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Most Recent News in Credit Score News

  • Free Scores Impossible

    by Brian Anderson
    Free Scores Impossible

    Free credit scores. Are there such things? “Free” credit scores are available in many credit information sites, but not the “real” free credit scores. The lawmakers of America have recently approved the Restoring American Financial Stability Act of 2010 that allows customers to gain access to their credit scores for free. However the access to those scores involves certain conditions. The customers must be either denied of a loan or insurance or had their interest and insurance rates increased to … (more) August 6, 2010

  • The Real Fico Median Is Not 723

    by Brian Anderson
    The Real Fico Median Is Not 723

    FICO scores are the commonly used type of credit scores by many lenders, insurance agents, employers and credit card holders. The scores, which range from 300 to 850, are calculated with a secret formula. Fair Isaac, FICO scores creator, have stated that there are five components in calculating customers’ credit scores. These are credit history, utilization, account balances, credit inquiries and payment history. Many customers knew all of these. Ask them what do they think about the number 723, and … (more) August 4, 2010

  • Credit Scores Are Not Reliable, Industry Experts Say

    by Brian Anderson
    Credit Scores Are Not Reliable, Industry Experts Say

    Credit scores summarize a customer’s credit background. These are based on the credit report and are computed through a secret formula. Score creators, such as Fair Isaac Corporation, would provide their basis for computation through an outline of weighted components from the credit reports. FICO scores, for instance have five weighted components while VintageScores have six. Customers are aware of the components and work hard to somehow improve their credit history. Later on, they pay for access to their credit … (more) August 1, 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) July 29, 2010

  • Cardholders suffer from ‘balance chasing’

    by Brian Anderson
    Cardholders suffer from ‘balance chasing’

    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) July 27, 2010

  • Deceased cardholder’s debts leaves spouse worrying for credit ratings

    by Brian Anderson
    Deceased cardholder’s debts leaves spouse worrying for credit ratings

    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) July 25, 2010

  • Experian takes it Out: Mortgage to an annual 15% build up

    by Brian Anderson
    Experian takes it Out: Mortgage to an annual 15% build up

    Experian, one of the three for US Creditors, in its National Score Index, has recently revealed the delinquency of homeowners for up to 15% this time around. US Homeowners are said to get through with their credit dilemmas, thereby a suffering for the real estate market. The severity of the delinquency comes as a major concern, not only for lenders but to the whole economic backbone as well. The numbers come out when the national credit score for the most … (more) July 23, 2010

  • Repairing Credit Scores Revealed

    by Brian Anderson
    Repairing Credit Scores Revealed

    Credit failure is not the end of the world. Even credit and banking is involved in a life of drama. In every failure, there is always hope. To put it into credit terms, if the there is a huge financial problem, there are credit repair methods to get out of it. Repairing the credit requires determination and perseverance. Before making the problem worse or before the collection agency bangs on the door, the debtor must make the repairs immediately. Working … (more) July 21, 2010

  • Short Sale Of Homes Has No Impact On Credit Score

    by Brian Anderson
    Short Sale Of Homes Has No Impact On Credit Score

    The internet has a lot of websites telling people that short sales of homes will result in better credit. Beware of such information. Short sale means selling your house for a value lesser than what you owe to the bank. Rather than improving your credit score, it will wreck it. VP of FICO Scores at Fair Isaac Corp based out of Minneapolis, Tom Quinn, said that foreclosures and short sales is a negative indicator to the bank and reduces the … (more) July 19, 2010

  • Stop Worrying Endlessly About The Impact Of Your Credit Score

    by Brian Anderson
    Stop Worrying Endlessly About The Impact Of Your Credit Score

    In today’s world, people assume that it is impossible to live without being up to date about their credit rating. Financial analysts, however, differ in their opinion. According to financial analysts and advisors, it is not necessary to worry yourself unnecessarily about the credit score, unlike what is being propagated on the internet and through television advertisements. The credit card industry has been playing a major role in the United States right from the 1950s. Right from the time of … (more) July 17, 2010