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Save on your insurance by improving your credit score.
from: Tim GormanDid you know that you could make sure to get the best rates on your auto and homeowners insurance simply by having a good credit score. Additionally a great credit score will allow you to get the best interest rates on your credit cards, car loans and even your home mortgage. With interest rates as low and as favorable as they current are why shouldn’t you take advantage of them?
What to do – Probably the most important first step you can take would be to order your credit report in order to view its accuracy and check for any glaring errors that could cause you problems or lower your credit score. A good credit score generally speaking is above 750. There are 3 companies that offer credit reports. TransUnion, Equifax and Experian. There is a slight cost however a new law allows consumers the right to one free credit report every year. As of this writing only consumers on the West Coast can enjoy this benefit. Mid-west states can start receiving their free credit reports around the 1st of March 2005. For those of you that live in the South expect to be able to order your free report starting 1 June 2005 and if you’re on the East Coast you’ll unfortunately have to wait until the beginning of September 2005 in order to claim your free report.
Please don’t take this lightly - your credit score is very important to your financial success in life. Even if you have managed to avoid making late payments or over drawing on your current credit limits you can still be in harms way. Recent reports have suggested that almost 79% of credit reports contain an error of some kind. The really bad news is that 25% of these errors are harmful enough to where they could cause some serious issues in your attempts to receive credit, better rates and lower your insurance premiums. Additional recommendations include the obvious such as continuing to make payments on time combined with an outstanding long-term credit history and low credit usage. You can use this to your advantage by keeping your oldest credit cards debt free. Also ask for credit limit increase every once in a while. However make every attempt to avoid signing up for new credit cards or other forms of credit unless absolutely necessary.
If you do find out that your credit report does indeed contain errors promptly contact the credit bureau that issued you the credit and dispute the errors. If the bureau is unable to verify that the errors are indeed correct within a 30-day time frame they must remove the erroneous information from your report.
Taking the simple precaution of verifying your credit score could result in a substantial deduction on all of your insurance premiums and could significantly improve your rates for a new home or car loan.
About the Author
Timothy Gorman is a successful webmaster and publisher of Military-Loans-Online.com. He provides more free financial and home equity loan information that you can research in your pajamas on his website
Refinance Home Mortgage Equity Loan News
Upside-down on mortgage: Now what? (Lodi News-Sentinel)
Q: My husband and I live in a house that I own on my own. I paid $500,000 for the house in 2005. I took out a 100 percent loan with a 5-year fixed-rate first mortgage for $400,000 and an adjustable $100,000 home equity line of credit as the second loan.
Read more...Using equity to pay debt can be risky (Bankrate.com via Yahoo! Finance)
Using a refinance to pay down credit card debt can be risky, the Debt Adviser says.
Read more...In market for a mortgage? (Portsmouth Herald)
Media reports to the contrary, mortgage money is still available and#8212; if you have good credit and sufficient equity.
Read more...Mortgage rates could dip before election (Lodi News-Sentinel)
Q: What economic indicators should I be watching when trying to decide when to refinance my mortgage or home equity line of credit? A: I'd just watch the price of the mortgages themselves. Right now, we're waiting for interest rates to drop further. But interest rates have become rather volatile.
Read more...Budgets stretched more every month (The News Journal)
For decades, millions of Americans could borrow against their steadily rising home equity, but not any more.
Read more...Will mortgage plan help you? (The Nashua Telegraph)
The prospect of mortgage debt forgiveness will entice hundreds of thousands of homeowners into picking up the phone to play the home-preservation game of "Let's Make a Deal," beginning this fall. The federal government's Hope for Homeowners plan started Oct. ...
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