Archive for March 31, 2015

The Nation’s Housing: Rent payments can improve your credit score – TriCities.com

The Nation’s Housing: Rent payments can improve your credit score – TriCities.com
News from The Nation’s Housing: Rent payments can improve your credit score – TriCities.com:

WASHINGTON — It’s the great credit divide in American housing: If you buy a home and pay your mortgage on time regularly, your credit score typically benefits. If you rent an apartment and pay the land-lord on time every month, you get no boost to your score — zip. Since most landlords aren’t set up or approved to report rent payments to the national credit bureaus, their tenants’ credit scores often suffer as a direct result.

All this has huge implications for renters who hope one day to buy a house. To qualify for a mortgage, they’ll need good credit scores. Young, first time buyers are especially vulnerable — they often have “thin” credit files with few accounts and would greatly benefit by having their rent histories included in credit reports and factored into their scores. Without a major positive such as rent payments in their files, a missed payment on a credit card or auto loan could have significant negative effects on their credit scores.

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Credit scores can be improved, but it may take time

Credit scores can be improved, but it may take time
News from The Daily Advertiser:

Mary Fox Luquette 11:06 p.m. CST March 7, 2015

19

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FTC Shuts Down Credit Repair Business Masquerading As The Federal Trade …

FTC Shuts Down Credit Repair Business Masquerading As The Federal Trade …
News from The Consumerist:

FTC Shuts Down Credit Repair Business Masquerading As The Federal Trade Commission – Consumerist

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FTC Slams SoCal ‘Credit Repair’ Group

FTC Slams SoCal ‘Credit Repair’ Group
News from Courthouse News Service:

FTC Slams SoCal ‘Credit Repair’ Group

     LOS ANGELES (CN) – First Time Credit Solution, of Bell, Calif. preys on Spanish-speakers, “bilking consumers on a daily basis,” by falsely claiming affiliation with the Federal Trade Commission, the FTC claims in court.
     The company operates under a number of names, including FTC Credit Solutions, 1st Consumer Credit USA, and Doctor de Crédito, the FTC claims in its March 16 federal complaint.
     “Defendants are bilking consumers on a daily basis, charging each victim approximately $ 2,000 for their fraudulent services,” the FTC says.
     “They falsely pose as affiliates or licensees of the federal government, namely the Federal Trade Commission, claiming that these credentials enable them to remove negative information from consumers’ credit reports, eliminate debts, and guarantee consumers a credit score of 700 or higher within six months or less.”
     On its website, ftccreditsolutions.org, the company calls its office on Florence Avenue in Bell its “main office,” and claims to have offices in San Francisco, New York, Dallas, Miami and Chicago, according to the 21-page lawsuit.
     The FTC also sued marketing director Guillermo Leyes, who filed for bankruptcy in February; CEO Jimena Perez; vice president sales accountant Ma…………… continues on Courthouse News Service

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6 Reasons You Can Be Rejected With An Excellent Credit Score

6 Reasons You Can Be Rejected With An Excellent Credit Score
News from Forbes:

These days, our credit scores are everywhere. Many banks now print credit scores on your monthly credit card statement. Companies like CreditKarma give credit scores for free. Americans increasingly understand how their score is calculated and how to improve it. However, just because you have a good credit score doesn’t mean you will be approved for credit. I spent nearly 15 years working in banking. During that time, I used to decide who we would approve and who we would reject. Despite what the scoring experts like to imply, simply knowing your score is not enough to know your odds of approval. Here are six reasons why you can have an excellent score, but still get rejected.

1. What Credit Score Are They Using, Anyway?

I often hear people talk about their “credit score,” as if they only had one score. There are hundreds of scores in the market. Fair Isaac Corporation developed the original FICO score. However, there are multiple versions of the generic FICO score (the most widely used is Version 8). There are also FICO scores specifically for automobiles and bankcards. To complicate the picture even further, the score depends upon the data from the credit bureau. And there are three credit bureaus. You can s…………… continues on Forbes

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Tips on how to repair your credit score

Tips on how to repair your credit score
News from Bay News 9:

By Angie Moreschi, Consumer Wise Host
Last Updated: Tuesday, March 24, 2015, 11:00 AM

Your credit score is an all-important number, especially if you’re in the market to buy a house, a new car or even insurance. The number is an analysis of your credit history and will sit on a scale between 300 and 850.

700 and above is considered good. To get in that range, it’s important to make sure you’re paying your bills on time.

There’s a delicate balance with how much debt you carry. You don’t want too much of it, but don’t shy away from using credit either. Proving that you can pay off debt can help improve your score. Use the cards you have and make those payments. Payment history makes up about 35 percent of your credit score. Keep in mind, every time you apply for a credit card, you’ll get a notch on your credit history.

Another tip, check your credit reports for mistakes. You’re entitled to a free copy of your credit report from each of the three credit reporting agencies every year. You can sign up on websites like Annual Credit Report. Aim to get a report once every four months so you can monitor them throughout the year. If you find any mistakes, report…………… continues on Bay News 9

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Top 4 Ways to Spot a Credit Repair Scam

Top 4 Ways to Spot a Credit Repair Scam
News from The Cheat Sheet:

Source: Thinkstock

If your credit card debt has been spiraling out of control, you might be thinking about paying a professional to help you repair the damage.  You’re most likely feeling the pressure and would do anything in your power to relieve the discomfort. You might even be getting sick over it. In fact, the American Psychological Association’s 2015 Stress in America survey finds that financial strain can have a big impact on your health.

Although you may feel distressed, don’t let your delicate emotional state lead you into the arms of a scammer. This will make you a prime t…………… continues on The Cheat Sheet

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Free credit program offered in Raritan by Central Jersey Housing Resource Center
News from NJ.com:

The Central Jersey Housing Resource Center (CJHRC) offers a free program for those that are trying to establish or re-establish credit, have been denied recently for credit or want to better understand debt and special savings program.

This class will take place on Wednesday, April 8, 5-9 p.m. in the downstairs conference room at CJHRC, 600 First Ave., Raritan 08869.

This workshop has been revamped and will be much more interactive with participants walking away with important information they want and need. While in the past the topic of “Understanding Your Finances” focused on budgeting and tracking of expenses, now in addition participants will each receive a calculator and a bill-paying organizer. The attendees will do a few real-life examples so they feel confident in creating a budget and be able to calculate their debt to income ratio after the program.

Credit is an important topic, and the majority of landlords in this charge $ 25-$ 55 per applicant for a credit check. Your credit score is not the only deciding factor for landlords. This program will cover a lot of information on credit including what makes up a credit score and what is in a credit report.

Participants will learn now to request a free copy of their report from annualcreditreport.com and on April 8 they will have the option of getting a credit report. This is fre…………… continues on NJ.com

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8 Ways to Increase Your Credit Score to Get the Lowest Mortgage Rates

8 Ways to Increase Your Credit Score to Get the Lowest Mortgage Rates
News from Motley Fool:

If you’re seeking the best deal on a mortgage, you’ll need to give your credit some serious attention.

Your credit report and score are two essential elements used by mortgage lenders to decide whether you’ll be approved for a mortgage. The information found in your credit report is used to calculate your credit score. And a higher score reflects a strong credit history and can make you eligible for the lowest possible mortgage rates.

Image: frentusha/iStock.

“Generally speaking, having a high FICO Score makes it more likely a consumer will qualify for favorable loan terms,” says Jeffrey Scott, spokesperson for the Fair Isaac Corporation (FICO).

Lower mortgage rates mean a lower monthly payment and lower interest payments over the life of your loan. In other words, you can save some major cash by improving your credit before you apply for a mortgage. 

Here are eight ways you can give your credit a boost to get the lowest mortgage rates:

No. 1: Know where you stand
Your first stop on the path to a better mortgage deal is creating a baseline. You have to know where you stand in order to improve. Get started by running your credit reports and getting your c…………… continues on Motley Fool

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No, getting a raise doesn’t improve your credit score, and other widely-held …
News from Bob Sullivan.net:

by Bob Sullivan on March 12, 2015

Click for the full survey

Surprise!  Consumers are still confused about what goes into a credit report and a credit score. Given how opaque these things were for such a long time, it’s entirely predictable that confusion reigns. It’ll be that way for a while.  Credit bureau Trans Union released a survey on Thursday with more proof that the mythology built up around credit reporting will take a long time to undo. Heck — apparently one in four Americans think the Sun, revolves around the Earth, so fixing this will take a while.

The myt…………… continues on Bob Sullivan.net

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Todd Boatwright of News 8 Austin interviews MSI Credit Solutions CEO Ricardo Mendiola. Ricardo shares some insight of how the credit repair process works, and how MSI Credit Solutions assists…
Video Rating: 5 / 5

Top Credit Cards If You Have Bad Credit

Top Credit Cards If You Have Bad Credit
News from Investopedia:

Sometimes life happens. Maybe you or your spouse lost a job, experienced a health challenge or had a business fail. Or maybe the economy tanked and when the dust settled, you were left in an impossible financial position.

If you or somebody you know found themselves with a credit score that offers them very few options for securing any kind of credit, it’s time to begin the rebuilding process. If you’re patient, practice perfect financial habits and don’t get ahead of yourself, it won’t take long to see significant improvement in your credit score.

Likely, you will start with a credit card. Your credit limit probably won’t be high and the terms will be, shall we say, confining, but it’s a first step to re-establishing your credit.

Secured Credit Cards

Prepaid credit cards won’t get you anywhere if you’re trying to raise your FICO score, but a

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Business in Savannah in brief
News from Savannah Morning News:

In this month’s BiS journal:

• Paula Kreissler, director of healthy living with Healthy Savannah, talks to the community about making healthy choices and why they’re important.

• Clay Taglioli, who owns the Barber Pole on Wilmington Island, is following in the footsteps of his father, who owned and operated Jimmie’s Barber Shop in downtown Savannah until it burned down in 1997.

• Attorney Edgar Smith says most business owners who have experienced late credit payments or nonpayment can apply a few basic good credit practices at the beginning of the credit relationship to help minimize potential losses.

• Economist Kenneth Zapp notes that Americans, at last, are talking about income inequality and poverty as the central challenge in our society with even leading Republicans joining the discussion.

• If you have 50 or fewer full-time employees and you reimburse employees for the cost of privately purchased health insurance, accountant Michaell Fussell says you probably are in violation of the Affordable Care Act.

Pooler outlet mall to celebrate grand opening

Tanger Factory Outlet Centers and Ben Carter Enterprises announced Tuesday that Tanger Outlets Savannah will celebrate the center’s grand opening on April 16 with a 10 a.m. ribbon cutting hosted by HGTV’s Property Brothers, Jonathan and…………… continues on Savannah Morning News

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5 things you can finally do once your credit improves

5 things you can finally do once your credit improves
News from ABC Action News:

Where was your credit in the spring of 2008? For many people it was teetering on the edge of solvency, about to plummet into the deep hole known as the Great Recession. By the end of the following year, 2009, mortgage delinquencies would climb to almost 7 percent, according to data by TransUnion. Credit card late payments also climbed, according to Federal Reserve data, and would peak at 6.78 percent in the third quarter of 2009.

If you were among those sucked into the collapsing bubble of the housing market or whose incomes took a beating in the soon-to-be tumultuous job market, your credit probably did not ride out the recession unscathed. Instead, you may have lost your home to a short sale or foreclosure, or were forced to negotiate settlements on some of the credit cards you couldn’t pay back. Maybe you even filed for bankruptcy.

Whatever damage was done, it’s now been seven years since the recession began and consumers (and lenders) are cautiously breathing sighs of relief. Delinquency rates on mortgages and car loans are at “normal” levels. New TransUnion data reveals that the mortgage delinquency rate (the rate of borrowers 60 days or more delinquent on their mortgages) declined for the 12th straight quarter to 3.29 percent at the end of the fourth quarter 2014.

At the personal level, negative items such as charge-offs due…………… continues on ABC Action News

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