Tag Archive for scores

3 ways millenials can improve low credit scores

3 ways millenials can improve low credit scores
News from The Denver Channel:

Fire Weather Warning issued August 21 at 5:52AM MDT expiring August 21 at 8:00PM MDT in effect for: Moffat, Rio Blanco, Routt

Fire Weather Warning issued August 21 at 5:52AM MDT expiring August 21 at 8:00PM MDT in effect for: Delta, Eagle, Garfield, Gunnison, Hinsdale, Mesa, Montrose, Ouray, Pitkin, San Miguel

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Fire Weather Watch issued August 20 at 10:22PM MDT expiring August 21 at 8:00PM MDT in effect for: Moffat, Rio Blanco, Routt

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3 ways millennials can improve low credit scores
News from Ventura County Star:

Have you heard? Millennials have the worst credit scores of any generation. The data point plays well with one of Americans’ favorite pastimes: discussing the dismal state of the nation’s youngest consumers.

The average 19- to 34-year-old has a credit score of 625, but it’s 650 for Gen X (35-49), 709 for baby boomers and the Greatest Generation (together, those generations include everyone older than 50). The national average is 667. The data comes from credit bureau Experian and uses the VantageScore 3.0 credit score range, which goes from 300 to 850.

Yes, millennials have the lowest average credit score of American adults, but that statistic is neither surprising nor helpful. Building a good credit score takes time, and having poor credit as a young person doesn’t mean you’ll always have poor credit. It’s like a bad haircut: You have to deal with it for a while, figure out how to make it work while it’s in the awkward stages, but eventually, by staying patient and resisting making decisions that can make a bad situation worse, it’ll grow out. (That works both ways: Having a great credit score now doesn’t mean you always will, just like someone with a great hairstyle can easily be set back with a poorly timed buzz cut.) 

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How millennials can improve low credit scores

How millennials can improve low credit scores
News from WPTV.com:

Have you heard? Millennials have the worst credit scores of any generation. The data point plays well with one of Americans’ favorite pastimes: discussing the dismal state of the nation’s youngest consumers.

The average 19- to 34-year-old has a credit score of 625, but it’s 650 for Gen X (35-49), 709 for baby boomers and the Greatest Generation (together, those generations include everyone older than 50). The national average is 667. The data comes from credit bureau Experian and uses the VantageScore 3.0 credit score range, which goes from 300 to 850.

Yes, millennials have the lowest average credit score of American adults, but that statistic is neither surprising nor helpful. Building a good credit score takes time, and having poor credit as a young person doesn’t mean you’ll always have poor credit. It’s like a bad haircut: You have to deal with it for a while, figure out how to make it work while it’s in the awkward stages, but eventually, by staying patient and resisting making decisions that can make a bad situation worse, it’ll grow out. (That works both ways: Having a great credit score now doesn’t mean you always will, just like someone with a great hairstyle can easily be set back with a poorly timed buzz cut.)

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UA Matters: Myth vs. Fact about Credit Card Use, Credit Scores, History

UA Matters: Myth vs. Fact about Credit Card Use, Credit Scores, History
News from UA News:

Dr. Melissa Wilmarth

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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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Clinton Township man gets 2-1/2 years in illegal scheme to improve credit scores

Clinton Township man gets 2-1/2 years in illegal scheme to improve credit scores
News from The Macomb Daily:

A Clinton Township man was ordered to serve 2-1/2 years to 20 years for his behavior as a Detroit police officer in a bribery and forgery scheme to help improve his and others� credit scores.

Tamboura K. Jackson, 41, was sentenced Friday by Judge Mark Slavens in Wayne County Circuit Court in Detroit for convictions for operating a criminal enterprise — aka racketeering — public officer accepting bribes and forgery following a December jury trial, state Attorney General Bill Schuette said in a press release.

Co-defendant Lisa Curtis, 35, of Macomb Township, testified against Jackson. She pleaded guilty to bribery of a public officer and was sentenced Oct. 22 to two years probation.

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The case originated from an investigation by the FBI-led Detroit Area Public Corruption Task Force in collaboration with Schuette�s Public Integrity Unit.

�Public officers who abuse the public�s trust for personal gain greatly undermine the integrity of law enforcement,� Schuette said in the written statement.

Investigators say that beginning in 2009, Jackson took cash bribes in exchange for fraudulent police reports in the enterprise concocted with Curtis.

He told dozens of southeast Michigan clients she could improve their credit score through her Waterford-based company, Bright Star Co…………… continues on The Macomb Daily

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FICO update expected to improve credit scores

FICO update expected to improve credit scores
News from WECT-TV6:

Previously, all collection debts were equally damaging to a consumer’s credit score, regardless of the type. (Source: WECT)

Fair Issac Corp., commonly known for the widely used FICO credit score, is revising its scoring formula, and the result could improve credit scores for some consumers. (Source: WECT)

WILMINGTON, NC (WECT) –

Fair Isaac Corp., commonly known for the widely used FICO credit score, is revising its scoring formula. Experts predict the result will improve credit scores for some groups of consumers.

Patrick Stoy, President of Marketing Consulting Mortgage in Wilmington, said consumers will notice three major changes to…………… continues on WECT-TV6

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How to Improve a Credit Score Fast
News from DailyFinance:

Source: Pixabay.

Credit scores calculated by Fair Isaac (the “FICO” score) affect much of our financial lives, influencing the interest rates we’re offered when we buy a car or home and generally reflecting how creditworthy we are. While a perfect credit score might be our ultimate goal, very few achieve it. Fortunately, a merely excellent score can serve us well.

FICO scores range from 300 to 850, with average scores typically in the 600s. Scores in the high 700s are excellent. There are many ways to improve your score. Here are a few that can work in a matter of months (or less), not years.

Fix errors
First off, your score might be based partially on errors, and you might deserve a higher one. Take advantage of the

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Too Many Americans Are Completely Clueless About How Credit Scores Work

Too Many Americans Are Completely Clueless About How Credit Scores Work
News from Businessinsider India:

Flickr / Rebecca Selah

Credit card companies don’t control your credit score?!

A new survey by BMO Harris Bank of 1,500 Americans reveals that 80% of us feel like we know how to get good credit.

In further questioning, however, we came up a bit short.

Here are a few of the statements the survey asked respondents to declare true or untrue.

The catch? Not one of them is true.

Your credit score improves if you carry a balance on your credit card.
30% agreed true.

A balance i…………… continues on Businessinsider India

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Credit scores to improve with settled debt, bills

Credit scores to improve with settled debt, bills
News from Pittsburgh Post Gazette:

Many consumers who have been denied credit or charged higher interest rates due to a low credit rating could soon be in a better position as the nation’s most widely used credit scoring agency is revamping how it computes credit scores.

Fair Issac Corp., creators of the FICO score, announced its calculations will no longer include any record of a consumer failing to pay a bill if the bill has been paid or settled with a collection agency. The new FICO score also will give less weight to unpaid medical bills that have gone to collection agencies.

FICO Score 9, as it’s been named, will be released to the three major credit bureaus this month. After testing and validating the new score, the credit bureaus will make it available to lenders later this year. Lenders must decide when they will begin using it.

The changes are expected to increase the number of people approved for loans, especially those shut out of the credit market due to medical debt sent to collection agencies. FICO representatives said consumers whose only major flaw on their credit reports is medical debt collections will see their scores increase by a median 25 points.

More than 64 million consumers in the U.S. have medical debt collections on their reports, according to credit reporting agency Experian. The Federal Reserve Board reports over half of all collections listed on…………… continues on Pittsburgh Post Gazette

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Student loan aftermath, the importance of credit scores

Student loan aftermath, the importance of credit scores
News from Daily Herald:

2014-07-09T00:15:00Z Student loan aftermath, the importance of credit scores Daily Herald

BPT– This is a special time of year. Across the nation, graduates are on the horizon of new careers and building their own lives. While this is an exciting stage in life, it is a concerning time as well.

Many students are graduating with student loan debt and research shows that Millennials, ages 18-34, know comparatively little about how that debt affects their credit scores and what it takes to have great credit, according to recent research conducted by the Consumer Federation of America (CFA) and VantageScore Solutions, LLC.

How concerning is it? The research found that only 40 percent of Millennials claim to have good or better knowledge about credit scores. Furthermore, only 65 percent of Millennials could name the three main credit bureaus. And fewer than half (47 percent) of Millennials knew that age is not a factor when calculating credit scores.

“Most troubling is that only 42 percent of Millennials know that a credit score measures the risk of not repaying a loan rather than factors such as knowledge of, or attitude to, consumer credit,” said CFA Executive Director Stephen Brobeck. “Consum…………… continues on Daily Herald

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Tenants can now have their history of rent payments incorporated into their …
News from Washington Post:

June 27

Anybody buying a first home quickly learns how important credit scores are to mortgage lenders. They like those scores high.

But if you’ve been renting for years and have a stellar record of monthly payments to your landlord, you typically run into a sobering reality when you shop for a mortgage: All your on-time payments show up nowhere in your credit bureau files and do not contribute to your scores.

Ditto for other routine credit payments: your cellphone bills, cable and satellite TV, utilities. You may have perfect payment histories for all of these, but nobody knows about them. Why? Because the landlord, phone and cable companies, and many other creditors don’t report your payments to Equifax, Experian or TransUnion, the three big credit bureaus. In the all-voluntary American credit system, they are not required to report anything to anyone.

This is a big deal. At a time when record numbers of first-time buyers are mi…………… continues on Washington Post

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How Talking about Credit Scores Can Improve Your Marriage

How Talking about Credit Scores Can Improve Your Marriage
News from TIME:

How Talking about Credit Scores Can Improve Your Marriage – Money.com

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How to Improve a Credit Score: 4 Quick Tips
News from Motley Fool:

In the world of personal finance, there are few things worse than a poor credit score. A subpar score can end up costing you tons of money in interest throughout your lifetime, assuming you’re able to qualify for financing at all. Take these steps to improve a credit score.

1. Check your credit reports for accuracy
Your credit score is based solely on the information reported in your credit report. If the information in your report is inaccurate, your credit score will be, too. That makes it important for you to check all three of your credit reports for errors. If you find inaccuracies, be sure to dispute the items directly with the credit reporting agencies to have them corrected. Under the Fair Credit Reporting Act, you’re entitled to one free credit report from each of the three credit reporting agencies once every 12 months. At annualcreditreport.com you can request your report from Equifax, Experian, and TransUnion.

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http://www.BestHomeBuysinBC.com 10 Critically Important Tips for improving your credit score by up to 100 points and lowering your monthly mortgage payments …
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