Sunday, February 24, 2008

Credit Scores and Credit Monitoring

Businesses require credit. In order to get the best credit terms you need to know your FICO score. Knowing you're FICO score and communicating it to whoever you are obtaining the credit card or loan will help you obtain a better interest rate on the credit.

I use myFICO.com which is one of the highest rated services.

I was introduced to myFICO.com when I received an letter from the Army stating that my Social Security number may have been comprimised and that I should consider monitoring my credit for possible identity theft. The letter specifically mentioned myFICO.com

The service costs ~$50 a year but you get a lot for that price:

  • FICO® score & credit report from TransUnion. You get one full credit report every 3 months.
  • Monitoring of your FICO score and e-mail alerts when score changes are detected
  • An explaination of your score which tells you whether you score is good or bad or in-between.
  • A "get a loan" and "get a credit card" section which shows you what percentage rate you can expect based on your FICO score.

I've set up 2 accounts, one for wife and myself. The service includes identity theft monitoring and will e-mail you if something suspicious is happening with your credit.

If you google +myfico +coupon (google trick to return only those results that match both) you should be able to find a 20% or 25% off coupon easily.

Next : More on myFICO.com and finding the best business credit cards once you have your FICO score.

Welcome to Small Business Money Tips

Hello, my name is Bob McCarthy and welcome to Small Business Money Tips!

Here I will discuss some of the practical methods my wife, Maria, and I use to manage our small web-based businesses, including http://www.amodernrenaissance.com/.

I hope you will find the information and useful and profitable.