Credit Score Archive for January, 2010

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

  by Sally Maison
  

  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
  

  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
  

  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
  

  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

• Credit Score Advice for People Seeking Credit Repair

  by Brian Anderson

  Are you having a hard time looking for a bank or a company that will give you a home mortgage? Are you devoid of the chance of driving your own car because no company dare offers you a car loan? Are these frustrations due to your bad credit report? More and more people each year are suffering from bad credit history and gaining such reputation makes their status even worse than original. Credit score advice can only do as much … (more) January 28, 2010

• FHA to Ask $500 More

  by Sally Maison
  

  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
  

  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

• The Best Position for Credit Advantage

  by George Hauser

  Reputation can be a big word for an individual seeking for credit. And every American is given the opportunity for credit since the birth of economic crisis. In order to claim credit advantage, you must consider various credit score tips that you need to take seriously if you want credit approval and a good reputation to come along with that. Not everyone scores an approval. Even if approval is given to you, sometimes, you do not get your desired amount … (more) January 26, 2010

• Indie Filmmakers Swipe Their Way to Success

  by Sally Maison
  

  Being an independent filmmaker means having to film your own movie and cover its expenses at the same time. Often, amateur moviemakers have to max out tons of credit cards and push their credit scores to their limits just to produce a film. However, with the support they are getting from the public, they know that it is all worth it. David Spaltro did not just max out 4 credit cards when he was filming Around: Embrace the Fall—he had … (more) January 25, 2010

• FHA Commissioner Still Mulling Over Minimum Credit Score, Other Requirements

  by Sally Maison
  

  Twenty five years ago, David Stevens, was able to buy his first home with only 3 percent down payment even if he did not have money in the bank. It was simply because his loan was backed by the Federal Housing Administration (FHA), the same agency he is leading right now. A few years ago, lax lending standards allowed many homeowners with little bank money and low credit ratings to avail FHA-backed loans. However, today, the current FHA commissioner is … (more) January 24, 2010