Credit Score Archive for October, 2009

• Citibank Clients at Risk of Credit Score Drop

  by Sally Maison
  

  Clients for the New York-based Citibank will soon suffer drops in the credit score because the international bank is cancelling a number of customer accounts. Cards such as Shell Mastercards, Citgo, Exxonmobil, and Phillips 66-Conoco were canceled starting October 14, 2009. Consumers and advocates express worry over the changes, saying they were not given enough notice. The international bank continues closing cards this week, including those that are used regularly and paid on time. Citibank says the closure only affects … (more) October 26, 2009

• How important it is to build a credit

  by Brian Anderson

  When applying for a loan or a credit card, you should already be aware of what a credit is, what’s in a credit report, who keeps your records, who produces your credit score and the importance of all of these. To begin with, you can only increase your credit score if you know and apply one or two of the many credit score tips you can find online. However, you can only do that if you know what credit is … (more) October 26, 2009

• Lamborghini Rewards Consumers with Excellent Credit Score

  by Sally Maison
  

  Consumers with excellent credit scores could soon be driving a Murcielago LP460 coupe with the newest finance offering from Lamborghini. The company says having a really good credit and a score of at least 740 is all it takes to get behind the wheels of a $354,000 exotic sports car. Automobili Lamborghini announced their “Retail Finance Plan” this week that offers low interest loans for consumers who have strong debt standings. Aside from Murcielago LP460 coupe, the other vehicle up … (more) October 25, 2009

• Know Which Model Your Creditor Uses to Compute

  by George Hauser

  Have you ever encountered a credit score advice that tells you to check what scoring model was used to compute for your credit score? If not, then it is about time that you receive such advice. You know that checking your credit report regularly can help you to keep tabs on your credit score. However, you will never really feel the true value of your credit score if you do not know which model your potential creditors use to compute … (more) October 25, 2009

• Consumers Warned About Credit Score Repair Scams

  by Sally Maison
  

  FICO score, the most widely used scoring method worldwide, rang from 300 and 850. So where do Americans stack up? Based on average credit score by state, Texas takes bottom spot with 651 while South Dakota ranks highest at 710. Unfortunately, consumers must have a score of at least 720 before being considered a favorable borrower. Even Fannie Mae and Freddie Mac, government-sponsored enterprises which provide securities for homebuyers, set their lending bars at 720. With many consumers suffering from … (more) October 24, 2009

• Increasing your score FICO style

  by Brian Anderson

  There are many materials you can find that would define for you what a credit score is and its importance to your financial life. You should by now know that the credit score is dependent on the information lenders and banks give to credit bureaus. The bureaus compile everything and come up with a report which is then transformed into a three digit number using a secret program. This is your score and you would need to keep it high … (more) October 24, 2009

• Consumers Held Hostage over Credit Score

  by Sally Maison
  

  Many consumers feel that they are being held hostage over their credit score when banks started reviving annual fees. Cardholders say they want to have their credit cards cut but they cannot freely do so because of its serious implications on their scores. Specialists say recent changes were made because banks are anticipating loss of profit in the next few months. Bank of America (BofA) started charging new annual fees this week that run between $29 and $99. As noted … (more) October 23, 2009

• Keeping Files Clean: Credit Score Advice Maintaining an Optimal Credit Score

  by George Hauser

  Why do you need a credit score advice? In the fast paced daily in a financially turbulent economy, majority have considered borrowing as the first resort to immediate access to a sustained financial status, a well-to-do living or to a luxurious lifestyle. And living with borrowing in mind is engraving the term credit score deep down into ones senses. In lay-man’s term, credit score is considered a debtor’s integrity or crediting credibility. It is the means by which the lenders … (more) October 23, 2009

• “Making Home Affordable” Plan Designed for Consumers with Low Credit Score

  by Sally Maison
  

  Another government intervention plan is set to come out aimed at helping homebuyers with low credit score get low-interest rate loans for their purchase. With previous federal programs on home mortgage refinance now being phased out, the new “making home affordable” plan is expected to encourage consumers to make more real estate purchase. Home refinance allows lenders to provide loans to consumers with relatively low credit scores since government funds back up risks, which normally would have been shouldered by … (more) October 22, 2009

• Tips to Become a Better Credit Manager

  by Brian Anderson

  It is already common nowadays for consumers to spend using credit cards. In fact, more consumers use credit cards than using cash. Given the fact that most of commercial establishments in America already entertain the use of credit cards for the transactions of their respective costumers, truly, spending by the credit has already become the rule, rather than the exception. In this case, many consumers also often fall into the trap of mismanaging their spending. Most often than not, these … (more) October 22, 2009