Credit Score Archive for November, 2009

• Specialists Give Tips to Bad Credit Car Loan Applicants

  by Sally Maison
  

  Car loan applicants who are struggling with their finances are advised against applying for an auto loan. Those who have poor credit scores are urged to improve their rating first to get better deals. Specialists remind consumers that their credit ratings are affected every time they apply for an auto loan, almost always, in a negative way. They add that this is especially true for the FICO credit score of consumers, a rating model developed by Fair Isaac and Company. … (more) November 30, 2009

• Top 5 Ways to Improve Your Credit Score

  by Brian Anderson

  Credit scores are a vital record of credit worthiness in today’s society. It is a 3 digit number ranging from 350-850. It represents the likelihood that a person will pay his/her debts. A credit score advice can be obtained from credit bureaus and lending institutions. There are several scoring methods but most lenders use the FICO system from Fair Isaac Corporation. This important number used to be hidden from consumers since they believe that it will only confuse them. Until … (more) November 30, 2009

• Americans Expected to Use Cards this Holiday

  by Sally Maison
  

  More than half of all American consumers are expected to use their credit card this Holiday Season either to buy gifts at retail stores or purchase items online. But experts note that many Americans neglect their credit score during holidays, which gives them additional problems the next year. Specialists say the most common pitfall that consumers make when getting to the counter is immediately signing up for in-store cards which offer very tempting discounts. While those 10 percent or 15 … (more) November 29, 2009

• Applying for Secured Credit Card

  by George Hauser

  When you decide to apply for credit, one of the very first things you should think about is your financial readiness. This is because there are costs when you borrow money. For instance, you should at least have a job and a stable source of income so that you can repay the money you borrow from creditors.  You should also be able to realize the importance of your credit report and your credit score. When you have read up about … (more) November 29, 2009

• Many Americans Remain Jobless Because of Credit Score

  by Sally Maison
  

  As the recent economic downfall drastically changed the job landscape of the country, landing a job has become more difficult for most Americans. This is largely because of a new screening method that has emerged, the use of credit score to determine the worthiness of a job applicant.  Employers who check the rating of applicants are growing in number, especially those who are operating in the financial sector. Companies usually do credit check upfront, with applicants having no option but … (more) November 28, 2009

• No Credit Means Bad Credit in the Eyes of Lenders

  by Brian Anderson

  While not taking debt and paying for everything with cash could be a good practice, no credit could mean bad credit in the eyes of lenders. A person’s ability to pay his debt is one vital factor which potential creditors, mortgagors and even employers consider. If an individual doesn’t take the risks of acquiring a credit, he or she either pays everything with cash or he/she doesn’t have enough cash to pat for anything at all.  Having a credit score … (more) November 28, 2009

• Tips to Increase Your FICO Score

  by George Hauser

  Many consumers who have credit sometimes forget about the importance of their credit score. True enough, credit score tips tell you to read about credit report and credit score before you make credit and loan applications. The credit report should be regarded as one of the most valuable documents by any consumer who has already started building credit, and those who are just planning to.  Your credit report contains information about your credit activity, from payments to the number of … (more) November 27, 2009

• Insurers Using Credit Score Earn Criticism

  by Sally Maison
  

  Despite efforts in recent years by consumer advocates, insurance providers are still allowed by Florida legislation to use credit ratings in determining the premium rates of policyholders. Advocacy groups say if they practice does not stop, it could seriously impair the lives of many Floridians as the economy continues to show little signs of recovery. Insurance companies justify their practice by saying studies show that someone who is struggling with his credit score is more likely to file losses to … (more) November 27, 2009

• FICO Loses in Case Involving Credit Score System

  by Sally Maison
  

  Fair Isaac Corp., the provider of the most widely used credit score system, has lost a lawsuit last Friday against other companies providing consumer rating services. But officials announced that they plan to appeal the decision. The lawsuit was first filed in Minneapolis in October 2006 for antitrust and trademark violations. The lawsuit was brought against VantageScore Solutions, Inc., TransUnion LLC, and Experian PLC, with FICO claiming that both companies are engaging in unfair business practices and copyright infringement. Equifax … (more) November 26, 2009

• The FICO Credit Score Cards and the Five Dimensions of Your Credit Score

  by Brian Anderson

  Fair Isaac Corporation or FICO developed the first scoring system in 1958 for American Investments and another scoring system for American and Bank Trust in 1970 for credit cards. In the early 1980s, FICO together with three major credit bureaus developed a scoring method to measure the creditworthiness of a person.  It is called a credit score. It is used to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. This … (more) November 26, 2009