Loans & Credit

NEW YORK(5/21/02)--Half of all consumers have high credit scores that will earn them the best interest rates. But how good does your score have to be to get the best rates?

The highest possible score is 850. Anything higher than the mid 700s is fine and will get you the best rates, according to Craig Watts, consumer affairs manager for Fair, Isaac & Co., the company that compiles the FICO scores that most lenders use. A median score is usually in the 720-725 range (Kiplinger June).

Hold on to your wallet and to the codes on your credit card. A new scam has emerged that is a new twist on a decades old credit card fraud.

by Larry Burkett as taken from Money Matters

'In my opinion, because of the depreciation on the vehicle as soon as you drive it off the lot, buying a brand new vehicle, by whatever means, is not a good deal for most people.

Typically, a new automobile's value will depreciate 15 percent to 25 percent, depending on the type of car and the retail price, just as a result of titling the vehicle.

Want to remodel the kitchen? Buy a new car? Or are tuition payments just around the corner?

One way to pay for major expenses like these is with a home equity loan. But don't rush into it. These loans, like most things financial, come with the good and the bad. Before signing on the dotted lie, here's what you need to know.

Member's Choice GAP Protection

Without it you might have to pay thousands of dollars on a vehicle lost to theft or accident.

If the unthinkable happens to your car or truck:

If all goes well, the car or truck you're about to buy will be around for years. Unfortunately, things don't always go well. Your vehicle can be stolen or totaled in an accident. Consider these facts:

For years, cash was king. Paying with cash was a sign of success and stability. No more. Credit now wears the crown in America. Today you need a good credit rating to buy a home, to get a good job or a preferred rate on your homeowner's or life insurance policy.

That makes establishing credit and monitoring your credit rating one of the most important financial tasks you face. Fortunately, it's not difficult. But it's just as easy to get off on the wrong foot if you don't know the rules.

Rock-bottom rates on credit card balance transfers sound enticing, but make sure you read the fine print and never, ever, pay your bills late!

An offer of 4.99%, 3.99%, or even 0% interest for the life of the balance is usually accompanied by a sales letter informing you that this is your last opportunity to transfer a balance. Experts caution, though, that only good, responsible customers need apply.