Credit Score Archive for January, 2010

• Post-Holiday Season Puts Pressure on Credit Score

  by Sally Maison
  

  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

• Mother Hubbard’s Credit Score Advice for the Rest of us

  by Brian Anderson

  Little Boy Blue’s Credit Score Advice “Little boy blue, come blow your horn.   The sheep’s in the meadow, the cow’s in the corn;   Where is the boy that looks after the sheep?” “Prevention is better than cure” is an overly used phrase that I will try to avoid by using the Little Boy Blue rhyme. We all know about this fictional herdsman (er.. boy?) who was laxly herding his charge. Why did he allow the sheep to roam … (more) January 15, 2010

• Poll Reveals Concerns over Unemployment, Debts

  by Sally Maison
  

  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
  

  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
  

  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
  

  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

• FICO Scores and Your Financial State

  by George Hauser

  FICO Scores by Fair Isaac and Company has been the leading scoring system in America today. Using score cards in the system, it involves a procedure of calculation of several factors that some people miss to acknowledge. Knowing these things can be a sure hassle since your credit companies are already paid to worry for you. Credit score tips presses on as credit problems happen, and you need to know, else, you need to be sure. At the end of … (more) January 11, 2010

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

  by Sally Maison
  

  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
  

  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

• Top 5 Credit Score Advice to Live by

  by Brian Anderson

  In these times of desperation, most Americans recognize the need for an infallible credit report to tide them over. When most of us are losing jobs due to the fiscal crisis that hit the country, it is about time that we start pooling resources and minimize unnecessary expenses. And a particular unnecessary expenditure is hiring a credit repair company to fix your credit report. In lieu of wasting your precious, hard-earned money for some illegitimate companies who promise to “fix” … (more) January 9, 2010