Paying off loans may not improve credit scores
News from MSN Money:

This post comes from Deanna Templeton at partner site Credit.com.

With credit playing such a huge factor in your financial future, it’s no wonder we look for ways to maximize our credit scores. One common strategy for building your credit scores is to pay off credit card debt. It can give your credit scores a nice boost, especially if you’re carrying a large balance.

It may seem logical, then, to assume that the same strategy must apply to other types of accounts — like a car or home loan, for example. And if you follow this theory, paying a loan off early might sound like a great strategy for building your credit scores.

Unfortunately, you may be making yourself less creditworthy, according to scoring models.

When it comes to credit scores, there’s a big difference between revolving accounts (credit cards) and installment loan accounts (i.e., mortgage, student loan). Paying an installment loan off early won’t earn you any additional credit score points, and keeping them open for the life of the loan…………… continues on MSN Money

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Northern California cities top the chart with highest credit scores
News from e-wisdom.com:

San Jose & San Francisco rank highest

Two metropolitan areas in northern California ranked highest in a recent study conducted by TransUnion that revealed metropolitan areas with the highest and lowest credit scores.

According to TransUnion, the metropolitan area consisting of San Jose, Sunnyvale and Santa Clara ranked highest of any metropolitan area in the U.S. with an average credit score of 700.

The metropolitan area consisting of San Francisco, Oakland and Fremont took second place in the ranking of highest credit score with an average score of 696. Third place went to Madison, WI with an average credit score of 694.

“Just as an individual’s credit score is a measure of the risk that consumer presents to a lender, our study calculated the credit score that would correspond to the risk presented on average by residents of various metropolitan areas,” Heather Battison, senior director at TransUnion, said in a statement.

Memphis ranks lowest

The unfortunate distinction of having the worst collec…………… continues on e-wisdom.com

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Soon, there will be scores to check credit card frauds
News from Economic Times:

MUMBAI: Soon, there will be scores on the lines of credit scores to check credit card frauds. In view of the recent instances of credit card frauds, the National Payments Corporation, backed by the Reserve Bank of India, is prodding banks to sign up for a software that would map customer spending and throw up alerts.

The software would generate scores based on the historical spending habits of a customer, such as the amount, the variety of outlets and the frequency, among others, said a person part of implementing the process.

A pilot study will be launched i…………… continues on Economic Times

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The catch with ‘free’ credit scores
News from Boston.com:

Q. In July, my wife and I wanted to check out our credit scores and saw an ad to get “free” credit scores from a company called ScoreSense. We put our credit card numbers in to pay $ 1 each and started getting charged between $ 19.95 and $ 29.95 a month each. We had no idea that we had signed up for any services from them. We didn’t realize what was happening until September and contacted the company in writing as they requested. They ended up giving us refunds for September and December, but not July, August, October and November. Can you help us get our money back?
Katherine Martin, Arlington

A. It is common to see offers like the one you did. ScoreSense, and other similar companies, dangle the idea of a free credit score in order to sell memberships for services that typically include credit monitoring. But it’s not a free score. It’s a trial membership, one that if you don’t cancel will result in recurring charges.

A lot of consumers have ended up unwittingly becoming members. Nearly 1,100 complaints have been filed with the Better Business Bureau against One Technologies LP., the company that runs…………… continues on Boston.com

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A New Trend: Checking The Credit Scores Of Prospective Dates
News from CBS Local:

CreditScoreDating.com. (Credit: CBS 2)

NEW YORK (CBSNewYork) — We all know a bad credit score can be a problem in a myriad of ways, but you may be surprised to learn it can affect your love life, too.

As CBS 2’s Dave Carlin reported Wednesday, chemistry and laughter are elements of the perfect date, but fiscal responsibility is a top turn-on as well. Many want to know their prospective dates’ credit scores first.

“It’s a good thing to know it,” Ambar Quela said.

Gaining popularity are the Web sites CreditScoreDating.com and DateMyCreditScore.com, with prospective partners sharing their credit scores.

In case you didn’t know, a score below 660 is a red flag, while above 800 is spectacular.

Financial history becomes make or break even before the first date.

“You don’t want any surprises,” one woman said.

“Absolutely, it’s a great thing,” another woman said, “because people lie, and you need to know the truth. I mean, that’s like a main thing.”

Etiquette expert Thomas Farley agrees t…………… continues on CBS Local

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What do banks use to check credit scores?
News from LoanSafe:

If you are looking to secure a loan such as a mortgage from your bank or even begin a new checking account you can be certain that your credit scores will be checked and thoroughly reviewed. Your credit score will indicate to the bank the amount of risk you bring to their company. Think of your credit profile as your character reference in regards to how you manage your money and debts.

Credit Reports

There are three main credit reporting bureaus your bank might use when checking your credit history. These include Equifax, TransUnion, and Experian. The Patriot Act requires that all banks verify the…………… continues on LoanSafe

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Drivers With Auto Insurance Quotes No Credit Check Are Increasing
News from TheDay.com:

Editor’s Note: This opinion piece was submitted by a member of the public to The Day’s community website, www.Zip06.com.

The credit score is plays an important part as that information to insurance companies on which they can base their risk and corresponding rates. People with no credit history or very low credit are usually rejected. These people then have to opt for auto insurance quotes no credit check.

Place, date: Not all vehicle drivers have a good credit history or high credit scores. But still they have to have insurance coverage for their vehicle. In both cases new and renewal of insurance coverage the credit scores tell the insurance companies the risk based insurance rates appropriate for the car buyers or car owners. Low credit scores and absence of a credit history is cause for outright rejection for some companies. These drivers need to insure their vehicles with companies that offer auto insurance quotes no credit check.

The credit score has a large effect on auto insurance renewal. The insurance quotes are high for buyers with poor scores. Some companies even cancel or refuse to renew the insurance when the scores fall below certain levels. For drivers whose credit scores have plunged to low levels do…………… continues on TheDay.com

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Westlake man has one of the highest credit scores in the entire country, 848 …
News from Plain Dealer:

By Teresa Dixon Murray, The Plain Dealer The Plain Dealer
on October 24, 2012 at 10:00 PM, updated October 24, 2012 at 10:54 PM

Tom Pavelka of Westlake insists he’s not frugal. He just spends money wisely.

WESTLAKE, Ohio — Tom Pavelka has a nice 3,000-square-foot home in Westlake, a good government job, two British sports cars and an adoring wife of 25 years.

But he has one more thing that most people would really, really love to have: a credit score that is higher than almost everyone else in the country.

Pavelka, 56, has a credit score of 848 out of 850. The letter he got from the credit bureau recently said his score “ranks higher than 100 percent of U.S. consumers.”

That makes Pavelka a financial anomaly.

While an 848 isn’t a perfect score, it’s as h…………… continues on Plain Dealer

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Credit Report Nation Announces Free Scores and Credit Reports from Equifax …
News from MENAFN.COM:

Credit Report Nation Announces Free Scores and Credit Reports from Equifax EFX Experian (lon:EXPN), and TransUnion

Oct 24, 2012 (Menafn – M2 PRESSWIRE via COMTEX) –Credit Report Nation, a company that provides access to your three credit reports, scores, and monitoring services to members, announces you can now see your credit reports and scores for free from all three credit bureaus at https://www.creditreportnation.com . The Nations credit bureaus are known to only give you access to one free credit report requiring you to register for three different sites if you want to see all 3. Finally consumers have more options for how they can access all their credit information online.

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Do credit scores matter if you avoid debt?
News from MSN Money:

This guest post comes from J. Money at Budgets are Sexy.

A long time ago I told my friend Brad Chaffee from Enemy of Debt that not paying attention to your credit scores is dumb.

I refused to listen to his thousand and one reasons why he couldn’t care less, and I thought his claim that he had a score of 0 (yes, zero) was cockamamy. I’m pretty sure I told him it wasn’t even possible, which I later came to find out was kinda sorta untrue. (It’s possible to have no credit score, which in essence is kind of like zero, even though it’s not.)

Here I am, though, three years older and wiser, and I’m starting to come around to the idea a bit more. Not that I’m sold completely on the whole thing — I’m not, and I’ll totally continue to monitor my own credit scores because I think it’s smart. But I do see where Mr. Brad is coming from more now. His stance can be simply summed up like this:

“If you’re never taking out a loan again, why d…………… continues on MSN Money

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FICO reveals behaviors behind sterling credit scores
News from Inman.com:

Credit cards image via Shutterstock.

Tight mortgage lending standards have dashed the hopes of many would-be homebuyers, but the developers of the most popular credit risk score today revealed some habits and behaviors of “high achievers” with FICO scores above 785.

More than 50 million people — about a quarter of all people with credit scores — are considered high achievers and tend to have “strikingly similar” credit habits regardless of background or life experience, San Jose, Calif.-based Fair Isaac Corp. said.

Some of these habits are fairly predictable: They keep low revolving balances relative to their available credit, don’t max out their credit cards, and consistently make payments on time.

But high achievers are not debt-free. They have an average of seven credit cards, including open and closed accounts, and carry balances…………… continues on Inman.com

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