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Show THE MAGNA TIMES, V EST VALLEY NEW S, KEARNS POST UNCIAL D1CC mi aoMsor dill aD J m (i V 1 3111 IB K Orville's Plamting Ethanol Corn Credit score confusion If youre one of tlie millions Americans who dont know' eir credit scores, you could be lissing out on an opportunity to Opve money on your mortgage, irs, jewelry, electronics, vaca-m- s and anything else you may narge. Your credit score is an esti-at- e of your credit risk, which based on your credit report enders use this number to termine how likely you will to repay a loan or line of edit in a timely manner. The Higher the score, the more likely oull receive a lower interest fete, and ultimately save money. Only 27 percent of consumers understand that credit Scores measure credit risk - not credit knowledge, amount of 5redit or attitude toward credit, according to the Consumer Federation of America. 'I There are many misconceptions circulating about the function and purpose of credit scores, said Mike Sullivan, director of education for Take Chat ge America, a national nonprofit credit counseling agency. number ? YeJ, this three-dig- it can impact you financially near;-,5 ly every day of your life. American consumers have an average of 13 credit obligations on record at a credit bureau, according to Fair Isaac Corporation, which pioneered the 'most common credit score, called the FICO score. These obligations include commonly-use- d credit cards, store cards, , ", gas cards and installment loans, each of w hich has an impact on your credit score. To help sort out the confusion, Sullivan answers six common questions about credit scores: Do I have only one credit score? No, lenders are not required to report to each of the three major credit bureaus: Equifax, Experian and Trans Union. Each agency may have different information on your report, and therefore, a different score. If I continually check my credit report, will that low'er my credit score? You can check your report directly from the thiee credit bureaus as many times are you want, and it will not affect your credit score. To obtain a free credit report, visit w ww.annualcreditreport.com. If I cancel a credit card, can that lower my credit score? Yes, canceling credit cards can actually decrease your score. For instance, if you have $50,000 in available credit and owe $10,000, then you owe 20 percent of your available credit. If you close an account with a $30,000 credit limit, you W'ill then owe the same $10,000 but it will be 50 percent of your available credit. That lowers your credit score. It also affects the history part of your score, lowering it even further. Does my salary affect my credit score? Your credit score is based on the amount of credit and debt you have, not how much money you make. If you receive a raise, and your credit and debt remain the same, your credit score w'ill not improve. If you receive a raise and use that extra money to pay down your debt, then yout credit score will improve. Does shopping for a loan low er my credit score? While multiple inquiries do show up on your credit report, they do not necessarily damage your score. If the same types of inquiries are made within 14 days of each other, they only count as one inquiry on your credit report. Keep in mind that this applies to loans, not credit cards. If I only use cash to make purchases, will I improve my credit score? Your credit score is determined by the amount of credit you use. not the amount of cash you use. A steady, responsible use of credit is the best way to build your credit score. You need to find a middle ground, as an absence of credit as well as an overuse of credit can woik against you. Founded in, 1987, Take Charge America, Inc. is a nonprofit organization headquartered in Phoenix, Arizona. TCA offers a variety of services including financial education, credit counseling, and debt To leant more management. call or visit www'.takechargeamerica.org. A Dallas man who bilked Utah investors out of over $1 million was sentenced today for secunties violatiohs. Clifton Curtis Sneed, who pled guilty on February 16 to three third degree felonies, was sentenced to 0-- 5 years m prison on each count by Judge Robert K. Hilder. The prison time was suspended and Sneed was put on five years probation. Assistant Attorney General Neal Gunnarson prosecuted the case. Sneed promised big investment returns from selling advercalled Ad tising monitors the crimito Toppeis. According nal complaint, Sneed personally guaranteed a 16.2 return on a no risk investment in the screens that were to be placed in high traffic areas where they would generate income from . advertisers. Sneed received $1.2 y. million in commissions for the purported sales of the monitors and investors lost practical1? all V 4Ll of their money. Consumers should see huge red flag any time a froke.r makes a no risk claim, General Attorney Shurtleff. Any investment" ries some nsk compare sometimes fail to pay, finasviaF'w L markets sometimes coltwjktliv industries can be attackM declared illegal the list of sible risks goes on and on.TMy office will continue to aggrest sively prosecute criminate make empty promises. , , Sneed must pay a mimmumf, of $500 per month for a totj $92,(XX) in restitution to tlte ihfeiT He must also .ifcrs dis- - (financial condition and the Utah Office of General and Utah Vbation and Parole. sneecj can 4 or sell Tto Jkrobation, fomoter thought noth-- 6 money from an 86- find man said ' A. Gianni, Executive of the Department of We are grateful for r ,yy Generals work in this scheme before s fell for it who wish to check or investment oppor-Mpul- d call the Utah Securities at 801 see www.securities I it ofij flsti a Specialist: lisoca I best manage mu cfeO'eapflsP Answer by: Joanne Roueche, Learning to use credit cards in a positive manner increases financial personal resources and improves asset management. Treating credit card transactions as if they are check, cash or debit card purchases can help you track and regulate spending. Credit cards are safer than debit cards oi checks and are needed to establish a credit history and credit score. They are necessary for such things as car rentals and hotel reservations. If unauthorized are purchases made, credit card charges can be disputed. Many credit card companies offer pseudo numbers for safer online shopping. There are also travel and currency exchange benefits from credit cards. Many credit cards come with added benefits such as extended warranties, lost baggage insurance, car rental insurance and discounts at partner merchants. Tlte most obvious problem with credit cards is making the payments. Three out of five households don't pay off balances at the end of tlte month. well-bein- These credit card revolver!" essentially pay for credit .caa&Aj holders w ho do pay off their M-,.-- ? ances each month. Credit J&ihf companies now make money from credit cards g, . f- lower interest rates. usually mean fewer -e 5s' n ferams. more)SS3Bl records of purchas- and reconcile Consider these rips to us6 t put more on your credit cards wisely and become" can pay off at the "71 master of tlte plastic month. Before swiping Beware of high interest rataij.jfJ card, ask yourself: Most credit card companies h&vc.rf4'JjkqiUCh do I really want or item. Do I want it more dropped interest rates only sfight- The the rate interest ly. average ja ,top five things on my 1999 w'as 19 percent. That hasT ltSt?How long will it take to fallen to about 15 percent today., it?Jlow many hours, days Watch penalty fees. lyfany jii 4vill I have to work in carry $25 to $35 late fees tV tofjfey it off? Wait 24 bdfbre purchasing the item fees. j Make your payments oh aeif you can live without it. .7 After paying off your Shop around for a can$ ( doesn t have annual fees. the credit card Know your credit card Select rewards and conditions. Read die goals. Some include ds, savings accounts, print. What the large, college funds, extra giveth, the small print ' taketh away. ards paid on a mort-:Know your credit Shop around for a card fhdr and conditions. Track matches your spending habtte.esS Is. But remember that You might save live percent reward - but pay 17 percent . er offset the cost of an Wtonc interest. 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