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Most Recent News in Credit Score News

  • Post-Holiday Season Puts Pressure on Credit Score

    by Sally Maison
    Post-Holiday Season Puts Pressure on Credit Score

    Retail sales went up higher than expected for the last quarter of 2009. While this may sound like good to retailers, it is not such good news for consumers since it simply means they have spent more last holiday season than in the previous years. This places many consumers in greater likelihood of default or delinquency, which could affect their financial fitness when it starts hitting their credit scores. Experian, one of the three major credit reporting agencies, says more … (more) January 15, 2010

  • Poll Reveals Concerns over Unemployment, Debts

    by Sally Maison
    Poll Reveals Concerns over Unemployment, Debts

    Before Recession hit the country in 2007, credit score seemed to be no more than a term exclusively used in the lending industry. However, now, credit scores and debt levels have become a major concern for millions of Americans, especially for the unemployed. A recent poll reveals that this recession is causing more worries and stress over individuals who have suffered job loss. In a joint poll by New York Times and CBS, only 24 percent of Americans who are … (more) January 14, 2010

  • New Credit Card Fee Could Harm Consumer Credit Score

    by Sally Maison
    New Credit Card Fee Could Harm Consumer Credit Score

    With credit card losses reaching their 20-year high last year, card issuers are now eyeing for ways that would keep them from losing more in 2010 and would help them get their income back on track. Recently, they have re-introduced a fee that cardholders have not seen on their bills over the past few years: the inactivity fee. While this would bring more money to banks, experts warn that this new fee could hurt a credit score. February last year, … (more) January 13, 2010

  • Credit Score of 740 No Longer a Dream for Many Consumers

    by Sally Maison
    Credit Score of 740 No Longer a Dream for Many Consumers

    In a credit-driven society, a good credit score is not merely an advantage—it is a necessity. Those three-digit numbers given by Fair Isaac and Company (FICO) and the three major bureaus could spell the difference between paying an interest rate of less than four percent and being charged with a 24 percent rate. In order to get the best interest rates for card, mortgage, or auto loans, experts say consumers must have a credit score of 740. With the economy … (more) January 12, 2010

  • No More Fifth Term for Jefferson County’s Commissioner

    by Sally Maison
    No More Fifth Term for Jefferson County’s Commissioner

    Jefferson County Commission’s President Bettye Fine Collins announced this week that she no longer has any plan to seek a fifth term this year, saying it is time to pass the torch. Collins was target of many criticisms this year after the county massed up huge debts and saw its credit rating drop from Caa1 to B3—the third-lowest non-investment grade by JP Morgan. Collins told Birmingham news this week that she is still eager to serve her county, but believes … (more) January 11, 2010

  • Better Performance for the Auto Industry in the Closing Months of 2009

    by Sally Maison
    Better Performance for the Auto Industry in the Closing Months of 2009

    It is good to greet the New Year with a new car and all it takes is getting a loan approved. With the car industry showing improved performance during the third quarter of 2009, more people are expected to drive a new sedan instead of getting to work with their same old clunker. However, consumers are warned that it could take longer for the industry to return to its normal lending levels. Better credit scores and higher down payments are … (more) January 10, 2010

  • Higher Loan Limits for Homes in Lynchburg Area

    by Sally Maison
    Higher Loan Limits for Homes in Lynchburg Area

    The Federal Housing Administration (FHA) recently raised the maximum amount of home loans in Lynchburg area so buyers can keep up with the new median home prices. The change will also allow them to have more choices when it comes to choosing the home they want to live in. However, local real estate agents do not view the increase as substantial and believe that it will not be able to create sweeping changes in the housing market. Effective on New … (more) January 9, 2010

  • Improving Credit Score Second Priority for Consumers in 2010

    by Sally Maison
    Improving Credit Score Second Priority for Consumers in 2010

    Consumers are well aware of the importance of a good credit score that is why many of them have resolved to add more points to their ratings this year. However, a recently published survey by the National Foundation for Credit Counseling (NFCC) reveals that majority of Americans plan to reduce debts this year. Those who answered debt reduction as their number one financial priority leads those who chose credit score improvement by a huge gap. A recently published NFCC survey … (more) January 8, 2010

  • New Consumer Protection Laws to Take Effect This Month

    by Sally Maison
    New Consumer Protection Laws to Take Effect This Month

    With unemployment rate as high as 12.3 percent last November, consumers in California could expect a tough year ahead. However, as the US economy continues to recover and as new regulations protecting Californian consumers are set to take effect, there might be more reasons to look forward to a bright 2010. The Consumer Federation of California, a non-profit organization aimed at empowering consumers, recently enumerated those consumer protection laws that will take effect this month. AB 260, authored by Assemblyman … (more) January 7, 2010

  • Consumers Advised to Avoid Debt Hangover after Holiday Season

    by Sally Maison
    Consumers Advised to Avoid Debt Hangover after Holiday Season

    After spending a lot on gifts, food, and tons of holiday merriment, consumers have reached the sobering month of January when they will have to figure out how to pay those credit card debts they have racked up. With merry spending bills soon to knock on their doors, consumers will have to map out their 2010 financial route now or end up ruining their credit score. Because those holiday bills just seem so heavy after a joyful holiday, many consumers … (more) January 6, 2010