Getting the Credit You Deserve

So, we're all worried about point size. Is it 6pt? 8pt? Adjacent to the photo? In the gutter of the page? Maybe you're a major contributor to the piece, photo-centric as some say, and so you get a big "Photographs by..." right under the title of the article. Maybe some designer somewhere has deigned your attribution to page 365 of the magazine, in a small box where no one will ever see it, yet they think nothing of giving the author a plug at the end of the article "Jane Doe previously write for this magazine on the subject of X, Y and Z in the December 2006 issue. She can be reached via e-mail at Jane@JaneDoe.com". Why the hell don't we get the same consideration?

Wait, I got off on a bit of a rant there. This piece isn't about photo credit, it's about credit, as in, I will loan you money if you pay me back more than I gave you. THAT kind of credit.

On a loan of $125,000, according to our friends at Freddie Mac, a 7% interest rate for good girls and boys means you pay a monthy combined total for principal and interest of $831.63. Bad girls and bad boys, you have a 12% interest rate, and pay $1,285.77. That means you're paying $454.14 and a total of an additional $163,490 over the life of the 30 year mortgage. Man, that sucks!

So, just how do these sharks calculate what your percentage rate is? Well, the higher the risk you won't pay them back, the higher the interest rate. The folks at Fair Issac Corporation (FICO) are in charge of your future.

So, what is your credit score? If the end result of between 500~579, you suck. You've not paid your bills on time. You, sir or madam, are a bad credit risk. If you're in the 760~850 range, you're golden. A perfect risk. To find out, our dear friends in the federal government have deemed it necessary for you to get one free credit report, every year. How? check out www.AnnualCreditReport.com to learn more. There are three credit bureaus that have got your number, they are Equifax, Experian, and TransUnion.

Once you've got your number, here are a few suggestions:

• You need to have credit cards. Creditors don't like people who keep cash in their mattress, they like you to play in their sandbox awhile with other people's money before they will loan you theirs at a good rate.


• Don't max out your cards. Get two, and rack them up only half way. They like this better than maxing out.


• Have a good mix. Those student loans, a car loan, and a few credit cards look better to them.


• A big paycheck doesn't mean a good credit rating.


• Be a timely bill payer. Set up your cards to be paid automatically from your bank account so you don't forget.

If you have been a bad boy or girl in the past, but are on the straight and narrow now, potential new creditors like that. More weight is given to recent credit entries in your history with the bureaus than older bad listings. Bills such as your cell phone bill can also affect your credit rating if you pay it late, and if you try to open a line of credit at a camera store, a bad credit score will preclude that.

Once you've paid your bills on time, and have good credit, then go on and worry about the point size of your photo credit, and whether or not the magazine will print your photo credit as your URL instead. (and have you tried that?)

---

Please post your comments by clicking the link below. If you've got questions, please pose them in our Photo Business Forum Flickr Group Discussion Threads.