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Free financial calculators to help consumers manage budgets, calculate loan payments, interest rates, and more.
Use them online, or download to your desktop computer.
Download 4: Windows Type Calculator: This calculator performs regular math functions like the Microsoft Windows calculator, yet it also has an equation function. Perform math functions such as add, multiply, subtract and divide, as well as bracketed equations. Download now.
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Personal credit scores are based on
standards of the major credit rating bureaus: Experian, Equifax, and TransUnion. Lenders average the fixed score from each of these to determine a borrower’s eligibility and terms of financing.
The rating system looks at several factors and gives a points rating to each one.
Positive and negative factors can affect the score.
Factors
that can affect credit scores:
* Payment
history accounts for about 35% and the way debts are paid, for example if they
are paid in a timely manner or paid late. It reflects the number of past due items
and how long they were
delinquent, or if there was any collection activity. Another factor is any public records
like bankruptcies, liens, and wage garnishments.
* Current
total debts accounts for around 30% and considers the total amount of debts owed.
This is the number of accounts and each balance owed and it influences FICO
scores. Credit bureaus will
look at outstanding debts in relation to the available credit. Getting
out of debt by paying down debts can help raise scores over time.
*
The length of credit history is a factor concerning the amount of time accounts have been
open and the account activity.
* New
credit is any recent accounts established. This also includes any credit inquiries
indicating attempts to get new lines of credit.
* Types of
credit considered is the total number of the types of credit that has been
secured. This includes revolving debt on credit cards and retail accounts.
Some
lenders may not view past performance as a guarantee of future performance. This
is not always true as a credit rating is an indicator of past borrowing and repayment
performance.
This
can give lenders an idea of how likely it will be for a borrower to repay a new loan in full,
on time. They use a consumer's credit rating to determine their risk in loaning money.
A
person who has a good credit rating may not have to pay high interest fees or
may not have to give a large down payment. Personal credit scores are used to determine whether to loan
money to small businesses and corporations. Factors like age, race, ethnic background, religion, sex, and marital status, do not influence
scores. Employment history, current employment, wages, and assets are not taken into consideration as part of
FICO scores, yet some lenders may look at these areas when evaluating a person's
credit worthiness.
Qualified borrowers have a FICO rating of 750 or
better, yet people with a score of 650 may be able to get a loan that has higher
interest rates. These scores can change monthly to reflect any changes to the criteria used to determine the score.
If a loan is paid off it could improve scores. If a bill is not paid or bankruptcy
is filed, it could lower scores. Monitoring scores can help identify any problems
that may need correcting. AnnualCreditReport.com is the site to visit to request a free credit report,
and get credit information almost immediately, but it can take longer when not
using the Internet. Credit services can help monitor FICO scores but it usually
requires a monthly fee.
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Tip of the Day: To curb credit card charges, wrap your credit card in a sheet of paper and keep a log of purchases written on the paper, with a grand total of charges in view each time you reach for your card. Before swiping your card, figure out how many hours you'll have to work in order to payoff the charge and jot on the paper: "IOU #Hours of Work". Perhaps seeing how long you'll need to work to payoff the charge will help curb spending.
