Archive for June, 2012

5 Credit Rules Everyone Should Follow
News from DailyFinance:

Managing credit correctly requires a certain amount of discipline. If you let your spending get out of control or take on too many loans, you could face big money troubles. That’s why, when it comes to borrowing, it’s important to have some guidelines.

Here are five rules every consumer should follow so their finances and their credit score remains intact.

1. Make payments on time

Stellar payment histories are key when it comes to establishing a good credit score. They account for the largest percentage of all components used to calculate most credit scoring models and one missed bill will certainly cost you. As this FICO study illustrates, a recent late payment can cause as much as a 90-110 point drop on a FICO score of 780 or higher. Missed bills can also do big damage to your wallet since balances are typically subject to penalty annual percentage rates and late payment fees.

To avoid both pitfalls, it’s a good idea to set up auto pay on car, student or home loans so you don’t miss a payment. In terms of credit cards, while it’s always a good idea to pay off everything you owe, make sure at least minimum payments are made before the monthly bill’s due date.

Additionally, “if you have…………… continues on DailyFinance

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Average credit score for home buying at record 737
News from San Francisco Chronicle:

Number of the day

737

That’s the average credit score for borrowers who were approved for new home loans last year, according to CoreLogic. It’s the highest rating on the 300-to-850 scale in more than a decade as mortgage lenders upped their standards. Getting a home loan has become more difficult even as credit cards, car loans and business financing have gotten easier to obtain, according to a Federal Reserve survey.

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“During my career I was told I was a valuable member of the GM family. Now they’re saying, ‘Here’s your check, go away.’ “

Rick Knoth, who retired from General Motors as a manufacturing engineer in 2008 after 37 years of service, on the carmaker’s offer of more than a half-million dollars to buy out his retirement benefits and cancel its pledge to pay him a pension for life. While GM and Ford are eager to rid their balance sheets of huge pension obligations, retired worker…………… continues on San Francisco Chronicle

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5 credit rules everyone should follow
News from MSN Money:

This post comes from Jeanine Skowronski at partner site Credit.com.

Managing credit correctly requires a certain amount of discipline. If you let your spending get out of control or take on too many loans, you could face big money troubles.

That’s why, when it comes to borrowing, it’s important to have some guidelines. Here are five rules all consumers should follow so their finances and their credit score remain intact.

1. Make payments on time

Stellar payment histories are key when it comes to establishing a good credit score. They account for the largest percentage of all components used to calculate most credit scoring models and one missed bill will certainly cost you. As this FICO study illustrates, a recent late payment can cause as much as a 90-110 point drop on a

… Read the full article
.

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Tips on improving your credit score
News from Turn to 10.com:

By: Bob Hansen | NBC News

Buying a house or refinancing a loan is a big deal, but sometimes something as small as a late payment can make your plans come crashing down. 

In fact, a single late payment on a mortgage can push down your credit score as much as 60 to 110 points.  

And that can get in the way of a new home loan or refinance. 

“30 days? Bad. 60 days? Real bad. 90 days is going to be very difficult. It could be two to four years before you can get another mortgage,” said SDSU Real Estate Professor, Matt Goldman. 

Teresa Halleck, of San Diego County Credit Union says they have to look at scores and payment history to decide who will be a good risk in the future. 

“It shows demonstrated ability to pay and commitment to the lender that you’ll do so going forward,” said Halleck. 

A late payment on your car or your credit card can also have an impact on your credit score. 

It makes a difference on what rate you get. 

Which is why it’s not a good idea to make your payments too close to the end of the grace period. 

…………… continues on Turn to 10.com

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Nearly Half Of Americans Don’t Know Their Credit Score: Report

Nearly Half Of Americans Don’t Know Their Credit Score: Report
News from Huffington Post:

In an April episode of the Fox sitcom “New Girl,” Nick is surprised to learn of his ridiculously low credit score when he tries to buy a cellphone.

One staffer at the store wonders if Nick just, “woke up from a coma.”

Nearly half of U.S. adults are in a similar vegetative state when it comes to credit scores, according to a new survey of 2,200 people from CouponCabin.com.

Sixty percent of those polled between the ages of 18 and 34 were unaware of their credit score. Older folks were a bit more savvy, 42 percent of those 35 years and older were not sure of their credit score.

While the proportion o…………… continues on Huffington Post

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Credit for Canadians: Fix Your Own Credit Report, Protect Yourself from Identity Theft


Credit for Canadians: Fix your own credit report, Protect Yourself from Identity Theft provides step-by-step instructions to enable anyone to fix mistakes on their credit report, avoid credit repair scams, improve their credit score, handle annoying collection calls, negotiate with creditors, re-establish credit, get loans approved, and protect themselves from Identity Theft. Much of the printed and internet information about credit and credit repair currently available is not relevant to Canadians. But this book, written by Canadian credit industry insider Mike Morley, "Mike the Credit Guy" gives Canadians the facts. The author uses clear, easy-to-understand language to guide people who are looking for ways to recover from a financial setback, put their plan for financial freedom on the fast track, or simply understand how the Canadian credit industry works.
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Check your online Credit report
News from CreditChoices.co.uk:

Check your credit ratings report and make sure you have a good credit rating before you apply for any new credit.

Check your credit report online

About your credit report

Whenever you apply for new credit, whether it’s in the form of a credit card, loan, mortgage or even a mobile phone contract, lenders will evaluate your credit rating report to determine whether you are a responsible borrower.

In the UK there are three credit report agencies that collect information about your past credit profile and provide data to prospective lenders. These are:

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The Mark of the Beast Revealed: The Real Meaning of Your Credit Score


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Details of 2013 BMW X1 Released, Builder Now Online
News from AutoLoanDaily.com:

By Ross Edwards
Monday, Jun 25 2012 17:56

Details on the 2013 BMW X1’s trim lines and price have been released along with an online configuration tool that allows you to build your own X1. Prices  will start at $ 30,650 for a X1 sDrive28i with a 240-hp 2.0-liter turbocharged four-cylinder engine and rear-wheel drive.

 

There will be three trim lines available on the 2013 BMW X1, X-Line, Sport Line and M Sport Line.  The X-Line and Sport Line can both be had at the X1’s base price plus $ 1,900.  X-Line models will get leatherette and leather upholstery and high gloss copper painted and wood trim pieces. Sport Line models will have 8-way power sport seats, leatherette and leather seats and black and aluminum trim.  The M Sport Line BMW X1 (available with both engines and shown above) will have a sport suspension, exclusive wheels, high gloss roof rails, sport seats and an exterior aero kit.

BMW claims that the base price of the 2013 X1 xDrive35i, which has BMW’s 3.0-liter twin-turbo engine with 300-horsepower is $ 38,450, but it’s actually $ 40,350 bec…………… continues on AutoLoanDaily.com

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Your Credit Score, Your Money & What’s at Stake (Updated Edition): How to Improve the 3-Digit Number that Shapes Your Financial Future
“A great credit score can help you finish rich! Liz Pulliam Weston gives solid, easy-to-understand advice about how to improve …
Perfect Credit: 7 Steps to a Great Credit Rating
Perfect Credit is the definitive guide to getting and keeping outstanding credit. Think of this book as a roadmap for anyone hopin…

The Truth About How Medical Debt Really Impacts Your Credit Score
News from Business Insider:

flickr/crucially

It’s high time to explore the impact of medical debt on consumer credit…………… continues on Business Insider

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Credit Score Tips For Mortgage Shoppers
News from The Mortgage Reports:

“Don’t Check My Credit!”

It’s common for mortgage rate shoppers worry about “multiple hits” to credit while shopping for a mortgage. It’s a misplaced worry, however.

Since the mid-1990s, credit scoring algorithms have been reworked to encourage you to shop for low mortgage rates. Low rates equals lower payments and that’s good for everyone. 

Click here for get today’s mortgage rates.

You Have The Right To “Shop Around” For A Mortgage  

A “credit inquiry” occur when a mortgage lender, credit card company or other financial service provider pulls your credit scores prior to approving a loan or issuing new credit. Based on credit scoring models, most types of credit inquiries will lower your credit score.

Mortgage-related credit inquiries, however, are treated differently.

According to Fair Isaac Corporation (FICO), which developed the credit-scoring model most frequently used by mortgage lenders, mortgage-related credit inquiries don’t have the same negative impact on a credit score as, say, a credit card applicant.

This is because mortgages are “good credit” and the bureau…………… continues on The Mortgage Reports

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How to raise your credit score
News from Alabama’s News Leader:

Banks, obviously aren’t the only ones that worry about credit ratings. Every one of us wants to keep that score as high as possible.

One of our viewers, Amberly Page wrote, asking us to do a story on legitimate ways to raise a credit score.

There’s no magic spell for fixing it. But if you are struggling with a poor credit score, don’t be discouraged. With proper planning, you can turn your credit around.

“If you can’t live within your means then you’re going to get yourself in trouble. Because i did that years ago. And we’re not going there again,” said Birmingham resident, Linda Gunter.

Linda Gunter had trouble with her credit years ago. It took a few years, but she dug herself out of the hole. But how?

“I never use a credit card. I use my debit card. I’ve learned that if i want to buy something and i can’t pay cash for it i just don’t get it,” she said.

It sounds easy. But repairing bad credit actually takes planning. More improtantly, sticking to that plan.

“Make sure that your income and outgo are equal. Because you are never going to be able to repair your credit score or get out of the bad downward spiral if you don’t have approximately equal income with your expenses,”said Stephen Yoder.

Stephen Yoder is a professor at UAB’s School of Business. First things first. You can’t fix…………… continues on Alabama’s News Leader

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Weekend Series on Crime History: The Boston Irish Mob
News from ticklethewire.com:

Weekend Series on Crime History: The Boston Irish Mob

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Credit Score Secret: Pay on Time
News from NBC San Diego:

Consumer Bob Hansen spoke to financial experts about the simple thing you can do to raise your credit score, making refinancing easier, and increasing your likelihood of being approved for a loan.

Simple Way to Keep Credit Score…

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Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future, 2nd Edition
“A great credit score can help you finish rich! Liz Pulliam Weston gives solid, easy-to-understand advice about how to improve…
Hidden Credit Repair Secrets (Second Edition)
“This book had a lot of good things that helped me repair my credit.” – Direck Chatman”The best credit repair book I have ever rea…

The high cost of low credit scores
News from MSN Money:

This post comes from AnnaMaria Andriotis at partner site SmartMoney.

Record-low interest rates are useless to the millions of borrowers with less-than-stellar credit scores. They end up paying a high premium when applying for everything from credit cards to home mortgages.

Despite the Federal Reserve’s efforts to encourage more lending and home buying, millions of people have been shut out from borrowing, according to a report by The Wall Street Journal. Consumers with high credit scores accounted for nearly 90% of all new mortgages last year.

This comes at a time when the number of Americans with poor credit is growing. Most lenders check borrowers’ FICO credit score, which ran…………… continues on MSN Money

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Should You Time Your Credit Card Payments?
News from Business Insider:

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A recent post on Quora set our tongues wagging over whether timing your credit card payments will really improve your score.

“Is it better to pre-pay some/all of one’s credit card balance, or should one wait for the monthly statement before paying it in full?” the reader asked. 

Here’s our response: 

It’s a simple question with a complicated answer, said Bethy Hardeman, expert with CreditKarma. First, “you’ve got to know the date that your statement is generated is not necessarily the date that your credit card company reports your balances to the credit bureau.” You should also do these two things to get a better idea of where you stand: 

1. Ask your credit card company when your balance is being reported, which they may or may not be willing to disclose. “It’s still wor…………… continues on Business Insider

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The Credit Repair Black Book: Credit Repair Secrets and Strategies the Credit Bureaus Won’t Tell You
In The Credit Repair Black Book, you will learn credit repair secrets from an industry insider. Mark Kennedy, a 20-year credit and…
BestCredit: How to Win the Credit Game, 2nd Edition
Written by a former debt collector, this credit repair book covers many aspects of credit restoration, including how to legally re…