Understanding your credit score

It's inevitable: sooner or later, you are going to borrow money. Whether it's a loan for a car, a house, or the simple convenience of a credit card, you are going to send in an application.

This will prompt a second inevitability: a lender will pull up a copy of your credit report and credit score.

If you have stellar credit, this is a very good thing. A lender will see that you've always paid your bills on time, that your existing credit balances are low, and that you have no negative marks on the accounts you've held for years. You'll be noted as having prime credit, and if the other information you've submitted on your application is favorable, you will likely be approved for your loan at a low interest rate.

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State Leaders Continue To Monitor Credit Threats

RICHMOND - Virginia has a better credit score than the U.S. government and state officials hope to keep it that way.

But Gov. Bob McDonnell said Virginia must remain vigilant to protect its top-notch credit rating.

State officials have not heard of any threats to the state's AAA credit rating since Standard and Poor's, or S&P, downgraded the federal government's credit rating to AA+ last week. Instead of a downgrade, Moody's reaffirmed Virginia's rating, McDonnell said.

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Tips on raising your credit score

The higher your credit scores, the better shot you have of getting a loan or credit-card application approved.

Improving your credit scores takes time, but it can be done. Start by getting free copies of your three major credit reports at the government-authorized site annualcreditreport.com.

1) Check your reports for accuracy. Financial columnist Liz Weston, author of "Your Credit Score," says to look for credit cards or other accounts that aren't yours, negative entries that are more than 7 years old, duplicate past-due items and incorrect Social Security number or date of birth.

2) Dispute errors. Credit bureaus are required by law to investigate mistakes you bring to their attention and report back to you. Typically, they ask the creditor that reported the past-due information to check its records.

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Credit card deal brings TN schools nice payday

WASHINGTON — Eighteen Tennessee colleges, student groups and alumni associations earned $1.8 million last year from agreements allowing credit card companies to market college-themed cards to students and alumni.

Most of that money went to the University of Tennessee, which received $1.4 million through a marketing agreement with Chase, according to Federal Reserve data.

The university’s contract, in place since 1998, is the fifth-most-lucrative in the nation. The money funds scholarships and alumni projects, according to UT spokeswoman Gina Stafford.

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Credit cards are the way forward for e-commerce

GoNabit is sticking to its policy of championing credit cards for transactions on their websites and limiting other forms of payment following successes in its current markets, which include Lebanon, Egypt and the UAE, according to Dan Stuart, CEO and co-founder of GoNabit.

"We are the only business in Lebanon doing pure credit cards and we are the clear market leader in the country. It is a bad analogy, but I like to say, if I sit down now and only offer you water, the only way I am going to know if you drink water is if I only offer you water. If I offer you a bunch of things and you don't choose water, how am I going to know if you like water? It is a bit like that with credit card usage online, if I offer you a bunch of ways to pay, how do I know if you will use credit card? So we go into every market, pure credit card. You either use it or you don't and then we adjust from there," said Stuart.

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Don’t let credit-card crime spoil your vacation

Last week, I returned from visiting my sister in San Jose, Calif., and got a much needed rest. California is an awesome state with everything you can think of to do, and it’s extremely multicultural. I had the opportunity to visit with some sheriffs on crime prevention and heard about some of their efforts in reducing crime in the neighborhoods. It was a great trip, and I look forward to returning.

Now, let’s turn to something that one needs to be careful about while on vacation: your credit cards. As I made my way around, I saw lots of people using credit cards without much thought. I saw people getting their cards back wrapped in the receipt, not checking to see if it was their card. I saw people placing credit cards in back pockets of their pants or just throwing them into purses. Some of these issues are a nightmare waiting to happen! Why? Because the criminals are looking just for you! They look for people whose body language suggests a happy-go-lucky, here-I-am-on-vacation attitude, not paying attention to their actions or surroundings.


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Pickles attacks use of council credit cards

Communities secretary Eric Pickles has criticised councils for their extravagant spending on local authority credit cards.

Mr Pickles said some councils had been enjoying the 'high life' after the Daily Telegraph published details of foreign trips, expensive meals and luxury items, which were all been paid for on credit.

According to the Telegraph,Cornwall CC had racked up a credit card bill of almost £9m since 2008, including £1.14m just on hotels.

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