Credit Card Gist

Your credit can be the difference between getting or not getting a mortgage, car loan, or even the job you want as employers are looking more and at credit history. Knowing what goes into your credit score and practicing good borrowing habits has never been more important.

Your credit score is an assessment of the information found in your credit report, which presents a snapshot of how you pay your bills.

(Via YouTube.com)

Accept card payments quickly and safely

Accept credit and debit card payments at the lowest processing costs. You will get:

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“Out of the Rough” host Fred Arnold and Mortgage Professional Fred Kreger discuss credit scoring and how you can better your credit score.

There are different types of credit scores: mortgage scores, rental scores, car scores and consumer scores. Scores that consumers can get themselves are only consumer scores.

(Via YouTube.com)

Learn how to lower your card acceptance cost

Learn how to accept credit and debit cards at the lowest processing costs. The Payment Card Acceptance kit contains a video and an e-book:

• Video – Card Acceptance Best Practices for Lowest Processing Costs (18 min).
• E-Book – Payment Card Acceptance Guide (19 pages).

BBB’s Julie Wheeler, President of Better Business Bureau of Western Virginia, puts debt consolidation under the microscope. Debt consolidation scammers typically charge big upfront fees and offer little relief for families suffering from overwhelming debt.

Here is what Wheeler warns you should watch out for:

• High upfront fees. Money spent paying upfront fees may be better used paying down your debt.
• Promises that are too good to be true. If a company says they will cut your debt in half before they have even looked at your situation, this should raise a red flag.
• Claims that it’s a fast, easy and painless process. Reducing debt is typically a long process and can take years.

(Via WDBJ7.com)

Learn how to lower your card acceptance cost

Learn how to accept credit and debit cards at the lowest processing costs. The Payment Card Acceptance kit contains a video and an e-book:

• Video – Card Acceptance Best Practices for Lowest Processing Costs (18 min).
• E-Book – Payment Card Acceptance Guide (19 pages).

John Ulzheimer of Credit.com explains what ‘rapid rescoring’ is and why you should not agree for it to be done for you. It works like this: mortgage lenders modify information on a consumer’s credit report in 2 – 3 days and then reorder his or her credit report and get a new, hopefully higher, credit score. The problem is that its effect is only minimal and temporary on the consumer’s credit score and it misleads the lender. Moreover, there is a fee for the service.

(Via YouTube.com)

Learn how to minimize chargebacks and fraud

Learn how to minimize chargebacks and reduce your processing costs. The Chargeback Management kit contains a video and an e-book:

• E-Book – Chargeback Manual (40 pages).
• Video – Card Acceptance Best Practices for Lowest Processing Costs (18 min).

FICO score components.

FICO, the provider of the most widely used credit score algorithm in the U.S., announced today that “more than 2,500 banks and financial institutions” are now using the FICO 8 Score, the company’s new score model. FICO 8 was first introduced in 2009 and the company claims it improves credit risk prediction by up to 15 percent over earlier models.

The main difference in FICO 8’s algorithm over previous versions is that it does not penalize consumers as harshly for one-time mishaps. However, “if that happens quite often they actually get penalized more than in the prior versions,” cautions Robert Duque-Ribeiro, vice president and general manager of scores at FICO.

FICO 8’s key differences include:

• Leniency toward rare missed payments. Moreover, collection accounts and public record items with an original balance of less than $100 are ignored.
• Higher sensitivity to credit usage. The amount of credit used, as a proportion of the total available credit, known as credit utilization, plays a bigger role in the new algorithm than in previous generations.
• Minimized importance of authorized-user accounts. FICO 8 treats less favorably accounts on which a consumer is only an authorized user, rather than a primary cardholder. The goal is to make sure that consumers “don’t get the benefits of lining up on the back of a consumer’s good credit,” says Duque-Ribeiro.

(Via Bankrate.com)

Learn how to minimize chargebacks and fraud

Learn how to minimize chargebacks and reduce your processing costs. The Chargeback Management kit contains a video and an e-book:

• E-Book – Chargeback Manual (40 pages).
• Video – Card Acceptance Best Practices for Lowest Processing Costs (18 min).