credit score

A credit score will dictate whether some lenders will loan you money or not, so it’s important to keep it in good standing.

Watch: 5 Lesser Known Tips for Improving Your Credit Score

If you’ve been following our blog, you know we’ve spent a lot of time discussing the credit check process. We’ve talked about what a credit check is and why you sometimes have to have one. We’ve also discussed options for getting cash fast without checking your credit score.

This week we’re looking at ways you can improve your credit score. Everyone knows you should always pay your credit card on time and try to keep your balance as low as possible. These tips, which come to us from YouTuber ThioJoe, are less obvious. Check out his video below.

Smart Ways to Boost Your Credit Score
ThioJoe has made a name for himself on YouTube for his witty and well-produced videos on current technology. The above video is more of a straight-forward advice vlog. Let’s give a quick recap of the tips for lowering your credit score he talks about.

File Your Taxes Early

You probably know that paying your bills early is a good idea. Credit check companies like signs of financial responsibility, and filing your taxes early counts, too.

Use Coupons

Grocery stores often report customer credit card usage to credit bureaus. These reports also contain statistics on which customers use coupons. The credit bureaus see coupon use as another sign of responsibility. Save yourself some money and give your credit score a boost at the same time.

Have a College Degree

Some of you might be working toward this one, while others may have different priorities. That’s perfectly fine. Just know that universities send lists of graduates to credit agencies so they know who has a degree and who doesn’t. You don’t need a college degree to succeed, but credit agencies still see them as a sign that you know [...]

By |July 22nd, 2016|General|Comments Off on Watch: 5 Lesser Known Tips for Improving Your Credit Score|

Why Credit Checks are Important – And When They Aren’t

From mortgages to credit cards, credit checks are an important part of any loan application process. Creditors like banks, credit unions, and leasing companies use credit checks to verify the dependability of borrowers and to ensure to their underwriters that the debts will be paid on time and in full.

But, sometimes credit checks are unnecessary for some short-term loans like payday loans. Read on to learn the difference.
When Credit Checks Are Necessary and When They’re Not
First of all, what is a credit score?
A credit score is a number between 300 and 850. It is created by gathering statistics from a person’s likelihood to repay their debts. The higher the number, the better the credit score is viewed. In order to keep a high credit score, a person must have a history of always paying their bills on time and not having too much debt at any given moment.

What is considered a good credit score?
Though every organization has different standards for what is considered “good,” any person who holds a credit score that is at 700 or above typically does not have issues obtaining a loan. Of course, the higher the credit score, the more willing the lender will be to provide a loan or to offer a lower interest rate.

What is a credit check?
Credit checks are usually performed by companies when they are considering giving a person a substantial loan and is used to view the official credit score of an applicant. They typically perform the credit check for free and at no cost to the applicant.

There are three main credit checking bureaus, but the FICO (Fair Isaac Corporation) score is most frequently consulted. Simply [...]

By |July 15th, 2016|Credit|Comments Off on Why Credit Checks are Important – And When They Aren’t|
  • Don't have credit, that won't stop you from getting a loan at Carolina Cash Fast
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    No Credit Check, No Problem: The Easy Way to Get Cash Fast in Charlotte

No Credit Check, No Problem: The Easy Way to Get Cash Fast in Charlotte

For whatever reason, your credit score may not be where you want it to be. This could be a problem at other financial institutions when requesting a loan, but not here at Cash Fast Loan Centers. We specialize in no credit check loans and do not deny anyone funds because of their credit score.

But what are no credit check loans? Are no credit check loans safe? Keep reading to learn more.
Get Cash Fast in Charlotte With No Credit Check Loans
A no credit check loan is exactly what it sounds like: a loan given without checking a customer’s credit score.

According to the Community Financial Services Association of America (CFSA), “Your payday advance provider does not obtain a credit report from any of the three major credit bureaus.” This means that here at Cash Fast Loan Centers, your credit score cannot and will not affect your chances of receiving a payday or title loan.

At Cash Fast we have two different types of loans. Depending on your needs, one loan may suit you better than the other. However, no matter which loan you choose, you can be assured the process is safe and credit check free.

Payday Loan

Payday loans are appropriate for when smaller amounts are required and are able to get you cash fast. Our appointments at Cash Fast generally take just 15 minutes, and only a few items are needed:

Your most recent checking statement
Your driver’s license
Your social security card
Your check book
Your most recent paystub

Title Loan

A Title Loan is when a borrower uses his or her car as collateral allowing the lender to place a lien on the car. Once again, your appointment [...]

By |July 15th, 2016|Credit|Comments Off on No Credit Check, No Problem: The Easy Way to Get Cash Fast in Charlotte|

What is the Credit Score Range Scale?

You’ve always been told to maintain a good credit score, but what does that mean? It’s important to understand credit ranking and how it affects you—as well as know where you fall within the given range. First, let us provide a definition of the term “credit score.”

Credit Score (n) – It is a 3-digit number, typically inside a range of 300 to 850, that covers your personal financial history, including details about payments you’ve made on time, late payments, missed payments, collections accounts, and other information that determines if it’s too risky to lend you money.

There are three credit agencies (Transunion, Equifax, Experian are the most common) that create reports for banks and other lenders who want your history. Within that report is your credit score, which has a significant impact on whether or not you’ll get approved. It’s that meaningful.
Credit Score Ranking Chart
The average score in America is 684. And our chart below gives you an accurate range for very poor, poor, average, good, great, and excellent. Though all credit reporting agencies set extremely similar rankings, you should find out which report your lenders are pulling more often.

Why your credit score matters …

It not only influences whether or not you’ll get approved for a loan, it will also affect the interest rates of any loans offered to you. This interest rate controls how cheap or expensive your monthly payments are. In addition to loans, a good credit score also increases the likelihood that you can get other credit offers with affordable terms (e.g. credit card).

Other finance-related matters are also swayed by your credit history. Many residential apartment complexes and private homes for rent have landlords that will run [...]

By |October 2nd, 2015|Credit|Comments Off on What is the Credit Score Range Scale?|

Repair Your Credit Score: Mama Said It Pays to Ask

Nearly everyone faces credit score problems at some point in their life. Sometimes, you may even feel like you’re facing piles of bills with PAST DUE stamped all over them so high that you can build a fort to hide from debt collectors.

There is good news: you don’t have to feel overwhelmed or upset. You can take some easy steps to repair your damaged credit report.  Don’t just hide in your paper fort of doomed bills. Remember how your mama always said it pays to ask questions sometimes?
Step one: Get a free credit report
Get your free credit report, which serves as a summary of your financial history, and comb through it to see what your situation is. Then you can make a plan. Ignorance is not bliss in this case!

Three credit reporting agencies—Equifax, Experian and TransUnion—determine your FICO credit score, the number lenders use to assess an applicant’s credit risk. Credit scores range from 300 to 850. If your score falls below 620, it’s usually more difficult to obtain loans at the best rates.

Your FICO score takes into account various factors in each of these five areas to determine credit risk:

Payment history
Current level of debt
Types of credit used
Length of credit history
New credit

You can request your credit report from each of these companies once a year for free by visiting www.annualcreditreport.com or by calling 1-877-322-8228. That’s right—it’s FREE!

 
Step 2: Make a Plan
If things look bad, assess the damage. See if there is anything on your report that you need to dispute. If you’re defaulting on several accounts, choose the highest delinquent bill payment and let that one go, but try to get current on all accounts. If [...]

By |August 31st, 2015|Credit|Comments Off on Repair Your Credit Score: Mama Said It Pays to Ask|