The latest economic casualty? Falling FICO credit scores

If you haven’t checked your credit score in awhile, you could be in for a shock.

According to a report by the Associated Press, millions of U.S. borrowers have experienced significant declines in their FICO scores — the grading system most banks use in their lending decisions — amid high unemployment and limited access to credit. That scoring shift means many borrowers will find it increasingly difficult to qualify for affordable mortgages, auto loans and credit cards. “Millions more people ..read more

Why Can Bad Credit Rating Be a Good Thing?

A very close friend of mine started with a good credit score, just like everyone else. She took out some credit cards, and used them to purchase a lot of things. She was able to pay her bills at first but eventually went into debt. For about 5 years, she had over a thousand dollars in credit card debt. Not only that, for she also took out loans on cars as well. Afterwards, she realized that it was too much to ..read more

Solution for Rebuilding Your Credit

Do you have a bad credit score? Surely, it does not sound good at all. Neither does it do you any good. A lot of people get bad credit these days. It is not a surprise because we are dealing with very tough times. There are a lot of nasty unexpected things, take for example, lay-offs from nowhere and the like. It has been observed that from 2001, more and more Americans, even the ones with stable jobs, get bad credit ..read more

Getting over Debts with a Credit Card

It may be troubling to get a normal credit card if you have bad credit history, or if you have the lack of it. If you find yourself in this situation, you can have a secured credit card, like bad credit credit cards, to help you. In recent times, a person’s credit score has been very important. Basically, it determines whether you can get a loan, with a specific interest. Having bad credit can make you lose a lot of money ..read more

Getting Back with Credit-repairing Credit Cards

It is very common to get a negative credit rating from using your credit card. A lot of people do not know this so it is quite surprising?hocking, even. It is imperative that you know what makes up your credit score and how it comes to be the way it is. Basically, your credit score gives a reflection of how you fare in financial situations. Fundamentally speaking, the credit score is what some companies use as a basis for determining ..read more

Fixing Your Bad Credit

Bad credit scores or histories may commonly arise these times because of the continuing rise in the cost of living, monthly loans, mortgage payments, and cumbersome credit card bills. If you are one of the unfortunate people who have gotten a bad credit score, you should get on your way to fix it instead of moping over your predicament. If you want to gain full management of your financial crisis, you should fix your bad rating immediately. It is also imperative ..read more

Emily’s list: Financial reform edition

President Obama has had it with Wall Street’s shaky (and often unethical) financial practices that led us to (and perhaps kept us in) a crippling recession. His administration is currently pushing a Wall Street reform bill that will help overhaul the American financial system. After a filibuster and several other stalls from Republicans, the Senate unanimously agreed on Wednesday to begin a public debate on this. Obama says he hopes this reform bill passes quickly, and so do I.      ..read more

Targeting Credit Cardholders Much Different Now

When it comes to the types of credit cardholders issuers are after, times are much different than that of the past. As many issuers are finding themselves with record amount of delinquencies and write-offs, banks have either closed many accounts or made changes to cardholder’s terms so drastic that there has been no other choice but to opt out. In addition to that, issuers are also putting their focus on those that at one point were once considered "unprofitable".

 

Unlike in ..read more

Uses of Prepaid Credit Cards

Prepaid credit cards just gave plastic money a new popular twist. There is no going beyond limit because the cardholder is only allowed to spend what has been already paid off. It is like a gift card, only it can be used around with different merchants. Prepaid credit cards have a lot of benefits aside from the obvious that you can never have an overdraft because you simply cannot use it once the limit is reached. This type of plastic money ..read more

Knowing Your Credit Score is More Important than Ever

When was the last time you reviewed your credit report or looked at your credit score? If you are like many Americans, it was probably the last time you were about to make a major purchase. While this has always been the rule of thumb; since the economic downturn many consumers have decided to hold off on making large purchases as many have become a little uncertain of their financial future. Although holding off on a major purchases is never ..read more

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