GMAC limits loans to buyers with 700+ FICO rating

Filed under: Car Buying, GMIf you're in the market for a new car, you'd better get your credit score in order first ... to consumers with a credit score of over 700. That number is up from the 71% average ... . Auto lending units are looking for top tier customers right now, and GM's captive credit arm [more...]

Date: 2008-10-14 12:52:03

Blog posts (36) | Videos (34)
 

Credit Analyst Warns of Trap for Credit Card Customers

/PRNewswire/ -- "Many people will have their credit scores lowered this year if they're not watchful, know what to do and take action," ... for consumers who are not prepared," said Johansson, speaking recently about credit scores at the Texas Bankers ... said Eddie Johansson, president of Credit Security Group, a leading nationwide credit score [more...]

Date: 2009-01-07 15:01:00

Dr Boyce Black Money: Credit Bureaus Part 2

Dr. Boyce Watkins www.BoyceWatkins.com As part of our series on understanding credit scores, we can now move into more of the nitty gritty ... way to improve your credit score. How do I correct an error on my credit report? The law protects consumers who feel that their credit report has errors on it. Anything you believe [more...]

Date: 2008-10-13 12:08:05

Keys to improving your credit score

Credit I don't mean to brag, but my wife and I have a credit score that's better than almost 97 percent of the population. OK, I do mean to brag ... a free credit report once a year from each of the three consumer reporting companies (Equifax ... this for a while. We've always had a pretty good credit score, but it's higher than ever right [more...]

Date: 2008-12-01 04:49:30

Three Legislative Proposals That Could Have Major Consequences for Your Finances

J.D. is on vacation. This guest post comes from DR of The Dough Roller, a money management blog ... in a consumer report or any change in a consumer’s credit score, as the basis for increasing any annual ... on Wall Street and in the credit markets lately, one could easily forget about money-related legislation [more...]

Date: 2008-12-18 13:00:42

Credit Karma Uses Ad Model to Provide Free Credit Information

According to the 2007 Online Banking Report, approximately one in three US adult consumers monitors or checks their credit score in some form or ... the score is usually only free if you enroll in a credit monitoring service. In this margin-rich industry ... . FreeCreditReport.com and TrueCredit.com, the consumer direct sites of Experian and TransUnion [more...]

Date: 2008-11-25 19:39:56

Credit Card Lenders Clamp Down Hard

Consumers are in a newly austere mood, and those who have lived beyond or at the edge of their means may be forced to retrench whether they want to ... , some can come back to haunt consumers. The result can be a lower credit score, which forces a borrower ... or not. The New York Times reports that credit card issuers are cutting back on their lines [more...]

Date: 2008-10-29 03:50:36

Which is the bigger problem real estate debt? Credit card debt?

This is one example of why our country is having problems. The following was posted on the web site bankrate.com ... , publisher of the Nilson Report, a payment industry newsletter”. Did I read that right 9.5 credit cards ... scoring model, the number of credit cards a consumer holds is not a factor in the calculation, even [more...]

Date: 2008-10-13 14:55:26

Saving your credit and credit scores

I have blogged about my experiences with American Express and their systematic reductions in my credit lines ... , but in my case Amex decided to start chasing the balance.  I pay them $500, then they reduce my credit limit ... as “closed as consumer’s request”)  which would have locked in the higher credit limit on the credit [more...]

Date: 2009-01-14 23:51:28

Identity Thieves often Pitch Great Deals to lure their Victims in Quickly.

by: William Roberts Identity theft can impact you as an insurance consumer because insurers often use an individual’s credit score to determine ... of your credit report to determine if any accounts were opened without your consent and request the agency remove inquiries and/or fraudulent accounts stemming from theft. Request a free credit report [more...]

Date: 2009-01-08 01:35:17

I Guess Our Mortgage Is Officially Considered Small

As a follow up to the post I wrote a few days ago about the new consumer protection laws and the possibility that thrift stores would have to stop ... scores until now.  We went to the annual credit report site and picked Experian.  Credit scores were $5.95 each, and the credit report is free (we normally just get the free report).  We got my husband’ [more...]

Date: 2009-01-09 08:15:42

Mortgage Interest Rates Hit New Lows

Mortgage interest rates are sitting at about the lowest they have ever been. The averaged 30-year fixed rate loan is hovering at about 4.97% and the average 15-year loan is sitting at just 4.25% as of the week of September 25 th , 2009. These banner rates will be available to consumers with good credit scores, have significant home equity, and know how to shop around for the best deal. If you meet this criterion, it’s an absolutely great time to refinance your loan. [more...]

Date: 2009-09-30 17:45:59

GMAC Now Officially Requires 700-Plus FICO Score For New Car Loan [Financiapocalypse]

The Financiapocalypse continues. We just received a copy of an e-mail that went out at GMAC, the lending arm jointly owned by GM and Cerberus, ... : you'll now need a minimum 700 credit bureau score to get a car loan at dealer invoice or below from GMAC ... consumers who have a minimum 700 credit bureau score, with an advance rate equal to or less than [more...]

Date: 2008-10-13 22:20:00

How Does Bankruptcy Affect Your Credit Score?

For many consumers facing high levels of debt, bankruptcy may seem like the only available option ... clients will see this blemish on their credit report for up to seven years, but the implications don’ ... , as it can be hard to obtain credit, even with a clean slate. After the bankruptcy declaration [more...]

Date: 2009-01-08 02:16:12

The Credits Secrets Bible Can Help Your Credit Score

Credit is a necessity that we all need. But if it is abused or overextended, you could end up in a bad situation. Credit cards and loan debt is at an all time high and people are looking for ways to repair a damaged credit rating. A product called Credit Secrets Bible (CSB) is now available from the Consumer [more...]

Date: 2009-01-11 14:35:09

Will Credit Repair Enhance Your Plunging Credit Score?

As lending rules get stricter by the day, an increasing number of consumers are desperately looking for ways to improve their credit ratings ... but nevertheless accurate entry on the client’s credit report. This technic exploits a provision ... or out-of-date information from their credit report. This technic works under the premise [more...]

Date: 2008-12-08 07:00:23

Credit Card Horror

The availability of credit for anyone no matter their credit history has caused many financial problems for consumers ... card companies report that at least 20% of consumers have maxed out credit cards ... specific sales pitch or ad. If you have a good credit score, (630 or above), you can usually [more...]

Date: 2009-01-16 23:12:15

GM Loosens Credit Restrictions

In a rare instance of seeing an immediate impact on consumers from federal bailouts, GM’s financing arm, GMAC, will lower its credit requirements from a credit score of 700 to one of 621 to secure car loans ... of providing credit to buyers, including an agreement with Midwestern credit unions. The new requirements [more...]

Date: 2008-12-30 16:13:12

Tightening Consumer Credit Standards

According to a Federal Reserve survey of senior loan officers at major banks, ... % of banks report that they’ve been actively lowering credit limits, with just under 40% saying that credit ... 52% of banks reported that they’ve increased the credit score required to secure a line of credit [more...]

Date: 2008-12-29 15:00:51

New Credit Scoring Model Set for Release in 2009- Finally!

Almost a year ago, we wrote about the new FICO 08 scoring model that was initially planned for roll-out at the latter part of 2008. Besieged with lawsuits between its creator, Fair Isaac, and the three largest credit bureaus ... consumer outcry and potential credit fairness issues, Fair Isaac backed off and decided some authorized [more...]

Date: 2009-01-06 13:47:30

Divorced With a Low Credit Score? Promising News to Raise the Score!

If you’re in the throes of a divorce, or if you’ve just recently gone through one, your credit might have been damaged in the process ... and Experian, are each required by law to provide consumers, upon request, a free copy of their credit report once every 12 months. There’s a free copy for you at www.AnnualCreditReport.com or by calling [more...]

Date: 2009-01-03 21:11:21

Debt Reduction is more Important than Your Credit Score

If you are a baby boomer with a pile of consumer debt, you are not alone ... those with significant credit card debt to worry about. According to a report from the New York Times, credit card companies are showing increased flexibility with consumers who have significant [more...]

Date: 2009-01-04 00:34:49

New credit score system ready for ‘09

By next spring, two of three credit reporting bureaus will use a new model. Fair Isaac, the developer of FICO scores, has made the biggest change to its mathematical credit ... points because of how the new model fine-tunes the variables it uses to evaluate consumers’ credit use [more...]

Date: 2008-12-15 15:07:34

Credit Karma, Career Advice and A Huge Island of Trash @ The Roundup

What Happened This Week? The Alpha Consumer blog announced a challenge asking bloggers to describe their best ideas for a cheap but effective (!) ... to my post on free credit scores by telling us all about Credit Karma! Money Smart Life: Henry confesses to being a credit card expert with a secret. Gen X Finance reminds us that market conditions [more...]

Date: 2008-07-21 00:49:15

FREE Report: How to Save Money as a Family

As a special gift to readers of this blog, I’d like to give you this free report on how to save money as a family ... Instantly! Excerpt from report: Paying Down Debt The credit crunch has hurt many consumers who have credit cards.  Due to the fact that the banks are hesitant to lend money unless one’s FICO score is 750 [more...]

Date: 2009-01-09 03:07:08

Debt Consolidation Loans For Bad Credit Dont Get Stung

It isn’t uncommon these days for consumers to be facing problems meeting their monthly payment obligations on loans and credit cards ... and have seen their good credit ratings suffer because of it. At this point they may be looking for a way ... things in mind to protect yourself from becoming a victim: Be Confident Your credit score may [more...]

Date: 2009-01-14 03:04:51

How Much Is Your Credit Score Costing You?

I hate to say it, but just change your time is no longer sufficient. There was a time when everything you do, good credit to have ensured that all your bills ... , simple decisions you can not pass on your credit card. But why? What is the average consumer, which [more...]

Date: 2009-01-14 13:14:07

How Much Is Your Credit Score Costing You?

I hate to say it, but just change your time is no longer sufficient. There was a time when everything you do, good credit to have ensured that all your bills ... , simple decisions you can not pass on your credit card. But why? What is the average consumer, which [more...]

Date: 2009-01-17 02:31:20

N.J. man learns modifying mortgage to cut payments may impair credit rating

by Moe Bedard on September 29, 2009 · 0 commentsin American Nightmare To confuse consumers even more, not all lenders follow the guidelines.That may change on November 1, when lenders can use a new code to report them as a “loan modification under government program.” The code will clarify which borrowers have taken modifications, but because the modification process itself is not streamlined, it won’t be the only worm squiggling out of the can.The bigger impact on credit scores may depend on how [more...]

Date: 2009-09-29 13:48:05

Bing ads to warn of online scams

Microsoft on Tuesday began serving up scam warnings with Bing search results for topics such as fixing credit scores or rescue from home foreclosure that are prime material for online cons.Microsoft worked with the US Federal Trade Commission (FTC), Postal Inspection Service, and Western Union to provide public service announcements (PSAs) in the form of advertising posted on relevant Bing results pages.“We believe this program can help fight back against scams by reminding consumers to exercise [more...]

Date: 2009-10-01 05:21:31

Visa Black Card: 1% Cash Back, 0% APR Balance Transfers, Concierge, and Luxury Gifts

Visa is introducing a new credit card catered to consumers who spend $50,000 or more a year ... for the card. Some who are accepted have average credit scores and low income. This is not what you would [more...]

Date: 2009-01-09 13:00:02

Borrowing Beyond your Limit can Result in Consumer Debt

Consumer debt has risen to worrying percentages in the past few years ... of the loan, how much the borrower is able to pay back per month, their current credit score ... debt can be acquired in various forms, including through a credit card or a payday loan. There are many [more...]

Date: 2009-01-17 00:24:29

Ask SCORE How to Survive Tough Economic Times

Washington, DC (PRESS RELEASE - November 4, 2008) - Entrepreneurs face challenges on many fronts during the next 12 months, including lower consumer spending, rising unemployment, tightening credit, and inflation pressures ... stock of their current situation, make changes to reduce costs and increase their profitability. SCORE [more...]

Date: 2008-11-10 23:00:08

ChexSystems: A Fast Route To Trouble

ChexSystems: A Fast Route To Trouble Not everyone has heard about ChexSystems and, ... , that can be a problem. ChexSystems is a consumer reporting agency, just like Experian, Equifax and TransUnion. Those three are better known, because they report on your credit history and score [more...]

Date: 2008-10-30 15:39:49

Free Credit Report and How to Improve Credit Score

Improve credit score now! Because as well known consumers with higher FICO scores are considered to be less risky by lenders ... to illustrate a consumer’s general level of credit risk. How might you tell whether a score ... your report and score regularly you’ll ensure the absence of errors therein. This control is really [more...]

Date: 2008-12-31 22:49:02

Your Credit Score is Key When Financing a Car

Credit Score I did a tele-seminar recently for a group of women and they asked so many questions about car loans, credit scores and how to qualify for the best loan I thought I would pass on these great tips from Aware. Taking Steps to Boost Your Credit Score According to a consumer survey conducted [more...]

Date: 2008-12-09 22:34:49

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