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Learn How Credit Inquires Affect Your FICO Score

Credit inquiries

Will my FICO score drop if I apply for new credit?

If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.

The Basics

What is an "inquiry"?

When you apply for credit, you authorize those lenders to ask or "inquire" for a copy of your credit report from a credit bureau. When you later check your credit report, you may notice that their credit inquiries are listed. You may also see listed there inquiries by businesses that you don't know. But the only inquiries that count toward your FICO score are the ones that result from your applications for new credit.

Does applying for credit affect my FICO score?

Fair Isaac's research shows that opening several credit accounts in a short period of time represents greater credit risk. When the information on your credit report indicates that you have been applying for multiple new credit lines in a short period of time (as opposed to rate shopping for a single loan, which is handled differently as discussed below), your FICO score can be lower as a result.

How much will credit inquiries affect my score?

The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries have a small impact on one's FICO score. For most people, one additional credit inquiry will take less than five points off their FICO score. For perspective, the full range for FICO scores is 300-850. Inquiries can have a greater impact if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk. Statistically, people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports. While inquiries often can play a part in assessing risk, they play a minor part. Much more important factors for your score are how timely you pay your bills and your overall debt burden as indicated on your credit report.

Does the formula treat all credit inquiries the same?

No. Research has indicated that the FICO score is more predictive when it treats loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way. For these types of loans, the FICO score ignores inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for rate-shopping inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

What to know about "rate shopping."

Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

Improving your FICO score.

If you need a loan, do your rate shopping within a focused period of time, such as 30 days. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.

Generally, people with high FICO scores consistently:

• Pay bills on time.
• Keep balances low on credit cards and other revolving credit products.
• Apply for and open new credit accounts only as needed.

Also, here are some good credit management practices that can help to raise your FICO score over time.

• Re-establish your credit history if you have had problems. Opening new accounts responsibly and paying them on time will raise your FICO score over the long term.
• Check your own credit reports regularly, before applying for new credit, to be sure they are accurate and up-to-date. As long as you order your credit reports through an organization authorized to provide credit reports to consumers, such as myFICO, your own inquiries will not affect your FICO score.

Source: http://www.myfico.com/crediteducation/creditinquiries.aspx

How to Recognize and Treat Heat Exhaustion?

Heat Exhaustion

Heat exhaustion is a heat-related illness that may occur after you've been exposed to high temperatures for several days and have developed dehydration, which is an inadequate or imbalanced replacement of the fluids and electrolytes you've lost through excessive perspiration.

There are two types of heat exhaustion:

• Water depletion. Signs include excessive thirst, weakness, headache, and even loss of consciousness.
• Salt depletion. Signs include nausea and vomiting, frequent muscle cramps, anddizziness.

Although heat exhaustion isn't as serious as another heat-related illness -- heat stroke -- it isn't something to be taken lightly. Without proper intervention, heat exhaustion can progress to heat stroke, which can damage the brain and other vital organs, and even cause death.

Symptoms of Heat Exhaustion

The most common signs and symptoms of heat exhaustion include:

• confusion
• dark-colored urine (which indicates dehydration)
• dizziness
• fainting
• fatigue
• headache
• muscle cramps
• nausea
• pale skin
• profuse sweating
• rapid heartbeat

Treatment for Heat Exhaustion

If you or anyone else has symptoms of heat exhaustion, it's essential to immediately get out of the heat and rest, preferably in an air-conditioned environment. If you can't get inside, try to find the nearest cool and shady place.

Other recommended strategies include:

• Drink plenty of non-caffeinated and non-alcoholic beverages.
• Remove any tight or unnecessary clothing.
• Take a cool shower, bath, or sponge bath.
• Apply other active cooling measures such as fans or ice towels.

If such measures fail to provide relief within 30 minutes, contact a doctor because untreated heat exhaustion can progress to heat stroke.

After you've recovered from heat exhaustion, you'll probably be more sensitive to high temperatures during the following week. So it's best to avoid hot weather and heavy exercise until your doctor tells you that it's safe to resume your normal activities.

Risk Factors for Heat Exhaustion

Heat exhaustion is strongly related to the heat index, which is a measurement of how hot you feel when the effects of relative humidity and air temperature are combined. A relative humidity of 60% or more hampers sweat evaporation, which hinders your body's ability to cool itself.

The risk of heat-related illness dramatically increases when the heat index climbs to 90 degrees or more. So it's important -- especially during heat waves -- to pay attention to the reported heat index, and also to remember that the heat index is even higher when you are standing in full sunshine.

If you live in an urban area, you may be especially prone to develop heat exhaustion during a prolonged heat wave, particularly if there are stagnant atmospheric conditions and poor air quality. In what is known as the "heat island effect," asphalt and concrete store heat during the day and only gradually release it at night, resulting in higher nighttime temperatures.

For More Info and Complete Article: http://www.webmd.com/a-to-z-guides/heat-exhaustion

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Is Your Christmas Shopping Causing Debt???

How to avoid debt while Christmas shopping this year

WRITTEN BY DAMON CARR

FRIDAY, 09 DECEMBER 2011 09:44

Can you believe it’s the month of December already? It’s beginning to look a lot like Christmas. Retailers are open extended hours seeking to claim the money in your wallet. Every charitable organization known to man is soliciting you for money. Friends and family are dropping hints about certain gifts that they would enjoy this year. People in the office are asking you to chip in on a gift for the boss. Your church is passing around an extra offering plate for a present for the Pastor.

You believe in your heart that “it’s better to give than to receive” but in the back of your mind you’re thinking, “give me a break”. “No can do,” says mortgage, car note, student loan, credit cards, lights, gas, cable, house phone, cell phone, internet, insurance, and Uncle Sam. “We understand that you’re in a giving mood but don’t forget you have bills to pay!”

As a financial adviser I sit as the proverbial fly on the wall and listen to the conversations you’ve been having with yourself and your significant other. I heard you cry out in a moment of stress—“the paycheck don’t stretch far enough to feed, shelter, and clothe the family, provide basic utility and transportation for the family while at the same time give to charitable causes and save for future needs, wants, and goals.” I know that you’re doing the best you can to make ends meet. You’d like to avoid using credit cards. You’d like to save a small portion each month starting in January so that when Christmas is here you have the money to shop for gifts. The reality is you’re having a tough enough time trying to meet the financial demands of today.

Christmas is upon us. You frantically wonder how you’re going to come up with the money to do your Christmas shopping. You’ve thought long and hard. You’ve concluded that you’ll get the money you need for Christmas one of two ways: 1.You’ll skip various bills this month and pay them when you get your tax refund. 2. You’ll reluctantly use a credit card with the intention to pay it off within the next 6-months. Caught up in the emotion of the holidays, it may not have dawned on you that this is exactly what you did last year, the year before and the year before. That plan isn’t working.

Below are some ideas that will help you enjoy Christmas and avoid debt this holiday season:

* Set a spending limit and track you’re spending—If you can’t measure it, you can’t manage it. Before you do any shopping decide how much you’re going to spend for Christmas. Keep track on how much you’re spending so that you don’t go over your limit. Only use cash or debit card when shopping.

* Make a list and check it twice—If it’s good enough for Santa Claus, it’s good enough for you. Make a list of all the people you plan on buying gifts for this season. You now know how much you plan on spending and who you’re purchasing gifts for. Check your list not twice but three times. As you review your list the third time write a dollar amount on how much you’re going to spend on each person on the list.

* Keep your guard up—Don’t be tempted by your existing creditors attempt to defer payments on your loans and the merchants attempt to offer you discounts should you open and use a store credit card. They have one of two things in mind—get you to spend money you don’t have or force you to pay interest you can’t afford.

•Look for great deals—Make it a goal to get discounts on every gift you purchase. This will help the money you’re spending on Christmas go further.

•Limit discretionary spending—Temporally reduce or eliminate spending on entertainment, dining out, and other activities you do for pure joy and amusement. It’s better to give than receive, right? Sacrifice something you enjoy doing and use the money you normally spend to purchase gifts.

•Give the gift of time—Quality time with loved ones is perhaps the best gift you can give. It’s FREE and INVAULABLE. In this fast paced society we live in, we rarely get to spend quality time with loved ones where there’s no distraction. Make an earnest effort to spend time with someone you care about. The memories you’ll gain from the experience will be more valuable than any gift you can purchase.

•Give a helping hand—Offer to baby sit, shovel snow, mow the lawn, prepare a meal as a Christmas gift to someone you know who can use a break.

•Get a part-time job—If you’re still short on money, consider a part-time job to fully or partially pay for your Christmas purchases this year. There are plenty of part-time jobs available during the holiday season. It’s better to work a couple extra hours now and pay cash for your Christmas gifts then to neglect bills or accumulate debt and work extra hard the entire year trying to catch up on bills and payoff debt you’ve created during the holidays.

•Remove adults from the list—You did all the above and you’re still contemplating whipping out the credit card. Time to trim the list. It’s been said that Christmas is for the kids. You’re adult family and friends will understand when you say that you spent your entire Christmas budget on the kids this year.

(Mortgage and Personal Finance Expert Damon Carr is owner of ACE Financial. Sign up for Damon’s FREE Online Newsletter at www.allcredit­experts.com. Damon can be reached at 412-856-1183.)

http://www.newpittsburghcourieronline.com/index.php?option=com_content&view=article&id=6017:how-to-avoid-debt-while-christmas-shopping-this-year&catid=41:business&Itemid=37

Let's Talk Finances: How To Get A+ Credit

Follow these tips and get the best credit score you can

When Simone Griffin was young, she would watch her grandmother pay the bills on the first of every month. “My grandmother would talk to me about the importance of saving, paying bills on time, and monitoring spending,” the Atlanta-based executive director for homeownership organization HomeFree-USA says. Those conversations paid off, as Griffin now has an 801 credit score. “Credit is a barometer of my goal of building wealth—it tells me if I’m on the right path,” she says.

Griffin, 33, paid off all her consumer debts last year. She also surrounds herself with people whose values are similar to hers, such as her friend Jade Brawley, a Washington, D.C.-based schoolteacher who is working to improve her credit score, which is in the mid-700s. “Before I make a purchase, I plan for how I’m going to pay it off,” says Brawley, 32. For Griffin, having someone mirror her own money-management philosophy motivates her to reach her financial goals.

Achieving A+ credit can pay off in the form of lower interest rates, faster loan decisions, and easier access to capital. The most widely used credit score is Fair Isaac Corp.’s FICO score, which ranges from 300 to 850. “Excellent credit is whatever credit score is necessary to get the best deal that a lender has to offer,” says John Ulzheimer, president of consumer education at credit monitoring website SmartCredit.com. That number can vary not only by lender, but according to the type of loan a consumer is applying for.

For example, lenders awarding 30-year fixed-rate mortgages might consider a 760 FICO score to be A+, while those offering 36-month auto loans might consider a consumer with a 720 score or above to have excellent credit, says Barry Paperno, consumer operations manager for myFICO.com. Currently, you’ll likely qualify for the best rates for any type of big-ticket purchase if you have a score of about 760 or above, experts say.

According to Fair Isaac Corp., the number of people with excellent credit has decreased since the recession. In April 2008, 18.7% of the population had FICO scores of 800 and above, while in April 2010, only 17.9% had that distinction. Another 19.5% of Americans had FICO scores between 750 and 799 in April 2010. The median FICO score has been about 711 since April 2010, says Paperno. During that same period, those with low credit scores increased, with 35% of Americans having FICO scores below 650, up from 33.7% of Americans in 2008.
It’s easier to achieve excellent credit if you diligently manage your credit and don’t fall into any debt traps along the way. For those with a spotty track record, it typically takes between three and seven years to rebuild your score unless it’s a personal bankruptcy, which will take 10 years to fall off your credit report, Ulzheimer says.

For example, if a consumer’s credit score dropped to the 500s, it might take a couple of years to get the score to the 600s or lower 700s. However, it might take seven to 10 years for that same person to get up to 780 because enough time would have to pass for any negative information to fall off the credit report. “A 780 is an elite credit score, and if you want an elite credit score, you’ve got to have an elite credit report—which means you can’t have anything negative on it,” Ulzheimer adds.

The first step you should take is to scrutinize your credit report. “When you get a copy of your report and score, the report will tell you the main reasons your score’s not higher,” says Tom Quinn, credit score expert for Credit.com. You can request a free copy at Annualcreditreport.com. If the biggest factor is high credit card balances, start paying those down aggressively.

Likewise, if late payment is the culprit, your score will gradually rise as the late payment ages, provided you don’t continue to make more late payments and you keep low levels of credit indebtedness.

Some credit improvement steps will have a greater effect than others:
Always pay on time. Paying on time is the single most important factor in having a good credit score. Even a single recently reported late payment can have a substantial effect on your credit score.

Know which loans count the most. Credit obligations aren’t all weighted the same. Revolving debt, such as credit cards, is considered riskier because of the likelihood of getting behind in payments than installment debt, such as mortgages and auto loans. As a result, a person with one installment loan and a lot of credit card debt might have a lower credit score than someone with multiple installment loans and little credit card debt. “I personally have over $800,000 of installment debt with a mortgage, a second mortgage, and a rental house,” says Ulzheimer. “But I have zero credit card debt, and my lowest credit score is 809. If I had that much credit card debt, my score would be in the 400s.” If you pay off a credit card, you may see a bigger jump in your credit score than if you finish paying off an installment loan.

Keep revolving debt to a minimum. Since the FICO score looks at the amount of revolving debt you have in proportion to the amount of revolving credit available, you can have an excellent credit score while maintaining loan balances, as long as you’re nowhere near maxing out your available credit. Although it’s best to pay credit card balances in full each month, the ideal amount to owe is less than 10% of the amount of revolving credit that you have available. If you’ve done the work to get out of debt, don’t make new balances just to try to move up the FICO ladder. But it’s a good idea to keep credit cards active by charging small amounts regularly and paying them off by the next billing date.

Keep new accounts to a minimum. While you may be able to save a few dollars with a 10% discount by opening that retail credit card, you can reduce your chances of having A+ credit since the presence of recently opened accounts can lower your score. “You should really think long term,” says Quinn. “Do I really need that 10% discount today when I’m going to be applying for a car loan in the near future and I want to make sure my credit is as good as it can be for that bigger purchase?”

Getting an A+ score requires habitual sound financial practices. “If you want a 780 or 800 FICO score, you better have perfect credit, which means no delinquencies, nothing negative, credit card debt that is at a very low balance, and a well-aged credit report,” says Ulzheimer. “If you can combine all those things, you’re in good shape.”

Tip of the Day: How To Beat The Mid-Afternoon Energy Slump

If you’re like us and work on a computer all day, you’re already familiar with the following scenario: You’re desperately trying to get through your work before the end of the day but by 2pm the mid-afternoon slump starts to set in.Here are 7 tips to reboot your mental engines to re-motivate yourself to end the rest of the day on a high note from shine.com:

1. Make a specific and exciting project or plan after your work hour that you can look forward to. Make it as specific as possible so you know you will do it for sure. (“I am going to go shopping for recipes and try cooking a new vegetarian meal after work around seven o’clock” as opposed to “I am going to cook after work.”)

2. Take a scheduled mental break to slack off and be lazy. If you are feeling your mind wandering, use a kitchen timer or a cell phone alarm to schedule a 10-minute do-whatever-you-want min-break where you can organize your desk, e-mail a friend, stalk someone on Facebook or look at your favorite shameless celebrity gossip blogs.

3. Make yourself a nice cup of hot green tea. Drinking coffee or black tea might be too much caffeine for the second half of the day, which will disrupt your sleep schedule. Green tea has just a little bit caffeine, and also contains antioxidants that are good for you.

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Helpful Hint: Pros and Cons of Drinking Coffee

Nearly 8 in 10 Americans drink coffee.  Are you one of the 8 out of 10 drinkers? Regular coffee drinking can have some negative effects on your health, but they can also encourage great things.

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Just like anything else in life there are pros and cons.

Here are the pros of drinking coffee:

• 1. Antioxidants. Coffee is rich in antioxidants like chlorogenic acid and melanoidins. Antioxidants help prevent oxidation, a process that causes damage to cells and contributes to aging.
• 2. Parkinson’s disease. Regular coffee drinking reduces the risk of Parkinson’s disease. A number of studies  have demonstrated that people who drink coffee on a regular basis are significantly less likely to develop Parkinson’s disease.
• 3. Diabetes. Coffee drinking has the potential to protect against the development of type 2 diabetes. A prospective study[3] as part of the US Nurses Health Study found that moderate consumption of both caffeinated and decaffeinated coffee may lower the risk of type 2 diabetes in younger and middle aged women.
• 4. Liver cirrhosis. Coffee drinking may protect against liver cirrhosis, especially alcoholic cirrhosis.
• 5. Gallstones. There is some evidence  that coffee drinking may be protective against gallstone formation in both men and women

Here are the cons of drinking coffee :

• 1. Heart disease. This is somewhat controversial. Most prospective cohort studies haven’t found that coffee consumption is associated with significantly increased risk of cardiovascular disease. On one hand, diterpenes cafestol and kahweol present in unfiltered coffee and caffeine each appear to increase risk of coronary heart disease. High quality studies have confirmed the cholesterol-raising effect of diterpenes. Also, coffee consumption is associated with an increase of plasma homocysteine, a risk factor for coronary heart disease. On the other hand, a lower risk of heart disease among moderate coffee drinkers might be due to antioxidants found in coffee.
• 2. Cholesterol. Heavy consumption of boiled coffee elevates blood total and LDL (“bad”) cholesterol levels. Unfiltered coffee contains two cholesterol-raising compounds cafestol and kahweol.
• 3. Blood vessels. Coffee negatively affects the blood vessel tone and function.
• 4. Heart rhythm disturbances. Coffee can cause rapid or irregular heartbeats (cardiac arrhythmias).
• 5. Blood pressure. Although coffee drinking is not a significant risk factor for hypertension, it produces unfavorable effects on blood pressure and people prone to hypertension may be more susceptible. Recent Italian study found that coffee drinking can slightly increase the risk for development of sustained hypertension in people with elevated blood pressure.

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We all have walls in our home that have suffered more than an a little damage. It's not uncommon to have nail holes from hanging pictures, scratches from wear and tare, and even damage from the recent earthquake or hurricane. Below you will find a great "How To" video from Home Depot to easily and inexpensively repair the walls in your home.

Safety Tips During Severe Weather

While the path of Irene will not be pinpointed until late Friday, I have included a link directly to NOAA hurricane awareness. I do encourage everyone to take a few minutes to view the site. Please pay close attention to the disaster prevention plans listed below. For those of you in the eastern Baltimore County, and lower Anne Arundel Counties, I should not need to remind you about Isabel.

1) developing a family plan

2) disaster preparedness kit

3) having a place to go

4) securing your home

5) having a pet plan

http://www.nhc.noaa.gov/HAW2/english/disaster_prevention.shtml

Know when evacuate…and do not wait until the last minute. Emergency Service Crews will be extremely busy. Please note that the Maryland Emergency Management and the local jurisdictions will pull emergency crews off the road if they feel the conditions are too dangerous to emergency personnel. DO NOT PUT YOURSELF IN A POSITION WHERE NO HELP WILL COME TO YOU IF YOU NEED IT. PLEASE USE COMMON SENSE….AND BE SAFE. For other natural disasters, please visit http://www.fema.gov/

Helpful Hint: How To Get Back Into School Routine

How To Get Back Into School Routine



Written by Oretha Winston on August 24, 2011 9:00 am

Sadly, summer is coming to an end and Fall semester is right around the bend. Relaxing afternoons spent wallowing in the pool will soon be replaced by long nights soaking up knowledge in the library.

This drastic change happens quickly, and if you don’t take a few days to let your body and mind adjust, you will find yourself stuck at the starting line when the school year has already taken off.
Here are 5 tips to help get you back into school mode.

1. Start a Routine

When you start doing a few things on a daily basis, they soon become second nature. To prepare yourself for school, it wouldn’t hurt to get yourself in the habit of doing the things that you would normally do on school days. This might include things like waking up at a decent time, showering, eating breakfast, etc. The whole idea behind this concept is to get yourself back into the habit of doing things in a particular way. (Sidenote: I personally have been hating routines lately and have been trying to mix things up a lot lately. So, do what works best for you).

2. Wake Up Early

If you have been sleeping until noon all summer and have an 8 am class scheduled for the fall, you’re going to have a hard time waking up on time unless you start preparing now. This is why it is very important to start gradually waking up earlier and earlier everyday. By doing this, you will avoid shocking your system on those first few days of class. This will also prevent you from being groggy and falling asleep during you first 8 am class.

3. Do a Little Scheduling

It’s inevitable, when school is in session we are stuck to a pretty tight schedule. This is a sharp contrast to the bountiful free time and laid back atmosphere that dominates summer break. To get yourself prepared for the demanding schedule of an 18 hour semester you should start to structure your day a little. Scheduling something like 2 hours a day to work on a personal project for example, will help you get used to having a schedule again.

4. Have Some Quiet Time

There is nothing better than taking some time out of your day to be alone with your mind. Whether you take 10 minutes out of your day or three hours, this much needed time alone will help your mind become more focused. We are constantly filling our brains with noise, so giving it a little break each day can work wonders. This is a great time to get your thoughts organized and figure out what else needs to be done in preparation for school.

5. Get Organized

There is no worse way to start the school year than having both your supplies and mind in a jumble. Dedicate some time to organize both your thoughts and your gear for school.