20/02/2010 by bill.

The information in your credit report is key to getting the loans you need – but it is only half the story.

You can view your credit report online now for free, and order your National Credit Score from CreditExpert, Experian’s online credit monitoring service. To find out more click here

Before deciding whether or not to lend money, many organisations take your report, plus additional information included on your application form, and generate a credit score. This score indicates the risk involved in granting you credit. Over the years, automated scoring has proved to be more accurate and consistent than subjective human judgement. It also allows lenders to make decisions more quickly.

Computer programs score your application by looking at how past customers with similar profiles repaid their credit. Every lender uses a slightly different formula that represents its own and industry experience and these may be adjusted according to the type of credit you are applying for. So every application could generate a different credit score.

Your credit score will also change over time, as the information in your credit report and on each credit application form is updated.

If you are thinking about applying for credit, it’s worth ordering your National Credit Score from CreditExpert. It is based on your Experian credit report and is an excellent guide to how lenders may assess the information held on your report.

Your score will be a number between 0 and 1,000. Generally, the higher your score, the easier you will find it to get loans and credit.

As a member of CreditExpert, you can order and view your National Credit Score online for the special price of £4.99 – click here for details. You will be able to view your credit score for 12 months in your Score Library.

If you are not scoring as well as you would like, you will find advice, hints and tips on the site that may help you to improve your score. You can order a new score at any time, to monitor your progress.

More about credit and debt from moneyjungle.net

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01/07/2009 by bill.

CreditExpert is the UK number one online credit monitoring and ID theft protection service from Experian, offering people the opportunity to see what lenders see and take control of their personal finances.

We provide some great benefits to our customers:

- Unlimited, real time, online access to their Experian credit report
- The opportunity to review their credit history before applying for credit
- Email or text alerts notifying of any changes to their credit report which protects them from identity fraud
- The option to order an Experian Credit Score

Click here for your FREE trial sign up to CreditExpert

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06/03/2009 by bill.

Your credit report is a key element of your financial CV, which lenders look at when they decide what kind of deal to offer you – or whether to turn you down. It’s also an invaluable source of information that can help to put you in control of your finances.

Click here for the full article

See moneyjungle.net for advice on managing credit and debt

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27/01/2009 by bill.

Many of us have found our credit card debts are getting out of hand. Banks have increased interest rates on outstanding balances despite the recent cuts in the Bank of England base rate.

Now is probably a good time to look to transferring the outstanding balance to a card offering interest free credit. You will have to pay a transfer fee but the savings can make all the difference. The trick is to then look to save up during the interest free period so that you can pay off the balance - or alternatively look to take advantage of another interest free transfer offer. But to ensure things do not get out of hand do not be tempted to use your new card for purchases just use it to take advantage of the interest free period.

But be careful, the credit card companies have become much more cautious in issuing cards and being turned down could affect your credit report. So check your credit report for free first by taking advantage of a free trial offer from CreditExpert. You can get FREE and unlimited real-time online access to your credit report for the trial period. You will also receive advice and tips on how to improve their credit rating and alerts anytime their credit report changes.

Then shop around for the best credit card transfer offer. We currently like the Virgin Card offering

See more about credit and charge cards on moneyjungle.net

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09/01/2009 by bill.

The New Year is not just about giving up chocolate, alcohol and smoking – it is also the time for some positive changes. In the current economic climate, top of your list should be learning to look after your finances.

Plan properly and it will not be as hard as you think. Here are some dates for your diary.

January: Deal with the urgent stuff first If you’re self-assessed for tax, you must file your tax return and pay any taxes you owe by 31 January or you’ll be fined. Go to hmrc.gov.uk and the site will automatically calculate what you owe or are owed when you file online. Make a note to yourself if you’re likely to owe the taxman less than £2,000 – you can have this collected via your PAYE code if you file by 30 December.

February: Take control Take a look at the bigger picture of your finances and get ready to take control of your money. Check bank and card statements, go through your utility bills and check your credit report – online services such as CreditExpert offer a free trial. Your credit report shows what you’ve borrowed, how much you owe each lender and how well you’re managing your repayments. There’s also a useful list of all your lenders and their contact details if you’ve got unused accounts that need closing or spot anything you disagree with.

March: Deal with debt If you’ve got debts to clear, prioritise them so you get rid of the most expensive ones first. It’s also worth trying to identify a cheaper loan or taking out a credit card that offers a zero per cent balance transfer or interest-free spending for a few months, to give yourself some breathing space. You are more likely to qualify if your credit history is good, so go back to your credit report before you apply and make sure it’s up to date and accurately reflects your circumstances.

April: Start to save If you’ve got spare cash and haven’t used up your tax-free ISA allowance for 2008/9, you’ve only got until 5 April to take advantage. But before you do, get out your calculator to see whether you’d be better off paying off some of what you owe, if there are no penalties for early repayment.

May: Think ahead If you’ve got a mortgage, the chances are that you viewed and bought your house during the summer/early autumn sales peak, so now’s the time to look for a replacement for your fixed rate mortgage if it runs out this year. Ideally, give yourself three months to find a new deal. Little things can make a difference to your credit rating – even registering to vote at your current address can help. If you’ve got a good reason for any repayment problems in the past, contact the credit reference agency that holds your credit report – Experian is the UK’s largest – and they can add a note of explanation that lenders will see. For example, you may have missed a few payments because you were ill. Be prepared to provide proof.

June: Hit the sales The summer sales start this month, so take advantage of the bargains. If your family needs new summer clothes, you can pick them up for less – and you can also start filling your present drawer for Christmas, instead of panicking and paying full price nearer the time. Don’t borrow more than you can comfortably repay if you’re contemplating putting everything on your credit card, or the interest could eat into what you save.

See your free Experian credit report online with a free trial of CreditExpert

July: We’re all going on a summer holiday Organise your holiday money in advance – buying foreign currency at the airport or changing cash at the hotel can be expensive. Payment cards can offer the best deals but do your research carefully and make sure you’re not over-stretched already, or you may be turned down when you ask for a new one.

August: Amuse the kids for free Outings to amusement parks, trips to the cinema, ice-creams and treats are expensive, so cut your costs without depriving the kids of a good time. Look out for money off and two-for-one vouchers in the papers and online, buy snacks from the supermarket and bring them with you and have some good, old-fashioned fun for free. Take them for a walk in the country, enjoy a home-made picnic, visit friends in other parts of the country – and send them to stay with the grandparents, so you get some time off too.

September: Christmas is coming It may sounds crazy but you need to start planning for Christmas, or you’ll end up in a last-minute panic, buying expensive food, drink and presents just to get things done. Fill the freezer and drinks cupboard with special offers, snap up presents when you see them and put a little money aside every week towards the festive season, so you don’t have to put it all on your credit card or overdraft – a survey by CreditExpert found that more than a quarter of us resorted to this in 2008.

October: Protect your identity National Identity Fraud Prevention Week takes place this month but don’t let that stop you protecting your ID all year round. Tips from stop-idfraud.co.uk include never revealing personal information to people claiming to be from an official organisation, such as a bank or the police, without double-checking. They also advise shredding all documents containing personal or financial information before throwing them out and keeping your credit or debit card in sight when paying. Last but not least, check your credit report regularly, as it will show you if someone is trying to borrow in your name. PS: if you want to file a paper tax return, it has to be in by the 31st.

November: Check your utility bills The clocks have gone back, the nights have drawn in and we’re heading to the coldest months of the year. All energy suppliers have put up their prices over the last year but there are still differences between them and you could save a tidy sum by changing supplier. Visit Energy Helpline to compare tariffs. Setting up direct debits is likely to cut your bills and don’t assume that dual-fuel options will always be cheapest – sometimes they’re not.

December: Go house-hunting The bottom of the housing market might well have been hit by now but December is always an unpopular month for house hunters, with Christmas, bad weather and holidaying solicitors combining to slow down sales. If you’ve been saving and waiting, it’s time to forget the wrapping and the turkey and get looking. By early 2010, you could be in your new home – and in good financial shape.

Manage your finances with moneyjungle.net

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12/11/2008 by bill.

Credit card companies have not passed on recent interest rate cuts to customers, in fact many credit card issuers have increased rates in recent months. Interest rates vary from just over 6% to over 30% a year with some store cards charging even more.

The card companies are also now much more selective in who they will offer cards with lower rates to. The card company will check your credit report before deciding if you qualify for their card or, in some cases may actually offer you a card but at a higher interest rate if the credit report shows any county court judgements of even missed payments on loans or credit cards.

Now you can see the information the credit card companies look at. Click here for your free Experian credit report.

See the moneyjungle.net credit card section for more about applying for credit cards in the UK.

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07/11/2008 by bill.

You might have been saving for a holiday or wedding, to pay your mortgage or credit card bills, to fund your retirement or to buy a home, but if you are one of the hundreds of thousands of people who find their money frozen as a result of recent bank collapses, you may be wondering what to do until you get your hands on it again.

The Financial Services Compensation Scheme expects to start repayments to savers with IceSave in mid-November but people with money trapped in some offshore bank accounts or saved via bonds and other financial products may have to wait much longer, if they are repaid at all. You need a plan - so here is some help to get you started.

To find out what our top tips are, click here for the full article.

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02/10/2008 by bill.

The credit crunch means that mortgage lenders are becoming much more fussy about who they lend to and anyone that does not have a good credit rating will not be able to access the best deals.

Now you can see the information mortgage lenders see. Click here for your free Experian credit report

For more about credit and debt see moneyjungle.net

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