contracts upfront to create your revenue base before you
wander to far.

At the end of lease, the limousines usually have a buyout
clause so you can title to the limousine. Sometimes it
is $101 buyout or 10% residual, make sure you understand
the buyout clauses.

The hardest part of this business is getting the initial
financing, sometimes a co-signor might be necessary and
additional collateral may be required. Once you get past a
couple of years and show the banking community you can
survive and pay your bills, then the next acquistion should
be a lot easier. The requirements of financing the second
lease hopefully be like night and day.

The last thing to remember is that you will wind up
personally guaranteeing the lease, so be prepared for this.
A personal financial statement by the lender might be
required and a couple of years of personal income tax
returns.

Happy hunting for your limousine and remember that each
lenders requirements might be different.

----------------------------------------------------
JM Luna has over thirty years in the areas of finance. This
includes accounting and taxes, leasing, hard asset money
and working capital loans and commercial lending. U.S
Corporate Capital Leasing Group assists start ups and
seasoned businesses to obtain financing in many industries.
http://www.cclgequipmentleasing.com

Applying for a Loan?--Start by Ordering Your Credit Report

Applying for a Loan?--Start by Ordering Your Credit Report
I have to tell you, I wish that someday I had enough money
to never apply for a loan again. I know, I am dreaming.
Applying for a loan is certainly something we have all done
and will do repeatedly throughout our life time. If you
are considering getting a loan for any reason, read this
article for some valuable information that may be of help
to you.

If you are considering applying for a loan, ordering a copy
of your credit report may well be the best place to start.
Why? Because it's also the first thing a potential creditor
will be looking at, and even if you pay your bills on time,
you will want to ensure that all the information in your
credit file is up-to-date and accurate.

Studies have shown that many credit files contain
inaccuracies that could affect your credit rating, and even
lead to the rejection of a loan application. That's why
reviewing your credit report beforehand may be a good idea,
giving you time to dispute any items that may be the result
of simple human error or a technical glitch.

And depending on whether you are applying for an auto loan,
a mortgage loan, or a loan for business or personal use,
different lenders may apply different standards in rating
your credit worthiness. For this reason, reading your
credit report and understanding how your credit data might
be interpreted may give you a chance to improve your credit
worthiness from the point of view of a lender.

Before you begin the application process, check your credit
report for the following items:

Clerical Inaccuracies

Sometimes credit reports contain inaccuracies that are the
result of a computer glitch or a clerical error. These may
include payments not credited, late payments, or data mixed
in from a credit file of someone with a name similar to
yours. Ordering your credit report will quickly show you
what the lender will see--then it's up to you to dispute
any information that you consider inaccurate.

Excess Unused Credit

To make your credit more attractive to a potential lender,
you may wish to consider reducing the number of revolving
charge accounts that are listed as active on your credit
report. Lenders will sometimes view too much revolving debt
as a negative when considering a loan application.

In situations where you have stopped using a credit
account, it is often a good idea to close the account if
you don't plan to use it anymore. Make sure your creditor
notates the account "closed at consumer's
request"--otherwise, a prospective lender might assume the
creditor closed the account for other reasons.

A few credit cards managed well may improve your chances
for a loan--particularly a mortgage loan, where lenders use
stricter qualifying guidelines. Another rule of thumb is to
keep balances on credit cards around 75% of the available
credit limit. Ironically, credit cards that have lots of
room on them may be viewed as potential debt, while
maxed-out cards make you a less desirable credit risk--both
of these situations could compromise your ability to obtain
a loan.

30-day and 60-day Late Payments

Even if your credit report contains a couple of 30-day late
payment entries that are accurate, many lenders will
overlook the occasional late payment if you explain the
situation and your credit is otherwise good. Try to avoid
any payment being 60 days late however, as this may be a
red flag for some lenders--even if they do grant you the
loan, it may come at a higher rate of interest and with
less favorable terms.

The primary period lenders are interested in on a credit
report is the last two years, so try to maintain on time
payments, and verify that the payments are being credited
properly by checking your credit report regularly.

Avoid Unnecessary Inquiries

Each time a prospective creditor looks at your credit
report, an inquiry notation is added to your file, and most
inquiries stay on your credit report for up to two years.
Inquiries you make yourself, inquiries made during
screening for a pre-approved offer of credit, or an inquiry
that is part of a background check for employment purposes
are not reported to potential credit grantors.)

It is best to avoid over-applying for credit and running up
excessive inquiries, for the simple reason that lenders of
creditors may think you're trying to get credit due to
financial difficulty, or taking on more debt than you can
repay.

Lenders do of course realize that some inquiries are a
result of shopping around for the best rates on a loan, and
so they will often overlook a block of inquiries within a
very recent period. It may help if you explain the
inquiries in the application process.

Understanding how your credit report affects your financial
future is the key to smart credit management. Incorporating
a review of your credit report into your financial planning
is also one of the best ways to make sure you meet your
goals--especially when those goals involve major purchases,
and you're shopping for a loan with the most favorable
terms possible.

----------------------------------------------------
Mike Powers is an internet marketer who has a website that
gears itself towards helping people repair their credit.
We offer tips and resources that help people get back on
the right track. You can visit Mike's site at:

http://www.mwpowersnet.com