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A new kind of credit score for those with no credit

A new kind of credit score for those with no credit
News from Washington Post:

April 2
Andrew Harrer/Bloomberg

In the finance world there is what’s known as the Catch-22 of credit.

Only those consumers who already have loans and make payments that show up on their credit report can get a credit score to help prove their trustworthiness to financial companies. Those who work mostly in cash but want greater access to credit are often locked out of the lending market because financial institutions don’t have enough information to evaluate them.</…………… continues on Washington Post

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3 Things You Should Know About Your Credit Score
News from Fox Business:

Source: Flickr user Morgan.

Your credit score is one of the most important aspects of your personal finances. Whenever you need to borrow money, your credit will be scrutinized. Yet many people don’t know some of the most basic facts about their credit scores.

To help shed some light on this key part of your finances, we asked three Motley Fool contributors to talk about some things many people don’t know — but should — about their credit scores. Read through their descriptions and see what you learn about your credit score.

For starters, there is no single credit score, and your score will vary based on the scoring method used. The FICO score is the most widely used, but different lenders use their own algorithms to determine your risk level as a borrower and the interest rate at which they should lend you money. The one commonality across all credit scores, though, is the information it is based on, which is the data contained in your credit reports.

The three big credit bureaus — Equifax, Experian, and TransUnion — each collect as much credit data as they can on you. They then sell this information to lenders, which use the data to come up with credit scores. Onc…………… continues on Fox Business

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Credit Repair Services Canada Launches to Help Those with Bad Credit Find …

Credit Repair Services Canada Launches to Help Those with Bad Credit Find …
News from DigitalJournal.com:

Credit Repair Services Canada is a site that offers local credit repair companies a means to connect with their local communities through a new nationwide, neighborhood directory online.

San Francisco, CA — (ReleaseWire) — 11/07/2014 — Bad credit affects millions of people in Canada, and though not as badly affected as some countries by the global economic downturn, the effects for those that have been affected are no less real. As such, there is an increased demand for credit repair companies, who offer to help people form a strategy to eliminate their debt in a fraction of the time, then help ensure they stick to that plan. Credit Repair Services Canada is a newly launched online directory that offers people information on credit repair companies in their locality, listing recommended providers for the best possible results.

The site allows anyone looking for credit consultants to search according to major territories then counties and neighborhoods within them, to find highly rated and recommended debt rel…………… continues on DigitalJournal.com

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How Much Are Those ‘Dings’ to Your Credit Score Costing You?

How Much Are Those ‘Dings’ to Your Credit Score Costing You?
News from DailyFinance:

Alamy It happens. You forget to mail in a payment, or maybe you hold off because you don’t quite have the funds in your checking account. You know a late or missed payment will ding your credit score, but how much do a few points matter, really?

A lot, it turns out.

Consider a hypothetical borrower in my home town of Alexandria, Va., who takes out a $ 500,000 mortgage. According to MyFICO.com, she could get a rate anywhere between 4.019 percent and 5.602 percent depending on her credit score.

Take a look at how the difference in rate affects her monthly payments and the total interest she’ll pay over the life of her 30-year loan.

FICO Score APR Monthly Payment Total Interest Paid
760-850 4.019% $ 2,393 $ 361,320
700-759 4.24% $ 2,457 $ 384,438
680-699 4.417% $ 2,509 $ 403,178
660-679 4.63% $ …………… continues on DailyFinance

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Dave Says When to Buy Those Season Tickets

Dave Says When to Buy Those Season Tickets
News from Town Hall:

Dear Dave,

My brother asked me to put his name on my credit card as an authorized user. He said it will help improve his credit score. Is this true, and would it help my score in any way?

Anna

Dear Anna,

Your brother is wrong. It will not improve his credit score at all. As an authorized user, he is not the owner of the debt. There’s a high likelihood that it will affect your credit score in a negative way, though, because there’s a good chance he’ll do some dumb things with your card.

Look at it this way. Why would someone give him credit, or raise his credit score, just for using your credit? It doesn’t make sense. Your credit score is affected by things like whether or not you pay your bill on time. The card isn’t in his n…………… continues on Town Hall

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Cardholders confused by their credit rating
News from Creditcards.co.uk:

Despite a good credit rating being one of life’s most important assets many people are confused about what factors improve it and, more worryingly, what damages it.

By Ed Towner 13.11.12

Despite a good credit rating being one of life’s most important assets many people are confused about what factors improve it and, more worryingly, what damages it.

More than a third of cardholders can’t identify which factors might harm their credit rating and had no idea how to repair it, according to the latest research from Saga.

Your credit rating is vital – not only can it mean the difference between being given credit but it will also affect the interest rate on your borrowing. The worse your rating is, the higher the interest rate you’ll be charged.

Yet just under one in four (24%) of us have in more than five credit agreements – ranging from credit cards to loans and mortgages. The study revealed that while eight out of ten adults understood the dangers of missing credit card payments or exceeding their credit limit, only a third realised that owning numerous cards could stop them getting credit in the future.

Over-50s comfortable with credit

Even if some of their credit cards aren’t being used, they can still have a negative impact o…………… continues on Creditcards.co.uk

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