Where does credit card scores over debit card
News from Daily Bhaskar:

New Delhi: Many of us are afraid of availing the facilities of credit cards, owing to their bad reputation. Inflated bills, over-expenditure are some of the reasons why most of the people avoid the use of credit cards.

 

However, experts believe that a credit card to help you in more than one that a debit card cannot. 

 

To begin with, you can keep a check on your daily expenses with credit card, if you pay your monthly credit card bills on time. All you need to exercise is little retraint and discipline and credit cards can offer you many advantages over the Debit cards. 

 

Making use of cerdit will help you ensure that you stay within your budget. 

 

Credit card help you meet emergency when you run-out of money. A person can easily overdraw from their account, debit cards, on the other…………… continues on Daily Bhaskar

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I’ve Never Missed a Payment and Still Have Bad Credit!
News from Go Banking Rates:

Growing up you were taught that being financially responsible means paying your bills on time. While this is a good rule to live by, there’s much more to being financially responsible. As a matter of fact, you can have a perfect payment history and still have a bad credit score.

The reason is because a good payment history is only a portion of what affects your credit score and as you already know, a good credit score is essential to your financial well-being.

The Credit Score Factors

What does a perfect credit score look like? The exact FICO formula has yet to be cracked, however, a few credit score factors contribute to piecing together what is required to achieve a high credit score.

The Fair Issac credit score is formulated based on these five pieces of data: payment history, amounts owed, length of credit history, new credit and types of credit used.

As you can see, payment history, which i…………… continues on Go Banking Rates

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The Hidden Credit Scores That Could Sink Your Finances – DailyFinance
News from The Hidden Credit Scores That Could Sink Your Finances – DailyFinance:

Credit ScoreIf you’re a little savvy about credit, you probably know that each of us is entitled to a free copy of our credit report, once a year, from each of the three main credit-reporting agencies. (You can access these easily online at annualcreditreport.com.) And if you’re willing to pay a few dollars, you can get your credit score, as well.

That’s great, but according to our new national financial watchdog, the Consumer Financial Protection Bureau, credit scores vary widely, and the ones you’re given may be very different from the ones lenders and other businesses actually use.

Because your credit score is used for much more than just predicting how reliable a borrower you’ll be (potential employers and landlords check it, as do some utility companies, insurers, and even car-rental companies), a poor score can doom you to steep interest rates and even outright rejections. It can cost you tens of thousands of dollars, or more.

Big Numbers, Big Costs

The CFPB looked at 200,000 credit records from each of the three main credit-reporting agencies: Experian, TransUnion, and Equifa…………… continues on The Hidden Credit Scores That Could Sink Your Finances – DailyFinance

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20 Percent of Consumers get Different Credit Scores than Lenders
News from Opposing Views:

When consumers seek a line of credit, they may be fairly confident that they know where they stand with regard to their rating, but this might not always be the case.

Anywhere between 20 and 27 percent of the time, credit scores consumers see are meaningfully different than the credit scores lenders use, and that can cause significant problems for would-be borrowers, according to a new study from the federal Consumer Financial Protection Bureau. The result of these discrepancies between what a consumer might see when they order a copy of their credit score, and what a lender might see, is that a potential borrower might be under mistaken impressions of what they can actually qualify for.

For instance, those who believe their credit ratings are better than they actually are may be put in a position where they continually apply for financing for which they are unqualified, and therefore have an even more negative impact on their score because of the number of hard inquiries processed in a short period of time, the report said. On the other hand, those who think their scores are lower than what they are in reality may end up qualifying for a line of credit that isn’t as beneficial or affordable as what their real standing shows they deserve.

The inherent problem with these differences in scores consum…………… continues on Opposing Views

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Do You Know Which of Your 49 FICO Credit Scores Your Lender Is Looking At?
News from Go Banking Rates:

If you’ve been relying on your FICO score to help you determine whether you qualify for a credit card or loan, you will be disappointed to learn that the score you’re offered by Fair Isaac may not be the one lenders use to determine your eligibility.

According to a recent study presented by the Consumer Financial Protection Bureau (CFPB), lenders may be examining anywhere from 49 FICO scores when deciding whether to grant you a loan, which means you may be completely off-target when you perform a credit score check.

Your FICO Score Isn’t as Accurate as You Think

After years of trying to figure out exactly what your FICO score means when acquiring a mortgage loan, credit card or auto loan, it can be disheartening to learn that the score you check regularly may mean very little when you actually visit a lender.

The CFPB study analyzed 200,000 credit files from the three major credit bureaus: TransUnion, Equifax and Experian. It found that one out of five consumers is likely to receive a FICO score that is “meaningfully” different from the score used by a lender to make a credit decision.

The reason for the discrepancy is that lenders have approximate…………… continues on Go Banking Rates

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Things to do to improve my credit score
News from WPTV:

WEST PALM BEACH, Fla. – These tips are from Darish Still, President and Chief Executive Officer of Consumer Credit Management Services, Inc.

Three 3 tips can help you improve your credit score:

1.    If you are not current on your accounts, get current and stay current.  35% if the score considers your ability to pay your bills on time.

2.    Keep your account balances low.  If your balances are high, pay them down.  30% of the score looks at the amounts owed on your accounts.  The general rule is to keep your balances below 1/3 of the accounts available credit.

3.    Open new accounts only as needed.  15% if the score considers how long you have managed credit.  One of the numbers considered is the average length of credit history.  Opening new accounts decreases this average resulting in a lower score.

Monitor your credit report annually by visiting www.annualcreditreport.com . It’s a free service that gives you access to your report from all three major credit repositories. Studies show that 70% of credit reports contain errors which can affect the score.  By closely monitoring your report you can detect these errors or any fraudulent activity which can also lower scores.

Copy…………… continues on WPTV

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New Report Indicates Credit Scores are Improving
News from Opposing Views:

The biggest news this week involved a new report on the state of credit in the U.S. as mortgages dropped to new record lows.

A new report from Experian shows that Texas dominates their list of cities with the lowest average credit scores. Three South Texas towns were in the top 10 – El Paso, Corpus Christi and Harlingen.

It isn’t all bad news, however. Credit scores in the U.S. are improving overall and many borrowers are getting better at paying their bills on time, a major factor in credit scoring. If you want to take a look at where your credit score currently stands, check out your Credit Report Card.

The group discount company is rebranding itself as a mobile payments provider as Groupon announced this week that it’s now supplying small business owners with an app that allows them to swipe credit cards for a small fee.

Groupon Payments, as the app has been named, is a direct competitor to Square and Paypal and is intended to help small business owners simplify their payment of swipe fees. Currently, Visa, MasterCard, American Express and Discover are all on board.

If you haven’t refinanced yet, you might want to now. The average interest rate on a 30-year fixed-rate mortgage dropped to 3.49% this week, according to Freddie Mac. That matches the previous r…………… continues on Opposing Views

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DriveHomeToday.co Seeks to Help Car Buyers with Bad Credit Get behind the …
News from The Herald | HeraldOnline.com:

DriveHomeToday.co is Helping People with Bad Credit Secure Car Loans in Schaumburg, IL

— /PRNewswire-iReach/ — In today’s economic condition, many people find themselves with less than perfect credit scores and are labeled subprime borrowers. These people feel stuck as they are unable to get approved for loans, but need loans to help build up their credit scores. DriveHomeToday.co strives to remedy the unfair situation and help car buyers get approved and on the road to a more successful future with bad credit car loans in Schaumburg Illinois.

(Photo: http://photos.prnewswire.com/prnh/20120921/CG79123)

It is important to remember that bad credit can be a temporary problem if the right steps are taken and there are options out there to help individuals with bad credit in Schaumburg Illinois. DriveHomeToday.co would like to help people from the Schaumburg area get the car loan that they deserve while also helping them get back on the right financial track. Credit scores and car loans can be an intimidating topic.

To help, DriveHomeToday.co has setup a car credit b…………… continues on The Herald | HeraldOnline.com

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How To Raise Your Credit Scores 25 to 100 Points In 48 HRS, Guranteed!!
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1.4 Million No Longer Plagued with Low FICO Credit Scores
News from Go Banking Rates:

After years of being stuck with a bad credit score, Americans are finally pulling themselves out of the rock-bottom tier of FICO scores. If you want to see your credit score increase, you are not alone. But with lending still tight, you’ll need to continue taking the right steps to improve and maintain your score.

Fewer Consumers Plagued with Low FICO Scores

Times have been tough for Americans who struggled with lower FICO scores since the Great Recession. Many unemployed, yet responsible borrowers were unable to pay their bills, which resulted in more than 43 million Americans with credit scores at 599 or lower in 2010, according to FICO Inc.

The good news is FICO scores are rapidly improving. Compared with last year, about 1.4 million fewer people had scores in the lowest tier range of 300 to 549.

According to the company, some bad credit score improvements were the result of more cautious financial habits. But not all score increases were positive. Some people already had such low scores before the recession that lenders completely stopped lending to them and, as a result, they started using debit cards.

Others have resorted to payday loans and other unconventional…………… continues on Go Banking Rates

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How to Spend Your Way to a Better Credit Score
News from Opposing Views:

A woman who was turned down for a loan recently came to me for advice to find out why she was rejected. Sitting at my desk, she said she had perfect credit. When I asked her why she thought her credit was perfect, she replied that she should have perfect credit because she had no problem paying her bills. I asked to see her credit report and there was nothing on it.

It’s a common misconception that we start out with perfect credit and it gets worse with every loan or credit card we obtain. As a result, people avoid taking out loans and they cut-up or cancel credit cards they no longer use.

Unfortunately, this well-meaning advice is incorrect.

I’ll illustrate it this way: If you were going to loan your car to someone, would you rather loan it to someone who had never driven before or to someone who had a perfect driving record with years of experience?

Obviously the answer is that you would feel better about lending your car to someone with years of great driving experience. And the same is true for money lenders: They prefer to lend to someone who has proven in the past that they would pay back the money they owed.

Therefore, our credit scores grow when we borrow money and pay it back on time and in full, and decline when we don’t borrow money or when we don’t pay it back on time.

So one of the best skills you can lear…………… continues on Opposing Views

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How Do Credit Scores Work Around the World?
News from Business Insider:

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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

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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

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African-Americans and credit scores: How the mortgage meltdown permanently …

African-Americans and credit scores: How the mortgage meltdown permanently …
News from The Grio:

A recent Washington Post article examined how the meltdown in the mortgage market has led to a sharp decline in credit scores for blacks. The Post article emphasized how poor credit makes it much tougher to secure loans and gain access to credit, especially for African-Americans. The significant loss of black wealth through foreclosures following the disproportionate number of costly sub-prime mortgages granted to blacks might place many African-Americans in a permanent bad credit underclass.

“At issue are the largely invisible but profoundly influential three-digit credit scores that help determine who can buy a car, finance a college education or own a home,” the Post said. But talking about credit scores exclusively in the context of credit and loans is incomplete and misses the mark. In reality, the fi…………… continues on The Grio

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Action Line: Underbanked helped by new Extended View credit score
News from Tulsa World:

Experian announced June 13 it was introducing a new credit score – the “Extended View Score” – developed exactly with you in mind. “To help identify and assist the underbanked population,” now accounting for one-fourth of the U.S. population (nearly 64 million consumers) who have limited or no traditional credit history. This new score will help lenders expand their lending universe and will help consumers receive credit products and services that the credit reporting bureaus can track and report on.

Underbanked: The scoring system is “a highly-predictive score designed to assess the creditworthiness of consumers who have little or no traditional credit history” – typically referred to as “the underbanked” or “the unbanked.” The Federal Reserve Bank of Kansas City published “A study of the unbanked and underbanked consumer in the 10th Federal Reserve District” in May 2010 ( tulsaworld.com/10thFedResDistUnderbanked). It found Oklahoma (with 31.6 percent unbanked or underbanked) was second to northern New Mexico with 33.1 percent. Five other states ranged from 27.6 percent to 20.2 percent.

Underbanked fo…………… continues on Tulsa World

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Consumers clueless about credit scores
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Members want probe into Discovery fee

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Discovery Health Medical Scheme members are demanding an independent review of the administrative fees paid to the company, according to a report.

Bank chiefs have worst…………… continues on Fin24

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