Robert Powell Special to USA TODAY Published 10:00 p.m. UTC Jul 5, 2018 More and more Americans are checking their credit and understand how the scoring system works. The percentage of consumers who have obtained at least one credit score over the past four years has risen to 57 percent in 2018, up from 49 percent four years ago, according to a survey released in June by the Consumer Federation of America (CFA) and VantageScore Solutions. The survey also shows that people who get their score know much more about how the system works than do those who do not. For instance, large majorities of people correctly identify three key factors used to calculate credit scores – missed payments (86 percent), high credit-card balances (81 percent) and personal bankruptcy (79 percent). Even so, there are gaps in knowledge. Significant minorities incorrectly think that age (41 percent) and marital status (38 percent) are … [Read more...] about 9 things to know about your credit score and how it’s calculated
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By Jeff Lazerson | [email protected] | MortgageGrader.com PUBLISHED: June 7, 2018 at 2:47 pm | UPDATED: June 7, 2018 at 2:47 pm What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take. Rate news summary From Freddie Mac’s weekly survey: The 30-year fixed rate averaged 4.54 percent, dropping 2 basis points from last week’s 4.56 percent. The 15-year fixed averaged 4.01 percent, better by five basis points over last week’s 4.06 percent. The Mortgage Bankers Association reported loan application volume increased 4.1 percent from the previous week. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $453,100 loan, last year’s rate of 3.89 percent and payment of $2,135 isWAS $172 lower than this week’s payment of $2,307. What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages at a one-point cost: A 15-year at 3.75 … [Read more...] about FICO now has competition. But will that improve credit scores?
It’s true — there’s no shortcut to achieving a good credit score. It takes years of paying your bills on time and in full, keeping balances low and managing different kinds of debt. But there are small steps you can take to help your credit, in the same time it takes to watch an episode of your favorite Netflix drama. Options for building your credit differ if you have an established credit history or if you’re new to credit. If you have established credit 1. Pay down debt One of the main factors in your credit score calculation is credit utilization, or how much of your credit limit you are using. If your credit cards are nearly maxed out, paying down the balances will lower your utilization and potentially help your score. Credit experts recommend keeping all balances below 30% of your credit limit — and lower is better. 2. Make an extra payment in a billing cycle If you cannot afford to pay your credit card balances in full once a month, making multiple … [Read more...] about 6 ways to build your credit in less than an hour
Share This Story! Let friends in your social network know what you are reading about Facebook Email Twitter Google+ LinkedIn Pinterest Las Crucens racking up debt along with rest of U.S. The country will end 2016 with a net increase of roughly $80 billion in credit card debt, according to a recent study. Sent! A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. 1 Join the Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Subscribe Today Log In Subscribed, but don't have a login? Activate your digital access. Jason Gibbs, Las Cruces Sun-News Published 2:00 a.m. MT Feb. 5, 2017 | Updated 7:04 a.m. MT Feb. 7, 2017 CONNECT TWEET LINKEDIN 1 COMMENT EMAIL MORE LAS CRUCES - Las Crucens have been saying "charge it" more often and it's starting to show. A study by WalletHub shows that Las Cruces in the 95th … [Read more...] about Las Crucens racking up debt along with rest of U.S.
Last Updated Jul 12, 2010 3:41 PM EDT credit scores fall to new lows, according to figures from FICO Inc., the leading credit scoring firm, reported this morning by AP. Roughly 1 in 4 consumers (25.5 percent) now have scores below 600; that's about twice the typical amount at that bottom rung. Translation: There are nearly 43.3 million people who can't get car loans, mortgages, or credit cards under the tighter lending standards prevalent now at most banks. No wonder the economic recovery seems stalled. Consumers who can't borrow money can't really buy much, especially in those key credit-supported sectors like housing, cars, home improvements, and big durable goods. That's the macro view. The micro view is, you yourself may not be doing so badly. More people (17.9 percent) also have the top 800+ scores, said the report. That's well above the historical average of 13 percent for those with the best scores. So, where do you stand and what should you do about it? Some thoughts about … [Read more...] about Credit Scores Dip to New Lows: Should You Worry About Your Number?
Most consumers are aware that their FICO score is the gatekeeper to securing credit, determining the rates lenders are willing to offer on everything from mortgage loans to credit cards. For some, getting a higher FICO score is about to become much easier. That's because Fair Isaac Corp. (FICO), the company that calculates the country's most widely used credit score, said it will recalibrate its measures, including giving less weight to debt linked to medical bills. It will also stop including records of failures to pay bills if the consumer has settled with a collections agency or paid the debt. The changes come as more Americans are increasingly struggling with medical-related debt, with more than half of collections on credit reports tied to medical bills. Consumers are can be "overly penalized" for medical debt that goes into collections, as it shows up on their credit reports and lowers their creditworthiness, the Consumer Financial Protection Bureau said in May. "This is a … [Read more...] about How FICO’s new scoring could boost your score
Last Updated Jul 26, 2016 2:11 PM EDT Anyone who has a credit card, auto loan, student loan or mortgage has a credit score. What your score is and how you use credit every day should be as important to you as it is to the many others who do know your score and use it for their own purposes.Your credit score provides an indication of how likely you are to make payments on time and if you'll use responsibly any new credit you get.Lenders use your score to determine whether they'll approve your loan and the interest rate you'll pay. Car insurance companies look at your score to decide if they'll insure you and how much to charge for the policy. Cell phone companies use it to approve an application for a new account. Landlords use it when deciding if they'll rent an apartment to you.For these reasons, if you have a low credit score you need to know about it before others find out. And you should know how to take steps to improve it.The most commonly used credit score is your FICO score, … [Read more...] about Why it pays to know your credit score
You can get that interest rate down, if you have the right answers to some key questions. Kat Tretina Published 7:30 am, Monday, January 29, 2018 Photo: JGI/Jamie Grill | Getty Images Image 1of/1 CaptionClose Image 1 of 1 Photo: JGI/Jamie Grill | Getty Images Yes, You Can Refinance Your Student Loans When You're Self-Employed 1 / 1 Back to Gallery If you want more freedom and control over your career, self-employment can be a rewarding and fulfilling experience. According to the U.S. Bureau of Labor Statistics, approximately 10 percent of the nation’s workforce is now self-employed -- and it’s easy to see the appeal. You can set your own schedule, pursue what interests you and decide your own earning potential. However, self-employment comes with unique challenges. Rather than having a regular … [Read more...] about Yes, You Can Refinance Your Student Loans When You’re Self-Employed
(BPT) - Anyone who has tried to borrow money to purchase a car, buy a home or open a revolving line of credit may be familiar with the term FICO Score. Most lenders use this scoring model, which essentially determines a person’s creditworthiness."The FICO Score may seem like a big, daunting mystery, especially since your score can have a huge impact on your ability to borrow money at a competitive rate," said Jim Johnston, of Colorado-based Bellco Credit Union. "The truth is, however, you do have power over your credit score, and there are things you can do to improve it over time."How FICO Score is calculated FICO was named for the data analytics company Fair Isaac Co., which created the first credit-scoring system. In general, a credit score breaks down as follows:* 35 percent is your payment history — Do you pay bills on time?* 30 percent is the amounts you owe (on loans, credit cards, etc.) — Owing money on different credit accounts is not necessarily bad, … [Read more...] about How you can improve your FICO Score
By Jeff Lazerson | [email protected] | MortgageGrader.com January 18, 2018 at 2:51 pm What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take. Rate news summary From Freddie Mac’s weekly survey: For the first time in six months, the 30-year fixed broke above the 4 percent line, this week averaging 4.04 percent. That’s 5 basis points higher than last week’s 3.99 percent. The 15-year fixed averaged 3.49 percent, also 5 basis points higher than last week’s 3.44 percent. The Mortgage Bankers Association reported a 4.1 percent increase in loan application volume from the previous week. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $453,100 loan, last year’s rate of 4.09 percent and payment of $2,187 was just $13 more than this week’s payment of $2,174. What I see: Locally, well-qualified borrowers can get the following fixed rate mortgages at one point … [Read more...] about Are Fannie and Freddie accepting riskier loans?