Your credit score is like an enigma. You know you’ve got three different scores – or you should, anyway. The problem is that very few of us know how those scores work together, why our scores go up and down, and what our scores mean in the grand scheme of life. While everyone would prefer you to believe your credit score is of the utmost importance, a poor score may not be as detrimental as the banks would like you to believe. Here are 5 things you probably don’t know about your credit score (because no one wanted you to know).
30 Days of Magic
Your creditors report to the credit bureaus when you make late payments – true. The rea
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The utility and price comparison site uSwitch has warned that the credit card debt problems many people now face from spending thousands on tickets for the London Olympic Games in 2012 could take as long as 20 years to fully pay off.
Although sports fans will not find out for a few weeks just what tickets they have won for which events, credit card debts have been built up and payments have now been taken from the bank accounts of all those who were successful in the ballot.
Some people have been very disappointed not to win any tickets, whilst others who bid for thousands of pounds worth of tickets have been left in urgent financial difficulty after winning more than they can afford to buy.
The average spend on Olympics tickets was apparently £1,250 per person, and many purchases were made on credit cards.
Experts at uSwitch have predicted that the credit card debt for people spending the average amount on tickets could take as long as 20 years to pay off in full.
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Generally, when you obtain a home equity loan or any other type of mortgage, both you and your spouse must sign the loan documents at closing. However, state laws on property ownership vary, and in some states you can get a home equity loan without your spouse signing if you take steps to have the home listed in your name only.
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Football manager Sam Allardyce is reportedly pursuing agent Peter Harrison over a £370,000 debt owed to the former Newcastle United boss.
The debt with Allardyce, who has recently been appointed the new manager of West Ham United, dates back to a deal in 2005. The football boss granted a loan to Harrison and one of his high-profile clients of the time, Blackburn Rovers defender Lucas Neill, in order to fund a property deal in Gateshead. The loan was used to develop a run-down property called Laverick Hall Farm into fourteen homes, but the work was never completed and the site remains derelict.
Allardyce has said that he loaned the six-figure sum in good faith, fully believing it would be paid back with interest as the three parties had agreed.
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The United States Department of Veterans Affairs (VA) insures home loans written for current and former military personnel, some family members of the military, reservists and members of the Coast Guard. To qualify for a VA-backed loan, your debt-to-income ratio should not exceed 41 percent, although the VA does give lenders some discretion to approve loans for people with higher debt levels.
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