Category Archives: Credit Repair
What Is A FICO Score, And Why Is It So Important?
FICO stands for Fair Isaac Corporation, and it is a software analytics company that calculates borrowers’ credit score to determine their credit worthiness, and lenders in turn use loan applicants’ FICO scores to determine whether to extend loans to these applicants. Just as Google updates its algorithms every so often in order to provide… Read More »
Credit Card Limit Increases: What Could Possibly Go Wrong?
Getting an offer for a credit limit increase on your credit card feels like a win, especially if you are trying to rebuild your credit after a bankruptcy filing or another serious struggle with debt. Your instinct might be to jump at every opportunity to increase your credit limit; after all, an increase in… Read More »
You Can Get A Home Mortgage With Lackluster Credit, But Should You?
Owning a house gives homeowners a feeling of financial stability, even if they must contribute a large portion of their income each month toward mortgage payments. Unfortunately, most people in our society live paycheck to paycheck, and home ownership remains elusive. The good news is that it is possible to qualify for a home… Read More »
The 609 Loophole: Myth Or Reality?
Schoolchildren in South Florida have been known to circulate a rumor to the effect that, if you say “Bloody Mary” to your reflection in the mirror three times in a dark room, a vengeful ghost by that name will appear and commit horrific acts. Anyone who has tried to do this found that the… Read More »
How to Tell Family and Friends about Your Bankruptcy
Bankruptcy is a public process in the United States. Not only are your court records public, but people can find out about your bankruptcy by doing a background check. Some newspapers also publish a list of the names of people who filed for bankruptcy in that jurisdiction. It’s unlikely that your friends and family… Read More »
Credit Card Fraud is Declining
New research has shown a helpful decline in credit card fraud. According to a report discussed in Forbes magazine, fraud dropped to $6.4 billion in 2018, down from $8.1 billion in 2017. The numbers were compiled by Javelin Strategy & Research. These numbers might not mean much to consumers, since banks end up eating… Read More »
House Democrats Look to Ban Use of Credit Score when Setting Car Insurance Rates
Your credit score matters, particularly when you try to get a loan. Those with the best credit scores tend to qualify for the lowest interest rates. If your score is weak, then your interest rate will be higher, and you will ultimately pay much more over the life of the loan. Your credit score… Read More »
Have You Checked Your Credit Report Lately?
To qualify for loans, you need a solid credit history of timely payments. Without it, the only types of loans you can get are those with outrageously high interest rates. Most people have no idea what their credit history consists of. Even worse, they have never taken a look at their credit history report,… Read More »
NBC Promotes Experian Program that “Instantly Boosts” a Participant’s Credit Score
In a recent blog post, NBC News has decided to promote a program from credit bureau Experian that promises a quick increase in a person’s credit score. Though consumers should carefully consider all techniques for improving credit, NBC buries some valid criticisms of the program. What is Experian Boost? Giant credit bureau Experian is… Read More »
Will Congress Investigate the Credit Score System?
New York’s freshman Congresswoman Alexandria Ocasio-Cortez continues to make waves. In January, she announced that high-income people should pay a 70% income tax, which is roughly double what they currently pay. She has also proposed a “New Green Deal” which seeks to lower carbon emissions while boosting the number of good-paying jobs. But in… Read More »