Liz Weston on Personal Finance PDF
Preview Liz Weston on Personal Finance
About This eBook ePUB is an open, industry-standard format for eBooks. However, support of ePUB and its many features varies across reading devices and applications. Use your device or app settings to customize the presentation to your liking. Settings that you can customize often include font, font size, single or double column, landscape or portrait mode, and figures that you can click or tap to enlarge. For additional information about the settings and features on your reading device or app, visit the device manufacturer’s Web site. Many titles include programming code or configuration examples. To optimize the presentation of these elements, view the eBook in single- column, landscape mode and adjust the font size to the smallest setting. In addition to presenting code and configurations in the reflowable text format, we have included images of the code that mimic the presentation found in the print book; therefore, where the reflowable format may compromise the presentation of the code listing, you will see a “Click here to view code image” link. Click the link to view the print-fidelity code image. To return to the previous page viewed, click the Back button on your device or app. Liz Weston on Personal Finance (Collection), 2/e Liz Weston Vice President, Publisher: Tim Moore Associate Publisher and Director of Marketing: Amy Neidlinger © 2013 by Pearson Education, Inc. Publishing as FTPress Delivers Upper Saddle River, New Jersey 07458 Company and product names mentioned herein are the trademarks or registered trademarks of their respective owners. All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher. ISBN-10: 0-13-344588-7 ISBN-13: 978-0-13-344588-6 For more information, please contact us at Contents Your Credit Score: How to Improve the 3-Digit Number That Shapes Your Financial Future Introduction 1 Why Your Credit Score Matters How Your Credit Score Affects You What It Costs Long Term to Have a Poor or Mediocre Credit Score How Credit Scoring Came into Being How Credit Use Has Changed over the Years Consumer’s Fight for Truth About Credit Scores Credit Controversies Credit Scoring’s Vulnerability to Errors Credit Scoring’s Complexity Credit Scoring’s Use for Noncredit Decisions Credit Scoring’s Potential Unfairness 2 How Credit Scoring Works What Is a Good Score? Your Credit Report: The Building Blocks for Your Score How Your Score Is Calculated The Five Most Important Factors Your Payment History How Much You Owe How Long You’ve Had Credit Your Last Application for Credit The Types of Credit You Use Your Credit Scorecard Your Results Might Differ How Do I Get My Score? What Hurts, and for How Long New Versions of the FICO Score 3 FICO Versus “FAKO”—Competitors to the Leading Score The VantageScore Scale How VantageScores Are Calculated Comparing the Scoring Systems Some Rules Remain the Same So Which Is Better? VantageScore’s Future Other Scores Lenders Use 4 Improving Your Score—The Right Way Step 1: Start with Your Credit Report Check the Identifying Information Carefully Review the Credit Accounts Parse Through Your Inquiries Examine Your Collections and Public Records Dispute the Errors Step 2: Pay Your Bills on Time How to Make Sure Your Bills Get Paid on Time, All the Time Step 3: Pay Down Your Debt You Need to Reduce What You Owe Rather Than Just Moving Your Balances Around You Might Need to Change Your Approach to Paying Off Debt You Need to Pay Attention to How Much You Charge—Even If You Pay Off Your Balances in Full Every Month How to Find Money to Pay Down Your Debt Step 4: Don’t Close Credit Cards or Other Revolving Accounts Step 5: Apply for Credit Sparingly How to Get a Credit Score if You Don’t Have Credit Credit Scores Without Credit 5 Credit-Scoring Myths Myth 1: Closing Credit Accounts Will Help Your Score Myth 2: You Can Boost Your Score by Asking Your Credit Card Company to Lower Your Limits Myth 3: You Can Hurt Your Score by Checking Your Own Credit Report Myth 4: You Can Hurt Your Score by Shopping Around for the Best Rates Myth 5: You Don’t Have to Use Credit to Get a Good Credit Score Myth 6: You Have to Pay Interest to Have a Good Credit Score Myth 7: Adding a 100-Word Statement to Your File Can Help Your Score if You Have an Unresolved Dispute with a Lender Myth 8: Your Closed Accounts Should Read “Closed by Consumer,” or They Will Hurt Your Score Myth 9: Credit Counseling Is Worse Than Bankruptcy Myth 10: Bankruptcy Hurts Your Score So Much That It’s Impossible to Get Credit 6 Coping with a Credit Crisis Step 1: Figure Out How to Free Up Some Cash Step 2: Evaluating Your Options Task 1: Prioritize Your Bills Task 2: Match Your Resources to Your Bills and Debts Task 3: Figuring Out a Repayment Plan The Real Scoop on Credit Counseling Debt Settlement: A Risky Option Should You File for Bankruptcy? The Effects of Bankruptcy Reform The Type of Bankruptcy That You File Matters Should You Walk Away from Your Home? Step 3: Choose Your Path and Take Action Option 1: The Pay-Off Plan Option 2: Credit Counseling Option 3: Debt Settlement Option 4: Bankruptcy 7 Rebuilding Your Score After a Credit Disaster Part I: Credit Report Repair Scrutinize Your Report for Serious Errors Know Your Rights Organize Your Attack What You Need to Know About Unpaid Debts and Collections What You Need to Know About Statutes of Limitations Should You Pay Old Debts? “But You’ve Got the Wrong Guy!” Part II: Adding Positive Information to Your File Try to Get Positive Accounts Reported Borrow Someone Else’s History Get Some Credit or Charge Cards if You Don’t Have Any Part III: Use Your Credit Well Pay Bills on Time Use the Credit You Have Keep Your Balances Low Pace Yourself Don’t Commit the Biggest Credit-Repair Mistakes 8 Identity Theft and Your Credit New Options That Might Help How to Reduce Your Exposure to Identity Theft Buy a Shredder Get a Locking Mailbox Protect Your Outgoing Mail Keep Track of Your Receipts Keep Your Financial Documents Under Lock and Key Get Stingy with Your Social Security Number Know What’s in Your Wallet Ask About Shredding Policies Don’t Let Your Debit Card out of Your Sight Opt Out of Credit Card Solicitations, Junk Mail, and Telemarketing Don’t Use a Cell or Cordless Phone to Discuss Financial Matters Be Wary of Telephone Solicitors and Emails Purporting to Be from Financial Institutions Be Smarter About Social Media Safeguard Your Social Security Number Monitor Your Credit Reports Consider a Credit Freeze What to Do if You’re Already a Victim Keep Good Notes of Every Conversation You Have Regarding the ID Theft Contact the Credit Bureaus by Phone and Then with a Follow-Up in Writing Contact the Creditors by Phone and Then Follow Up in Writing Contact the Police or Local Sheriff Contact Bank and Checking Verification Companies Contact the Collection Agencies Get Legal Help Don’t Give Up What to Do if the Credit Bureau Won’t Budge 9 Emergency! Fixing Your Credit Score Fast Repairing Your Credit in a Matter of Hours: Rapid Rescoring Boosting Your Score in 30 to 60 Days Pay Off Your Credit Cards and Lines of Credit Use Your Credit Cards Extremely Lightly Focus on Correcting the Big Mistakes on Your Credit Reports Use the Bureaus’ Online Dispute Process
The list of books you might like
