10 Things Credit Scores Don’t Tell You
News from Huffington Post:























SmartMoney:

The truth behind the numbers that can determine your financial fate.

1. “You may never know your real score.”

Roughly 200 million consumers have a FICO score, which ranges from 300 to 850 and is used by most lenders to determine whether to approve them fo…………… continues on Huffington Post

… Read the full article
.

Related News:

Five Tips if Tempted By No-Interest Credit Card
News from Fox Business:

Take the Bait of a 0% Credit Card?

“Here’s a $ 5,000 loan — interest-free — for at least a year! Apply for a 0% credit card today.” That’s what roughly a quarter of credit cards essentially are offering these days, according to a first-ever survey by CreditCards.com, a Bankrate-owned website.

No-interest credit cards, which are interest-free for a limited time, are more common than they were just two years ago. Card issuers want to beef up their customer counts and are offering zero percent credit card promotions to bait Americans who don’t pay off entire balances every month or who want to slash the interest cost on existing card debt.

There’s no doubt these credit card offers are enticing and can be a good deal if used correctly. But before clicking or checking “I accept” to get your new zero percent credit card, consider these five tips to make sure your decision is the right one.

Know That You Might Not Even Qualify

Just because the no-interest credit card offer showed up in your mailbox doesn’t mean you’ll get it, says John Ulzheimer, president of consumer education at credit monitoring service SmartCredit.com. Issuers prescreen before sending out their pitches, but your credit score could change for the worse by the time you fill out the application.

Issuers want cardholders who pose the…………… continues on Fox Business

… Read the full article


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

… Read the full article
.

Related News:


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.
List Price:
Price: 25.41

What you don’t know about credit scores could hurt you
News from msnbc.com:

Paul Sakuma / AP

A bad score could cost you a job or a loan. That’s why it’s so important for you to understand how credit scoring works.

By Herb Weisbaum, The ConsumerMan

Your credit score, which is based on your credit history, can have an enormous effect – positive or negative – on your life. That score is used by employers, lenders, landlords and insurance companies. A good score could save you thousands of dollars a year in interest. A bad score could cost you a job or a loan. That’s why it’s so important for you to understand how credit scoring works. 

A new surveyby the Consumer Federation of America (CFA) and VantageScore Solutions shows overall knowledge about credit scores has improved significantly in the past year. But the results also make it clear there’s still a long way to go.

Many consumers still need to learn about what scores represent, how to get access to them and how to improve them,” notes CFA’s executive director Stephen Brobeck.

Fewer than half (44 percent) of those surveyed are aware that a credit score typically measures risk of not repaying loans,…………… continues on msnbc.com

… Read the full article
.

Related News:

Weird ways to ruin your credit score
News from Central Florida News 13:

You can ruin your credit score by not paying your bills on time, but that’s not the only way to hurt it.

It turns out there are a lot of unusual ways you can hurt your credit score without even realizing it.

U.S. News and World Report published its list of “weird ways” you can hurt your credit score.

Here are some of the top offenders:

1. Closing a credit card

It may seem backwards, but closing an older credit card can actually damage your credit, because it drops your overall credit limit.

2. Unpaid tickets

Parking and speeding tickets that you haven’t paid are considered debts to the government, and not paying them could cause you to be turned over to a collections agency.

3. Unpaid library fines

Some libraries are so cash-strapped, they are going after offenders for overdue books, even if they only owe a few dollars.

4. Not filling out a moving form

When you move, be sure to report your change of address to the U.S. Postal Service. Not doing so will prevent you from getting mail sent to your old address, and that may include credit card and utility bills.

5. Asking a banker friend to check your credit score

It may seem like no big deal to ask a friend who works at a bank to check your credit score for free, but that will lead to a hard inquiry…………… continues on Central Florida News 13

… Read the full article


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…
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…

Don’t Get Too Hung Up on Your Credit Score
News from Opposing Views:

By Barrett Burns

It may sound strange coming from the president and CEO of a credit scoring company, but when I meet someone obsessing over his or her credit score, I always tell them the same thing: don’t worry so much about being up 10 points or down 20. Instead, focus on the direction your score is moving in and investigate how individual items in your history are helping or hurting your credit profile. Once you put that knowledge into action, and can do more of the positive behaviors and minimize the negatives ones your good score will come. Here’s how it works.

Credit score models like VantageScore® are “generic” models, meaning they are made available for use by all consumer loan providers. Generic credit score models calculate a score by running a consumer’s payment and debt management information found in their credit file through a complex mathematical formula to derive a 3-digit number. Most credit score models result in a number − the higher the number, the better the score. And if the consumer properly considers the information in the credit file, and manages debt behavior in a responsible manner, the score should…………… continues on Opposing Views

… Read the full article
.

Related News:

Best credit cards for spring break road trips
News from Fox Business:

Whether you’re celebrating spring break as an actual student, or you’re young in spirit, we can suggest six of the best credit card deals to help keep you from losing your shirt. At least, a shirt you don’t want to lose…

Best credit card for spreading out spring break travel costs

If you’ve already splurged on airfare and upfront hotel fees using another credit card, the Discover More Card can take the pain out of your payments. Rated among the best balance transfer credit cards, Discover’s offer includes 18 months with a zero percent APR and a transfer fee of just 3 percent. In addition, you’ll pay no interest on purchases for the first six months with your new card. Indulge yourself beyond your travel budget, and you can spread your payments out past Labor Day without paying a penny in finance charges.

Top rated credit cards for last minute lodging

If you’re planning a resort vacation, hotel-branded travel rewards credit cards offer signup bonuses that can save you hundreds of dollars. The trick is f…………… continues on Fox Business

… Read the full article


Credit card debt: Don’t forget the lessons from financial crash
News from Tulsa World:

Credit card debt dropped in 32 of the 36 months of 2009 through 2011 as cardholders spent less and issuers lowered credit limits, tightened approval guidelines and canceled risky accounts, says Bill Hardekopf, CEO of LowCards.com.

However, the Federal Reserve’s monthly G19 report shows consumer borrowing is again increasing – by $ 7.65 billion to $ 2.46 trillion in October, the biggest increase in two years. Credit card debt rose $ 366.2 million in October, while auto, mobile home and education loans increased $ 7.28 billion.

Credit card issuers are again filling the mail with offers – mostly to those with good to excellent credit. Everyone is receiving more card solicitations with attractive rewards and balance transfer offers.

We must not forget the past three years and the hardship large credit card balances caused us, Hardekopf says. Paying off debt wasn’t easy, and some of us still have debt problems and wonder what can really be done about it.

Total: Assess exactly what you owe for all credit card debts. It was easier to pay the minimums without looking at the totals, but misleading yourself only made things worse. Write down a debt summary including creditors, monthly paymen…………… continues on Tulsa World

… Read the full article
.

Related News:

Reality Check: What happened to Obama’s 2011 State of the Union promises
News from NBC17.com:

By: Caroline Fairchild and Dane Huffman | NBC17.com

Roughly one year ago, President Barack Obama addressed Congress in the 2011 State of the Union Address. Obama faced the difficult challenge of outlining his plan to “win the future” to a nation still reeling from the tragic shooting in Tucson, Ariz., that claimed six lives and seriously wounded Congresswoman Gabrielle Giffords.

Speaking to a divided Congress now led by Republican John Boehner as Speaker of the House, Obama stressed the importance of putting aside partisan differences as the country worked toward staying competitive on a global scale.

The president vowed to rebuild America’s infrastructure with a combination of spending initiatives in clean-energy technology, education, high-speed rail and high-speed Internet and deficit reduction through spending freezes and tax cuts. Calling upon Americans to continue to “out-innovate, out-educate and out-build the rest of the world,” Obama remarked that the country should be searching for its next “Sputn…………… continues on NBC17.com

… Read the full article


About Those Credit Cards That Don’t Need A Credit Check
News from Business Insider:

Image: reallyboring via flickr

If you’ve got a history of bad credit – or no credit history at all – finding a loan or qualifying for a credit card can seem like an impossible task.

Luckily, several credit card providers offer cards that don’t require a credit check.

While these credit cards typically come with higher interest rates and penalties, signing up for one is a good way for anyone who wants a second chance to start rebuilding their finances.

But before putting the pen to the paper, you should make sure that you know what you’re getting into:

  • Most of Them…………… continues on Business Insider

… Read the full article
.

Related News:

Myths, Misperceptions About Credit Scores Rampant
News from WLTX.com:

NEW YORK (USA Today) – A poor credit score can make it hard to get a mortgage, a new car or a decent interest rate on a credit card.

Yet 42% of those polled in a recent Visa survey never bother to check their score.

By ignoring this vital measure of credit worthiness, consumers may be missing an opportunity to improve their score. And for many, failure to take any action could cost them thousands in higher interest payments.

One reason for neglecting this issue is that scores usually come with a price tag.

Anyone who wants to check their scores before applying for a loan will have to pay.

FICO, the company that created credit scoring, sells its scores for $ 19.95 on its website, www.myfico.com. The company also offers periodic score monitoring services starting at $ 4.95 per month.

The three main reporting companies, Equifax, TransUnion, and Experian, most commonly provide FICO scores to len…………… continues on WLTX.com
… Read the full article


The Complete Idiot`s Guide to Improving Your Credit Score (Paperback)


Refuting common credit myths, a practical manual helps readers understand their credit history and its significance, as well as how to use credit, pay bills, pay off debt, deal with financial crises, and avoid scams in order to make one`s consumer credit score work to their benefit. Original.
List Price:
Price: 12.00

Don’t Let Bad Credit Keep You From Landing a Job
News from Fox Business:

Dear Credit Score Report,

How do you improve your credit score when looking for a new job? In my industry, a good credit score is a must, as it speaks of responsibility and integrity. However, sometimes financial hardship is hard to overcome, especially when going to school. My question is this: How can I improve my credit score and get a better job — especially if my credit is below my industry requirements? Yes, I am in between jobs. 

-Kim

Hey Kim,

While you’re in a tough spot right now — you need good credit to land a job, but you may need extra cash to improve your credit — experts say that with the right combination of personal finance habits and job application practices, you should be able to find work.   

Your email didn’t say what industry you’re in, but there are only a few that consider job applicants’
… Read the full article
.

Related News:

Cost of low credit score
News from KGBT-TV:
Read more: Local, Economy, Consumer, Credit Score, Debt, Money, Bank, Loans,
… Read the full article


Checking Accounts that Don’t Require a Credit Check
News from Go Banking Rates:

There was a time when your credit did not dictate whether or not you could obtain a standard checking account. However, over time, more banks and credit unions began requiring customers to good credit in order to open an account.

In the eyes of financial institutions, a good credit score means a customer is reliable and has good money management skills. Unfortunately, this good credit requirement imposed by most banks can’t be met by millions of potential customers. Therefore, they must turn to no credit check bank accounts or other alternatives to manage their banking needs instead.

Bad Credit Versus No Credit When Opening an Account

It’s important to make the distinction between customers who hope to obtain a checking account with bad credit and those who have no credit.

When it c…………… continues on Go Banking Rates
… Read the full article
.

Related News:

5 ways to improve your credit score for a lower interest rate
News from Bellingham Herald:

It’s time to improve your credit score, now that a federal report found Floridians have more money to pay down debt, thanks to more overtime, raises and new jobs.

A higher score can help Floridians grab a lower interest rate on loans and credit cards.

T. Rowe Price, an investment management company with a Boca Raton, Fla., office, reported that consumers with high credit scores can save as much as $ 300 a month in a lower house payment on a $ 300,000 30-year, fixed-rate mortgage. That’s because good credit risks are rewarded with a lower interest rate — in some cases more than 1.5 percent less.

Here are five ways to improve your score, according to T. Rowe Price:

Raw video: Did you see that? A shark just jumped over a surfer

Get into a habit of paying down debt. And don’t think you have solved your debt problem by moving it around. Moving balances can …………… continues on Bellingham Herald

… Read the full article