Credit & Lending

A:

Experian considers a credit score higher than 700 as indicative of good credit management. Typical credit scores range between 600 and 750, but the scale runs from 300 to 850.

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  • What is the difference between credit and debit?

    Q: What is the difference between credit and debit?

    A: The difference between credit and debit, relating to a bank card, is that credit allows a purchase without immediate funds based on the customer's trusted and proven ability to pay, while debit is an actual debt recorded in an account, as defined by Dictionary. In bookkeeping and accounting, a credit is a payment to an account, and a debit is a debt on an account, according to Bookkeeping Basics.
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  • How many times a day can a debt collector call?

    Q: How many times a day can a debt collector call?

    A: According to the Consumer Financial Protection Bureau (CFPB), federal law does not define a specific number of times a debt collector is permitted to call, but the amount must not be enough to qualify as harassment. This rule extends to family and friends of the debtor.
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  • How can you improve a low credit score?

    Q: How can you improve a low credit score?

    A: Improve a low credit score by analyzing your credit report and disputing any errors, paying off debts, balancing existing cards and keeping up with current payments, states About.com. Avoid applying for new credit cards, cancelling old cards or reaching your credit limit.
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  • What are some different types of payment terms?

    Q: What are some different types of payment terms?

    A: Different types of payment terms include cash in advance, deferred payment and cash on delivery, according to BusinessDictionary.com. These are conditions that allow the buyer to make payments on a specified date.
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  • How do you recover money owed?

    Q: How do you recover money owed?

    A: Recovering money owed can involve making a reminder phone call to the debtor or obtaining a court judgment against the debtor; this judgment grants permission to place a lien against property or garnish wages. Other ways to recover money include engaging the services of a collection agency, using a mediator, offering a settlement agreement and sending a registered letter to remind the debtor of the money owed, according to ProfitGuide.com.
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  • Where can you find lists of free student scholarships?

    Q: Where can you find lists of free student scholarships?

    A: There are many online lists of free student scholarships, including ones maintained by the Consumer Fraud Reporting Bureau, the list of free minority scholarships at Black Excel and the lists hosted on Scholarship Experts. These sites maintain different lists of scholarships that are organized by their accessibility and by the ways in which they apply and do not apply to bodies of students, according to the websites themselves.
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  • How do I give back a financed car?

    Q: How do I give back a financed car?

    A: According to Nolo, a legal advice website, you can simply call the dealer and return a financed car, but the lender is under no obligation to release you from the debt owed. The lender may sell the car, but you may still be found liable for the difference between the price the lender gets from reselling the car and the price you agreed to pay.
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  • What is a good credit score range?

    Q: What is a good credit score range?

    A: Experian considers a credit score higher than 700 as indicative of good credit management. Typical credit scores range between 600 and 750, but the scale runs from 300 to 850.
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  • What does adverse credit mean?

    Q: What does adverse credit mean?

    A: According to FinAid, adverse credit is defined as having any debt paid over 90 days late, or having a Title IV debt within the past five years that has been subjected to default, foreclosure, bankruptcy discharge, repossession, tax lien, write-off or wage garnishment. While this designation does not otherwise involve the credit score, it does have an effect on a person's ability to get a loan or other financing.
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  • How do you calculate TTL for a car in Texas?

    Q: How do you calculate TTL for a car in Texas?

    A: Several online sales tax and fees calculators are available that help you estimate how much you pay when purchasing a new car. State-specific sales tax calculators allow you to determine the estimated TTL for a car in Texas.
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  • Can I buy a money order with a credit card?

    Q: Can I buy a money order with a credit card?

    A: As a general rule, a money order cannot be purchased with a credit card, according to Fox Business News.
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  • What percentage of parents pay for college?

    Q: What percentage of parents pay for college?

    A: The percentage of parents who pay at least a portion of their children's college costs is between 22 and 35 percent. The rate varies depending on the components of cost and payment figured into the calculation.
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  • How long does a creditor have to collect a debt?

    Q: How long does a creditor have to collect a debt?

    A: The average statute of limitations, or the number of years a debtor has to seek payment or sue, is three to six years, according to the Federal Trade Commission. The exact time frame varies by state and the type of debt under collection.
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  • What is a renter credit check?

    Q: What is a renter credit check?

    A: A renter credit check is when a landlord checks a person's credit report and score to determine if he should rent a property to the potential tenant. A renter credit check is often the only way a landlord can sort reliable tenants from unreliable tenants.
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  • What is a good credit score for a car loan?

    Q: What is a good credit score for a car loan?

    A: CarsDirect notes that an average, or good, credit score for a car loan is 680-739. An excellent credit score for a car loan is 740-850. A consumer whose credit score lands in the excellent range is eligible for the best interest rates available on a car loan.
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  • How long before a check becomes void?

    Q: How long before a check becomes void?

    A: According to RealSimple, banks are not required to honor personal checks that are more than six months old. Checks older than six months are considered "stale dated," and it is up to the bank whether or not to honor them.
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  • What is the definition of annual premium?

    Q: What is the definition of annual premium?

    A: An annual premium is defined as the amount that someone is required to pay each year in order to keep his or her insurance policy active. If the insured person does not pay the premium amount by the policy's specified due date, the policy is cancelled. Some insurance companies offer a grace period after the due date, and if the premium is paid in this time frame, the policy is reinstated.
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  • What happens if my house is repossessed?

    Q: What happens if my house is repossessed?

    A: If a house is repossessed by the mortgage company, it is usually sold through an auction or a real estate agent. Depending on both the mortgage company and the state, the former owner may have the opportunity to redeem the property. If the home sells for less value than the outstanding mortgage, the former owner may be sued by the lender for the difference or have the debt forgiven.
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  • How can you raise your credit score fast?

    Q: How can you raise your credit score fast?

    A: According to Forbes, some ways to raise a credit score quickly include raising credit limits, keeping accounts open and paying bills on time. Increasing credit limits and keeping accounts open lower a consumer's balance-to-limit ratio, an important ratio when calculating credit scores, according to Experian. Paying bills on time is important because timely payments directly determine a third of the credit score.
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  • What is the difference between debt and equity?

    Q: What is the difference between debt and equity?

    A: Debt is loan financing used to start or grow a business. Equity financing is investment money received in exchange for shares of ownership in the business. The National Federation of Independent Business indicates that debt has to be repaid, while equity does not have to be repaid.
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  • What is the highest credit score you can get?

    Q: What is the highest credit score you can get?

    A: As of 2014, a perfect score on the FICO credit scoring model is 850. However, a perfect score is rare. A 2013 Bankrate article pointed out that a long-time mortgage banker had never seen a FICO score higher than 834.
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