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Building Credit Preventing Repair
If you want to prevent credit repair procedures, you need to
keep your payments up to date. Financial emergencies may come
up, so it is important that you meet minimal payments on time.
If you have utilities, house payment, car payment, or other...
Getting the Loan You Need with Adverse Credit
For those individuals who have had credit problems in the past,
getting a loan for something that they need can seem like a
nearly impossible dream. After all, what lender is going to give
money to someone that's had problems repaying loans or...
How To Get A Great Credit Card With Bad Credit
Credit Cards For Consumers with Poor Credit Ratings
Ever wondered how and why you can go online and be approved for credit within seconds? Or receive a pre-qualified loan or credit card without anyone asking how much money you make? Or why...
Major credit cards
Credit cards have been used for the last fifty years, but there are major credit card companies that have led the way. American Express, Diners Club, Visa, and MasterCard were the initial major credit cards, going nation-wide in the 1960's. The...
Want To Clean Up Your Bad Credit? Here's The Correct Way To Do It...
Most people think that if they have bad credit that there is
nothing they can do about it, and that they have to live with
it. But this is not true. You can change and correct your credit
report for the better.
Every time you apply for...
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Bad Credit folks helped by New FICO
(NextGen FICO Scores)
New FICO Score eases bad credit repair as FICO Corp. 'relaxes' scoring model.
Bad credit folks who sign up for Credit Counseling or Debt Consolidation plan hear this a lot: "your Beacon score is too low...", "you must improve your FICO score...". Little do they know that their FICO score may've improved already without them noticing. Every 5 points up counts!
According to Fair Isaac Corporation (NYSE:FIC), the new FICO is a more predictive and consumer friendly score now...
And forget about the Beacon score - the name is NextGen now! What? You didn't know? According to research done by Bad Credit Advisor.com, it's true, most people don't know that three major credit agencies TransUnion, Experian and Equifax are now using the new and more friendly NextGen scores.
How people with bad credit history can benefit from these new and improved scores? They can get better rates. And more people will get loans, and for larger amounts... It would also help their credit repair!
FICO NextGen scores go easier on Sub-prime loan seekers!
On their web site, FICO Corp. states: [new scores] "... allow for more scoreable files (credit reports), updated treatment of mortgage and auto inquiries to better reflect consumer rate-shopping (low interest rates), and more consumer-friendly treatment of finance trades(!) and low-balance collections(!) and public records(!)."
Why these improvements? Bad Credit Advisor thinks that FICO Corp. is trying to meet sub-lenders requirements for more applications processed and better interest rates offered. With such low rates, sub-lenders are making all the money by giving
'great' deals to people with bad credit history. The new scores let more people in the range of allowed FICO scores, thus creating more business for lenders. And keeping the housing industry strong.
This thought may be very close to the real thing... as FICO Corp. states on their web site: "Lenders want to price appropriately, and lend safely, while making more credit available to more people and effectively managing their operations costs."
In layman terms, the NextGen scores loosen up scoring criteria so more people can get better credit rating and borrow more money. But make no mistake, FICO Corp. claims these new scores are even more predictable - which works for lender advantage.
Plus, the latest score version NexGen 2.0 allows people with short or dormant credit history to get loans!
So, does this all mean that we can now have more unpaid medical bills, have more inquiries on car and mortgage loans, get a car loan at the age of 18, get better interest rates after a recent bankruptcy ...?
I guess we are to find out ... when we'll see more bankruptcies in the years to come. Or will we?
Bad Credit Advisor suggests we remain calm and keep our credit score as high as possible. On a serious note, they said, this relaxing in credit scoring presents great opportunity to dispute more items on your credit report than was possible before and improve your credit score more substantially!
(this arcticle is an opinion of www.Bad-credit-advisor.com and not of Fair Issac Corporation.)
About the Author
www.bad-credit-advisor.com is maintained by an experienced Mortgage Broker who deals mainly with bad credit clients.
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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
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| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
| National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
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| The FTC's web site on Credit |
| Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
| www.ftc.gov |
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| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
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| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
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| Springboard - Non-Profit Consumer Credit Management |
| Our mission is simple: To offer education on the wise use of credit. ... SPRINGBOARD has been approved to provide credit counseling services and issue ... |
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| myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
| myFICO.com: Get your Free credit report and Free credit score with a 30-day trial of Score Watch. All three FICO Scores and Credit Reports Available now ... |
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| Credit Suisse Global |
| Credit Suisse Group is an international financial services group. - Shares part of SMI. |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
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| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
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| Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
| www.moneysupermarket.com |
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| Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
| www.creditmag.com |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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