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 [...]
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.
The same is true in Connecticut. Insurers can use information from credit reports and credit scores to measure a person’s potential [...]
“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,” [...]
A. For you, the hit should be minor and temporary. Still, there are considerations to make before you cancel.
Ask yourself if you’ll be applying for any major loans, such as a mortgage or car loan, in the near future.
“You might want to keep the card until that credit is obtained to get the best possible [...]
OK. So youve ordered your credit report and seen your credit score. Now you see the cold, hard truth its downright ugly and you wonder if you can really salvage your credit and ever get a decent interest rate on a home or car loan forget about credit cards!
Take heart! With a few [...]
The Fair Isaac Coporation, creators of the FICO credit scoring system, recently discoverd that 49% of people polled did not know that credit scores measure credit risk. Even if you already know the basic facts about credit, you may not realize the impact credit can have on your life, and how your credit report plays [...]
