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Many of us know the importance of a good credit rating. It gives people a few options with their finances that they might not otherwise have if they have a bad score. But few actually can tell what it is and how to come by or how to calculate it. So here are some things that you may need to know about credit scores.

Most credit scoring is based on the model created by the Fair Isaac Corporation. Because of this, it is known as the FICO model, and a lot of today’s financial institution makes use of it. This is not to say that there aren’t any other credit score models out there but suffice it to say that the FICO model is the most commonly used.

A credit score is a three-digit statistical number based on evaluations of an entity’s credit history. That number ranges from a low of 300 to a high of 850. The closer this number is to 850, the higher the credit score is. A person with a good credit rating is said to be “credit-worthy” and has more options financially than others with lower scores. This essentially means that an individual or entity has a high probability or capacity of repaying a loan or debt.

But why aim for a high credit score? A high rating ensures that when you take out a loan, you will have a smaller interest relative to others with a lower score. For example, for entities with FICO scores of 760 to 850, the interest rate for a loan is 3.3% while those with a score ranging from 700 to 759 have an interest rate of 3.5%. This means that the mean monthly or quarterly payment for that loan is significantly lower if your rating is high. The rationale is that one has a high probability of debt repayment so even if it takes a bit longer, the lender will receive all the money he is owed by the lender. -So applying this to real situations, the higher your credit score, you have lower interest rates and will pay less money over time for debts owed.

Your credit score is calculated using certain variables, the number of which depends on the model used. Most use debt ratio, credit type, credit length, credit inquiries, and payment history. The debt ratio is the amount of your revolving credit relative to the amount of available credit and comprises 30% of your score. A good example is using credit cards. Having a credit limit of $5000 on a card with a current balance of $2500 gives you a debt ratio of 50%.

Credit types comprise 10% of your score and are based on the credit listed on your report, including revolving credit, installment, and mortgage loans. Asking for new credit is part of credit inquiries and makes up 10% of credit ratings. The length of time that you have credit on your report also constitutes 10% of your score.

The most sizable of these is payment history. This includes payments and collections. It also includes tax liens and bankruptcy claims. Each account will be on your report for a specific time and will hurt your credit score in its distinct way.

Want to be in the know? Check out https://bluewatercredit.com/ for more information.

Why You Should Hire A Licensed Roofing Company

In every industry, there are companies or individuals that offer their services without the proper license. They often undercut project bidding by charging lower fees than their competitors. But as with these types of companies, you mostly get what you paid for. That means that you are forgoing many of the benefits and perks that you may otherwise have if you had gone with licensed contractors. And you often lose money in the end due to factors like lower quality materials and unskilled workers. To be more precise, and so you understand what the risks truly are, here are a few reasons why we should hire licensed roofing companies.

 

Industry knowledge

 

To get certification to conduct business, roofing contractors often have to prove their expertise and technical knowledge of the industry and its many facets. These are usually administered and approved by government licensing agencies, eliminating the likelihood that incompetent contractors pass. So when you see that a company has a license to be a roofing contractor, then you will know that that company has the required expertise and experience to be able to do a more than adequate job in repairing or replacing your home’s roof.

 

Certified roofers provide a contract prior to performing the service

 

While some unlicensed roofers offer a contract, a great majority of them do not. They can provide service without the benefit of a contract which some may find favorable. Since there are no set terms of service, payment, and other expenditures could become flexible. However, this should not undermine the importance of a contract. Setting up terms and conditions will provide safety nets for both the contractor and the homeowner. Most contracts also come with a “mechanics’ lien”, a provision that protects the homeowner from paying bills to suppliers or subcontractors if the contractor decides to run away with the money.

 

They never ask non-legal payments

 

Some state laws require contractors to start the project upon payment, either a percentage of the total project cost or a set amount. And violation carries a hefty penalty. As such, there is no licensed contractor that would risk his business for a guaranteed upfront payment of the entire project cost, as opposed to unlicensed entities where anything goes.

 

Certified contractors provide insurance

 

In any project, there is always the risk of an employee getting injured or the project getting damaged, either accidentally or deliberately. Licensed roofers are required to carry insurance to protect themselves and the homeowners in case this happens. You don’t want to have to pay for something that you shouldn’t have to in the first place. That’s why you need insurance, something that may not be provided at all by an unlicensed company.

 

Licensed contractors always stand behind their work

 

Upstanding contractors behave ethically before, during and after the duration of the project. They also stand behind the work that they did for the homeowner. In the event that a dispute comes up regarding the project, a licensed contractor is sure to take the complaint seriously and do what needs to be done to resolve it.

 

One of the top roofing contractors is the Watertite Roofing – Newton area. With the knowledge and experience born of years of service, Watertite Roofing is sure to get you the best deals and provide the best results. Head to Watertiteco.com and check out our offers now. 

 

How to Fix a Roof

 

It is not always easy to locate a roof leak by just a small inspection of your roof. If you didn’t succeed in using the first two steps then it is time to make it rain. Find someone to stay inside the house near the place you saw the first signs of leak and then climb up your roof with your garden hose. Pour water in one section at a time and when the person inside sees a drip tell him to shout. Take your time and move slowly from one section of the roof to the other as you pour the water. Each time the person in the house sees a drip have him shout. If he sees the drip but he can’t really determine the exact location of the leak, you can go ahead and tear shingles in the area you are suspecting. If there is a roof leak, then there will be evidence. There will be forms water stains and if the leak has been there for quite some time then the wood will be rotten

Make repairs where you can.

Now that you have located the leak, the next thing is trying to fix it if you have the necessary tools and at least know the basics. You can fix the leak in the following ways:

  • Replace the damaged shingles. Even if you don’t know anything about roofs, replacing a damaged shingle is quite simple. If the leak is as a result of a roof leak, remove the nail that is holding the damaged shingle and scrap the remaining cement. Take the shingle that you want to replace with and lay down fresh cement and nail the new shingle over the area you removed the damaged shingle. Both shingles should be of the same size and make.
  • Reapply caulk around the chimney, vents and the window edges. If the leak is in any of these areas the best way of fixing it is by replacing the caulk around the flashing. By doing this, you will be filling any gap that has opened since your roof was last replaced.
  • Fixing plumbing vents boots. If your vent boots are damaged, they can let water be where it is not supposed to be. The replacement of these vent boots can be found in any hardware store. If the vent boots are still in good shape, then the water leaks must be because of screws. Replace the screws with rubber-washered screws which will prevent the water from passing through those screw holes.

Hire a professional roofer.

If it is a problem that you cannot solve on your own then the only remaining choice is contacting professional roofer to take a look at your roof and fix all the problems. Professional roofers are capable of fixing any type of roofing problems.