NationalCreditReport.com, a leader in credit report, credit score and credit monitoring services, reminds consumers that there are many things that might seem like a good idea when working to get a good credit score, but consumers should do their research before taking any steps that might cause credit report damage. “There are some common mistakes that people make when they...
It can happen to anyone: Miss just a credit card payment or two and the next time you check your credit score, you're stunned to find a low number that makes lenders shun you. But with patience and discipline, you can move that score from the depths to the stratosphere. We talked to several people across the country who dug themselves out and brought up their credit scores in a...
New reports out show that about 43-million of Americans have a credit rating so poor that getting a loan is much more difficult, and when they do much more expensive. “It can affect your borrowing costs, the amount you’ll pay to finance cars or homes or, certainly credit card rates,“ notes Morningstar Financial’s Christine Benz. A bad credit score can even affect your...
A new home, a new car, even something as simple as a new credit card, all becoming harder for Americans to obtain. Glenn Reynolds, Vice President and Mortgage Loan Manager for Arvest Bank, says, "Ever since the financial situation started in the last two years they've tightened up the minimum credit score to be able to get all types of credit." Reynolds says these days your...
“Figures provided by FICO Inc. show that 25.5 percent of consumers — nearly 43.4 million people — now have a credit score of 599 or below, marking them as poor risks for lenders. It’s unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now use,” according to the AP. Historically, just 15 percent of the 170 million...
Millions of Americans have seen their credit scores fall amongst the lowest levels possible. FICO is reporting that almost 44 million people, 25.5 % of consumers, currently have a credit score less than 600. A credit score this low makes a borrower a very high risk for lenders. These low credit scores will make it almost impossible for these consumers to obtain a mortgage, auto loans,...
If your credit score slipped during the recession, it might cost you more to insure your vehicle. Credit scores can be a factor in setting auto insurance rates in Michigan, the Michigan Supreme Court ruled Thursday. (See the Detroit Free Press story.)...
