How much do you know about your Credit Scores? Many people never give their credit scores the attention that it deserves but building good scores could save almost anyone, thousands of dollars over their lifetime. Knowing what ticks your credit score up or down can help you to manage your financial obligations better Much of your credit score depends on your payment history and the age of your accounts. That's how well you really do pay on time, and your long term experience managing your credit. Try never to max out your credit cards or open several new credit accounts at once. About a third of your credit card score is based on how much you owe. Lenders tend to always worry that you may go on a wild borrowing binge any day now.. and rate credit scores accordingly. So plan to keep your credit utilization low. Maintain a balance that is no higher than thirty percent of your available credit limit Revolving credit lines, such as credit cards, on which you control how much you charge and pay off each month, carries more weight with lenders than long term or short term installment debt, such as auto loans and mortgages, with fixed payments.
Federal law requires credit bureaus to drop negative information after seven years. The clock starts ticking 180 days after the account goes delinquent. As a norm however.. Bankruptcies remain on your credit reports for up to 10 years, and debts, such as unpaid tax liens, may stay indefinitely. The statues are different in each state but in most states, three to six years in which they can sue you over a debt is the maximum.
You should plan to have your financing lined up, 30 to 60 days in advance of the time you plan to buy or lease your new or used vehicle.
 Knowing your FICO Score
In addition to other issues that affect financing " Identity Theft " is the fastest growing white collar crime in America. One in five families have been affected by this epidemic.
AUTOMOTIVE SPECIALS ONLINE NOTES: 1. Obtain your FICO scores. Consider maintaining a file and checking them from time to time as they do change often.
2. The Fair and Accurate Credit Transactions Act (FACT Act) was signed into law in
December 2003. The FACT Act, a revision of the Fair Credit Reporting Act,
allows consumers to get one free comprehensive disclosure of all of the information
in their credit file from each of the three national credit reporting companies once
every 12 months.
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