Archive for the ‘Finance’ Category
What is a good credit score, and why is it so important to know your score? If you know your score, you’ll be able to see how you look in a lender’s eyes. The credit rating is a financial history of your bill-paying habits and the amount of debt you carry. It is compiled into a number that lenders use to compare and contrast with others in order to determine credit worthiness.
How Your Credit Score Is Figured
Three major credit bureaus calculate credit-Experian, Equifax and Transunion. A credit score (from the Fair Issac Corporation) is compiled from these reports from lenders to the credit bureaus. The rating, a three-digit number, is based on a compilation of several conditions. Generally, 30 percent of the rating has to do with the amount of debt you owe. Around 35 percent reflects your payment history, while 15 percent reflects the longevity of the accounts. New credit and types of credit each receive 10 percent of the consideration. These percentages are compared to others with credit history and then ranked. You can check your credit score information for free once each year, but it costs a small fee if you need to check it again.
Number Scale
In general, lenders follow a sliding scale of credit ratings that determine how attractive a borrower is to a lender. The FICO scoring system breaks it down this way:
Poor
499 and Lower: This rating means that you will be subject to some of the highest annual percentage rates out there, if any lender will even agree to working with you. It’s a good idea to take some drastic steps to increase the rating.
500 to 580: A rating in this range generally means that you are in need of some major credit repair strategies. Many lenders will charge high interest rates for your loans and many will deny you based on a rating like this.
Fair
580 to 619: With 620 as the cutoff for a prime interest rate, lenders will still subject you to higher APRs. However, with a little effort, you may be able to boost your rating up within 6 months or so to qualify for better rates.
620 to 679: This is the minimum level that lenders want to see to qualify for prime or good rates. Be careful, however, because a few bad credit moves could plunge you down to the lower ranks.
Good
680 to 699: Solid financial history combines with current payments to give you a good credit score that qualifies you for the best APRs the lenders have.
700 and Higher: This excellent rating means you can pick and choose your interest rate from among the lender’s very best.
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Two Quick Points
1) Bob’s Forex Classroom Enrollment is Closing
As many of you know, Bob will be closing down access to the Pre-Recorded version of Bob’s Forex Classroom in the very near future. If you haven’t already taken this step-by-step course that teaches Bob’s strategy, money management and risk exposure education then your window of opportunity is closing.
Bob is hailed as the leader in providing Forex education with integrity, expertise and ease of understanding. Why else would the major financial networks like CNBC, Fox Business Channel and Bloomberg Television ask him to appear week in and week out? Go ahead, Google Bob and see one of his TV interviews.
To get info on what the course covers, including a full syllabus for content and topics, email Bob’s team. They can be reached by emailing fxcoachteam@gmail.com and can answer your questions about Bob’s course and Bob’s daily webinar service, Trader Outlook.
2) Trader Outlook LIVE in Grand Rapids, Michigan on 10/15/10
Bob Iaccino will be appearing LIVE in Grand Rapids, Michigan in October. Registration is limited to allow for questions and answers directly with Bob, so email his Live Event team at traderoutlooklive@gmail.com for more info. Attendees will receive proprietary software and content created by Bob, as well as a Forex presentation that is bound to change the way you view your Forex trading forever.
Here’s a Wrap Up:
1) Bob’s Classroom is only available for a short time. Thousands of Forex traders have seen the light on the Forex market thanks to this program. Take Control of Your Trading! Email fxcoachteam@gmail.com
2) See Bob Iaccino LIVE in Grand Rapids, Michigan on 10/15/10 for an event that will empower you with the insight and expertise of a 17 year market veteran. Bob is constantly asked by the Financial Media to weigh in on market activity and direction because he is an expert at Trader Outlook and speaks to the everyman. Entertaining, informative and useful…you will walk away from this event a better Forex trader. Email traderoutlooklive@gmail.com for the details. We’ll see you there!
By far the most general question asked among budding CFD traders is ‘what are the most beneficial CFD day trading strategies or the most profitable winning CFD trading strategies that the profitable CFD traders employ?’
Here we’ll look at several causes why day traders opt for trading a contract for difference over other derivative outputs and uncover the most common CFD day trading projects.
No overnight investing
CFDs have absolutely improved into the perfect choice for short term day traders and there are a several main causes for this. Firstly, CFDs undergo a financing rate when you keep a position overnight. The investing for long positions is typically the RBA rate (cash rate) +2%. So if the RBA rate is 7% then you pay 9% for year counted back as a day rate. One option to evade this is to close your position before the trading day has ended up, therefore avoiding the CFD financing rates.
CFD Leverage for day traders is unbelievable
Another key reason that CFD day trading strategies are so popular is because of the incredible leverage you get access to. You see, if you had $5,000 in a stock trading account then you can just trade $5,000 and a 5% move on $5,000 is just $250.
CFD liquidity on the top 100 ASX stocks is solid
One of the keys for short term day traders is a highly liquid market and not ordinary other derivative products such as options, CFDs reflect the liquidity of the underlying stock market. When trading utilizing a Direct Market Access (DMA) provider you can get access to and can see the exact volume available on every stock at muliple levels of depth.
Low commission rates for CFD traders
By far the biggest highlight for CFD day traders rather low commission rates. In fact some of the most well known CFD products are the index CFDs which are commission free. This provides you access to a fast moving product with ample liquidity for zero brokerage.
Even if you are day trading the top 100 CFDs, the brokerage is still too low. Many CFD brokers in Australia charge a minimum of $10 or 0.1% and this keeps the day traders quite happy.
Day Traders like volatility which as been rather high now.
Volatility and CFD trading are the perfect couple. Day traders are not able to allow sit there watching a stock run nowhere, they want movement and quick movement. When the markets are changeable, short term day traders are in their element and usually benefiting handsomely from the short sharp intraday steps.