Professional TipsHow can I improve my credit?
Do not use the entire credit limit on your credit cards or other lines of credit. Maxing out your cards has a negative effect on your credit score. Do not borrow more than you can afford to re-pay. Check your credit report to see that the information on the report is correct.
If you do not have any credit, opening a loan at Citizens or another lender or creditor will help you establish credit. Helpful Resources
Posted: August 31st, 2009 | Permalink
How can I compare loans?Often lenders will advertise or quote an effective rate of interest. This may be called the "note rate" or "headline rate." A loan with a lower effective rate of interest does mean that the loan costs you less. There are usually fees and other costs associated with a loan that are not included in the effective rate.One of the best measures to compare loans is to determine the amount on money you actually receive from the loan to the total amount of the payments you are required to make. This is what the Annual Percentage Rate (APR) does. The APR is the total cost of credit to the consumer, expressed as an annual percentage of the amount of credit granted. APR is intended to make it easier to compare different loan options. The APR does not reflect the cost of pre-payment penalties, late fees, NSF fees, etc. Be sure to ask a lender about these costs too.
Posted: August 31st, 2009 | Permalink
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The best way to improve your existing credit is to pay all of your
credit card and loan payments on time. This means the payment needs to
be received by the lender or creditor on or before the due date. Late
or missed payments will be seen as a sign that you may have trouble
handling credit.