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Most Recent News in Credit Score News

  • The Risks Of Identity Fraud With FICO Credit Scores

    by Sally Maison
    The Risks Of Identity Fraud With FICO Credit Scores

    The threat of identity theft nowadays is quite considerable and consumers are well aware of it. What is even more worrisome is that a few of the most exposed identity theft avenues are connected to the finances of consumers such as credit cards, online bank information and now, FICO scores. Recently, a consumer received a letter from myFICO regarding a case of identity fraud. MyFICO is a division of FICO, the company that generates the well known and widely used … (more) February 11, 2010

  • New Credit Score Rules For Home Loans From The FHA

    by Sally Maison
    New Credit Score Rules For Home Loans From The FHA

    The economic climate right now is severely conservative. This is most easily seen in the increase of savings among consumers and the moving away from excessive spending. In the case of banks and lenders, conservative lending has become the norm, a very worrying trend for consumers with cash flow problems. It is quite understandable why banks and lenders have begun to tighten there drawstrings when it comes to lending to consumers. While, during the years of lax lending, banks and … (more) February 7, 2010

  • Pulling Up Credit Scores

    by Sally Maison
    Pulling Up Credit Scores

    No three digit number can make or break an American consumer like a credit score can. Credit scores is now one of the most important numbers that an American consumer keeps. So much so that many Americans are already looking into building up their credit score even while they are still in college. A consumer’s credit score dictates how well an application for a loan, a mortgage or an insurance plan goes. A high score guarantees an easy time acquiring … (more) February 6, 2010

  • Buyers Turned to FHA and USDA for Home Loans

    by Sally Maison
    Buyers Turned to FHA and USDA for Home Loans

    Uncle Sam extended billions of dollars in federal aid when the housing industry was caught in a slump last year. But developers and creditors were not the only ones who benfited from government aid. An $8,000 tax incentive was also given to first time homebuyers to boost home sales in Redding, CA. and the rest of America. Local experts attribute the extended deadline for the tax cut to the continuing increase of homebuyers. They also credit the FHA and the … (more) February 4, 2010

  • Businesses Can, but Individuals Cannot Walk Away from their Mortgage

    by Sally Maison
    Businesses Can, but Individuals Cannot Walk Away from their Mortgage

    Individual homeowners find it extremely difficult to walk away from their mortgage not just because it would damage their credit score. They are also pressured by society to uphold their contracts, even if at such a great financial expense. 11,232 apartments in Manhattan were let go by Tishman Speyer Properties because the company cannot pay for their mortgage. Rick Gilson in South Dakota plans to do the same but he is afraid of its consequences. Experts say there seems to … (more) January 31, 2010

  • “It’s All About Our Credit Score” —Small Business Owner

    by Sally Maison
    “It’s All About Our Credit Score” —Small Business Owner

    Small business owners are frustrated about not being able to get loans because of the high credit score requirement by lenders. During President Barack Obama’s visit to Tampa Bay this week, one entrepreneur did not hesitate in expressing his frustration. Steve Gordon owns a small environmental company in Clearwater. He had some attempts in getting a loan but to no avail. He was the one who raised the question every small business owner has in his or her mind. Gordon … (more) January 30, 2010

  • Fewer Home Sales Recorded in December

    by Sally Maison
    Fewer Home Sales Recorded in December

    It looks like the Federal Housing Tax Credit has finally lost its appeal as home sales dropped in December after surging a few months prior to the holiday season. The tax credit was so popular during the second half last year that it prompted Congress to extend its expiration date to June in 2010. But even consumers with high credit scores chose not to buy a new home during the last month of 2009 despite the tax cut and the … (more) January 29, 2010

  • Less Than 5% of Low Credit Score Borrowers Get Car Loan

    by Sally Maison
    Less Than 5% of Low Credit Score Borrowers Get Car Loan

    As the United States economy continues to recover and as many consumers begin to think that they need to have their car replaced, industry analysts believe car sales will go up during the first quarter of 2010. However, creditors still refuse to lend to low credit score borrowers, prompting many to seek ways in order to improve their ratings. Consumers did not buy cars last year simply because there were no car loans available for them. If there is, it … (more) January 28, 2010

  • FHA to Ask $500 More

    by Sally Maison
    FHA to Ask $500 More

    Homebuyers apply for FHA loans because it allows them to borrow at low interest rate and low down payment even if they do not have top-tier credit scores. But this week, the Federal Housing Administration that it will cost more to get a federal-insured loan this year. FHA officials announced that homebuyers will be asked $500 more for every $100,000 they borrow. Most conventional housing loans require borrowers to pay down at least 10 percent of the amount they want … (more) January 27, 2010

  • High Employment Rates Lead to Housing Crisis, Credit Score Problems

    by Sally Maison
    High Employment Rates Lead to Housing Crisis, Credit Score Problems

    The housing crisis began a couple of years ago when people were no longer able to meet their mortgage payments simply because they lacked any source of income. Lenders lost huge money while consumers, on the other hand, saw huge drops on their credit score, aside from being forced to let go of the American dream. Low credit scores make it difficult for many to once again buy their own homes. And as low sales continue, the housing industry may … (more) January 26, 2010