Tag Archives: Credit

New FICO Credit Scoring System in ‘09

May 07, 2009   admin   No comments

Fair Isaac Corporation, developer of the formula that determines your FICO score, is presenting a new model with TransUnion, one of the three major credit agencies, dubbed FICO 08. The new formula comes almost a decade since Fair Isaac changed the formula and at a time when more lenders have criticized FICO’s ability to predict defaults as they continue to deal with falling housing prices and the subprime mortgage crisis. Equifax is expected to follow in the second quarter, while Experian is not commenting due to pending litigation.

With 90% of U.S. banks using the FICO scoring system, many things will remain unchanged, including the importance of timely payments, length of credit history, amount of debt and a scoring range of 300 to 850. The n

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  Tags: Credit, Credit Scoring

Buying a Home with Bad Credit

May 06, 2009   admin   No comments

Buying a home with bad credit is relatively easy provided you manage to find a right kind of lender. With bad credit, you need to pay high interest rates. Seller financing is one of the method through which you can buy a home with bad credit. There are few sellers that are ready to finance people with bad credit so that they can buy their home. Normally it is in the form of an owner-carried mortgage and contract for sale. In this scenario, you need to make payments to the seller rather than a lender. With no involvement of lender, you are going to save plenty of money in the long run.

People with bad credit also have a lease option. Read the full post

  Tags: Bad credit, Credit

Bad Credit Score – No Matter With No Credit Check Personal Loan

April 23, 2009   admin   No comments

Always be aware of the type of credit you hold because credit from financing companies can affect your credit score.

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Bad credit is the tag which gets attached to a person due to his leniency in making the repayments. And it remains with the person for a number of years until he pays any of his debts in future on time. Like getting in to the debts is much easier than getting out of it., in the same manner, the tag of bad credit gets easily attached and finding the way to detach it is difficult, which depends on the severity of the debt problem.

It is commonly seen that the people with good credit find no difficulty in applying for a loan.

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  Tags: Bad credit, Credit, Credit Score

Heal your Credit Score with Poor Credit Auto Loan

April 13, 2009   admin   No comments

New credit – Applying for too much new credit is one of the easiest ways for people to inadvertently harm their credit score.

Good credit score always assists an individual in borrowing an amount from the financial market for buying an automobile. But, what if an individual has poor credit score? Is he eligible to perform in the financial market and have his own automobile? If you are waiting for answer, then the answer is yes. And, means through which he can perform is poor credit auto loan.

Poor credit auto loans are available in two flavours, that is, secured and unsecured. The security in the secured poor credit auto loan is the collateral placed.

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  Tags: Credit, Credit Score

Credit Card Charge Offs – What You Need To Know!

April 12, 2009   admin   No comments

The economic meltdown is affecting every industry in the country. Amongst the worst hit is the credit industry and people across the country are losing their jobs and are unable to make their payments. The impact of the economic turmoil is seen and felt in the credit card industry as the number of charge-offs reach unprecedented levels. In fact, the credit card charge off rate in the month of February represent an all-time high in Moody’s Credit Card Index’s twenty year history.

What are Credit Card Charge-Offs?
So, what are credit card charge-offs and why do you need to worry about them? Credit card companies charge-off accounts that have been late in their payments for over 6 months. Mos

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  Tags: Credit, Credit Card
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