Most Recent News in Credit Score News

• Be wise, think twice (or more) before using credit

  by Brian Anderson

  So many things have been said regarding our credit scores. Some are true but some are so false. We need to have a closer look on the facts and myths of credit scores. Be wise, think twice. According to some people, closing old accounts will make your credit scores higher. This is not true at all. In fact, it is the complete opposite. The truth is the longer history your credit card account has, the better. Cancelling old accounts … (more) October 29, 2010

• American Credit Scores Still On the Depths

  by Brian Anderson
  

  The credit scores of millions in the United States are crashing down continuously. FICO or Fair Isaac Corporation, developer of the widely used FICO scores, have reported that 25.5 percent of customers which account to about 43.4 million people presently have a credit score of 599 or below. These over forty million people are already marked as high risks for credit issuers. Their probability of obtaining credit cards are low and even auto loans and mortgages applications are less likely … (more) October 24, 2010

• Preparing Credit Scores before Retirement

  by Brian Anderson
  

  Credit scores are considered as powerful tools to decide whether a person is credit worthy and financially healthy. With credit scores, one can finally afford to buy large costing necessities such as houses, tuition fees and even health-care fees. And with people coming to age, credit scores must be fixed and repaired so customers won’t be having a burden even if they retire. Experts outline several ways on how credit scores can have an impact on people’s retirement readiness. Seeing … (more) October 22, 2010

• High Credit Scorer Homebuyers Are Likely to Default

  by Brian Anderson
  

  Can homebuyers with high credit scores really not default on their mortgage especially that the economy is unstable and the home values drop? This new question has been raised as the credit industry was wondering why borrowers with solid credit scores are making defaults. The credit bureau Experian and the consulting firm Oliver Wyman released a study last month and found out that borrowers with super price scores are 30 percent of all outstanding mortgages in middle of year 2009 … (more) October 20, 2010

• Perfect 850 FICO Score Exists

  by Brian Anderson
  

  FICO scores range from 300 to 850. While it is realistic to have customers with a score of 300, it is quite unusual to have customers with a perfect 850. Some experts admit that they have never heard of anyone obtaining an 850 FICO score. But SubscriberWise, the country’s first credit reporting agency for the industry of communications and the leader of subscriber risk management, have proven the existence of the 850 perfect score. David Howe, the SubscriberWise president, stated … (more) October 18, 2010

• New Rules Allow Free Credit Scores

  by Brian Anderson
  

  The new law, Dodd-Frank Wall Street Reform and Consumer Protection Act, has included a provision that will allow customers to have access of their credit scores for free. But this is only subject to certain conditions termed as “adverse actions”. Section 1100F of the said reform requires credit card companies, landlords, lenders and such other companies to disclose a customer’s actual score if they reject a customer’s application or perform any adverse action after basing their decision on the customer’s … (more) October 16, 2010

• Post-recession leaves consumers on the lookout for ways on how to raise credit scores

  by Brian Anderson
  

  Amidst the US recession’s standstill, consumers and the finance industry remain to be on the lookout for ways to a better management of their resources. Kelly Grant, Sr. of SmartMoney.com gave away few advices to the public on how to raise credit scores now that the credit card industry is starting to regain its momentum from the economic fallback it had dealt with in the past years.  In a CBS interview, Grant said that an ideal score today is anything … (more) October 14, 2010

• Credit Card Company dropped credit limit despite responsible borrowing of cardholder

  by Brian Anderson
  

  A resident of Wisconsin complained about the drastic drop in his credit limit despite religiously paying for his credit purchases. Mike Higgins, a Chase card user for over a year, reported that his card used to have a $50,000 credit limit. He said that he never exceeded the said credit limit and had paid his dues at a regular basis without leaving unpaid accounts. He added that the highest purchase he had made was at around $4,000 to $5,000 when … (more) October 12, 2010

• Cardholders Suffer From ‘Balance Chasing’

  by Brian Anderson
  

  The credit card industry has been bugged by the recently developed suspicious practice that puts the cardholder at a very high risk of dropping their credit card score.  Coined as ‘balance chasing,’ this credit card industry practice prevents the credit score from going up even with constant payment. Upon the cardholder pay the debt load and thus lessening the balance, the issuer automatically lowers the credit limit. This reflects how much of the credit is being used, thus, putting the … (more) October 10, 2010

• Deceased Cardholder’s Debts Leaves Spouse Worrying for Credit Ratings

  by Brian Anderson
  

  A Texan resident complained that three of the credit card companies which manage her accounts illegally imposed “charge off’ on her records after her husband, who is the joint account holder, passed away.  Danielle Hauser reportedly received notifications from Chase, AmEx, and Citi telling her that all her accounts were listed as “charge off. Six months prior to receiving the said notifications, Hauser’s husband passed with several unpaid debts left. Hauser’s initial concern was whether or not it will hurt … (more) October 8, 2010