HOME l NEWSLETTERS  l TODAY'S NEWS l CREDIT BLOG l DOWNLOADS l LENDER DIRECTORY l CREDIT BOOKS l ADVERTISE l FORUM

Search our extensive knowledge database for information on credit definitions, loan notes, late breaking news, frequently asked questions, plus more.

Thanks for visiting our website.  Please poke around and use our resources at will.  We are here to help support your business.  Also, please check out our sister companies including LenderMarketing.Com
Lender Marketing provides marketing services to financial service providers.  If you are a CRA we can help grow your business by growing your customers business.  We call it "partnering for profits".  Find out more: click here.

Jeff Dean
President

Do you know what financial conditions are considered in the makeup of your credit report?

Test Your credit IQ.  Click Here

Take our Online Survey and see how you match up.

NEW Credit Blog - Click Here

Improved Credit Scores Could Save Billions

By CHRISTOPHER CONKEY
Staff Reporter of THE WALL STREET JOURNAL
September 21, 2005; Page D2

By taking small steps to improve their credit scores, consumers as a group could save billions of dollars each year, according to a new study that sheds light on the widespread confusion over credit scoring.

The study, released yesterday by San Francisco-based card issuer Providian Financial Corp., analyzed industry data on 352 million credit-card accounts to determine the average daily balance, interest rate and credit limit for a broad range of consumers across the credit-score spectrum. Based on this information, the study found that consumers could save an average of $76 annually on credit-card finance charges -- or $16.4 billion in total -- by making a 30-point improvement in their credit score.

The three-digit credit score, which typically ranges from 300 to 850, is the most widely used measure of a person's credit risk. It has little to do with income and everything to do with credit history. Consumers with higher scores -- the current U.S. average is roughly 723 -- have an easier time securing low-interest loans and other favorable terms on credit.

The best way to raise a credit score is to pay bills regularly and on time, but there are other important considerations. Some of the most common missteps that lower scores include maxing out credit cards or home-equity lines, making only minimum monthly payments and shuffling debt between different accounts.

Another important factor is the "balance-to-limit ratio," which measures what percentage of available credit is being used. Lenders like to see a credit utilization of under 60%, and consumer groups recommend keeping it below 50% of available credit. If a consumer has four credit cards with a $1,000 credit line each, for example, carrying a total balance of less than $500 per card will likely keep a credit score from declining.

...click to read more

WEBMASTERS
Do you feel your website visitors would benefit from our sites information?
How to link to our website.
Place the below information on your websites link page.

Title: Sharp Credit - Consumer Credit Resource Center
Url: http://www.sharpcredit.com
Description: Sharp Credit- Your Resource for Credit Answers, one place for all your credit questions, credit education & credit news.

Get Listed on our site: Click Here

SharpCredit.Com Partner's
Find how to join - Click Here