Community Magazine October 2012

defeating debt Norman Balassiano , Angel of Debt The Value of a Good Credit Report Credit scoring was developed in the 1960s as a means of determining whether or not consumers were likely to repay their loans. The score ranges from 350 to 850, with a higher score earning lower interest rates for the borrower, which could easily translate into savings of tens of thousands over the life of a mortgage. The five factors of a credit score: Payment history 35% Outstanding balances 30% Credit history 15% Type of credit 10% Inquiries 10% Credit scores are designed to give the lender a snapshot of an individual's sense of financial responsibility and ability to pay back loans. But there are many quick tricks to improve your credit score. Some of these include: • Always pay your bills on time. This is accomplished most easily by setting your bills up for automatic withdrawal. • Reduce your overall debt ratio. Avoid maxing out any of your credit cards and try to generally keep balances under 30 percent of the credit limit. • Maintain a long history. Instead of closing old, unused credit cards, use cards with long histories occasionally to keep the account active. • Limit inquiries. If you’re applying for a car or home loan, submit them all within a two-week period, because having numerous credit inquires over time lowers your score whereas a cluster of inquires will generally not. • Build up your credit. If you don’t have good credit yet, get a secured credit card, which requires a security deposit, or a gas or store card, which may be easier to qualify for. And remember that even if you need to pay a higher interest rate to close a loan, your credit rating will begin to improve once mortgage payments are made on time and in full, eventually providing the opportunity to refinance and get a lower interest rate. garage gab Ralph Czeisler, Emil’s All Tire - Edited by Rachel Dayan • Can your car weather it? For safe driving in the rain, your tires’ tread should be 1/8 inch deep (enough to cover part of Washington’s head on a quarter stuck between treads). For best traction in snow, you’ll need 3/16 inch of tread. Measure with a penny – the top of the Lincoln memorial should be covered. • Avoid aggressively extracting your car. Spinning tires at high speeds to get out of snow or mud, or repeatedly switching gears roughly from forward to reverse to “rock” out of a snow drift, can damage various systems in your car. Carry a shovel in the winter, and get help if you need it. Taking a little extra time to clear the way can save a big expense later. They are the trained professionals, experts in their fields and masters of their domains. Community magazine’s savants share their best tips on how you can make your life a bit simpler, more economical, and more efficient. Are you a savant in your field? Email your hints and advice to editor@communitym.com . tech know Morris Massry, Technology Partners Assoc. iPhone 5 Arrives Taller. Thinner. Lighter. Faster. The iPhone 5 has checked off all the right boxes, folding in all the improvements and refinements people have been demanding over the past year. Apple’s latest gem now packs a bigger screen, a bigger battery, 4G (LTE) connectivity, a panoramic capable camera, and more – all while being slightly thinner than its predecessor. It comes in 16, 32 and 64GB flavors, priced at $199, $299 and $399 respectively, and is available now with the new iOS6 operating system. Savan 64 COMMUNITY MAGAZINE