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

Blog posts (34) | Videos (20)
 

Meltdown marketing: 3 things credit unions must do

... effects on their debt utilization ratio, thereby lowering their credit score It leaves many dangerously ... for the credit union industry to step out from the shadow of banks and take a prominent place in Americans’ [more...]

Date: 2008-12-05 17:04:37

Dealership Scams The Credit Score Scam

(Blog News and Information) httpwwwdealerfraudorgnews20080923dealershipscamsthecreditscorescamThis scam is ridiculous at best This is when the finance manager tells you that your credit score is lower than it really ... to avoid Just get your own copy of your credit report from Equifaxcom and bring it with you...... [more...]

Date: 2008-09-24 08:49:17

How to Set New Year’s Financial Resolutions You Can Keep

(source) Every year it’s the same old story. You start with the best of intentions but somehow never manage to fulfill your New Year’s ... goals. So start by finding out where you currently stand with a credit report from CreditReport.com or Equifax. If your credit score is lower than 700 due to some outstanding debt, see [more...]

Date: 2009-01-02 19:55:16

How to Set New Year’s Financial Resolutions You Can Keep

(source) Every year it’s the same old story. You start with the best of intentions but somehow never manage to fulfill your New Year’s ... goals. So start by finding out where you currently stand with a credit report from CreditReport.com or Equifax. If your credit score is lower than 700 due to some outstanding debt, see [more...]

Date: 2009-01-02 19:55:16

Can Other People Lower My Credit Score?

by Jim Bransby Your personal finances are really tied up with your credit score ... . The good news is that there are many actions you can take to limit the damage to your annual credit report. Credit bureaus keep a lot of information on file, and this information is summarized [more...]

Date: 2008-08-22 13:13:29

Firm Cries Foul on Credit Reporting, Mortgage Loans

Nearly one in two borrowers is plagued by medical collection accounts that are lowering their credit scores and limiting their ability to get a ... mortgage, said mortgage and credit expert Rodney Anderson, of Rodney Anderson Lending Services, in a press release Monday. When the Federal Reserve announced its plan to invest up to $600 billion in ... [more...]

Date: 2008-12-08 16:04:24

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

Understanding The Home Mortgage Calculator

Contrary to popular belief, home mortgage calculators do not wear suits and ties and sit behind an abacus all day trying to determine how much a ... gives them a lower credit score, they will need to know how much they will be charged to make ... potential homeowner’s mortgage payment is going to be. Although in the early days of banking [more...]

Date: 2009-01-16 09:38:50

GMAC Is Taking Your Bailout Tax Dollars and Lowering Its Lending Standards

In a scene reminiscent of a time before the recession, GMAC, the lending arm of General Motors, ... ? According to Equifax: 15% of the U.S. population has a credit score below 600 35 ... car loan applicants.  GMAC recently announced that that it would lower the minimum credit score [more...]

Date: 2009-01-06 13:30:45

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

Weekend CurbedWire: Market Crisis Round-Up

These are bizarre times, people. The latest national and local headlines, and how the news could affect/is affecting Los Angeles ... ." 4.) What You Can Control: Your Credit Score, NY Times: “If you can’t come up with a big down payment ... , even if their credit scores are below average. If only such programs were available for lower [more...]

Date: 2008-10-11 19:55:23

Get Good Credit if You Want to Buy a Car

In this time of economic uncertainty many are putting off a major purchase such as buying a car. Why incur even more debt? ... a service such as FreeCreditReport ($12.95/month for credit score and monitoring) or myFico ... , but their threshold for extending credit has typically been lower than actual banks. What many don’ [more...]

Date: 2008-10-30 00:43:30

Credit Repair After Bankruptcy

by Matt Douglas With a bankruptcy mark on your report your score will be lowered considerably ... . The Fair Credit Reporting Act says that any mark that can not be verified by the bureau must ... . However there is hope, you can remove this mark and by building some positive credit [more...]

Date: 2009-01-04 12:44:30

FHA Streamlined Refinance - Lower your Rate and Payments Without Credit Qualifying or a New Appraisal

With rates near an all time low, refinancing has become a big thing again ... refinance: No credit qualifying. This is not credit score based and it is not even necessary to pull a full credit report. Your mortgage does need to be up to date, and current and we will look [more...]

Date: 2008-12-30 16:30:24

What's going on with GMAC's car loan standards?

Filed under: TransportationFlush with capital from taxpayers, GMAC is lowering its underwriting standards. The credit crunch and a shortage of cash had pushed the company's minimum FICO score for car ... required credit score below 670 would have allowed 65% of Americans to get a GMAC loan [more...]

Date: 2009-01-02 23:00:00

Clean Up Your Credit and Save $100,000

What if I told you there’s a potential $100,000 smackaroos in it for you for just sticking with me for another three minutes? Here’s how: Clean up your credit score. Seriously, I’m not going to harp on about how stellar credit means paying less interest on loans, qualifying for lower insurance premiums, and sailing through things like landlord and employment background checks. You know that already. Instead, I’m going to let cold hard cash do the talking. [more...]

Date: 2009-09-22 07:22:31

Treasury Makes Subprime Auto Loans

One day after the treasury (taxpayers) injected $6 billion into the failing auto industry GM, GMAC ease lending rules to entice car buyers ... of 620 or lower to be "subprime." The median U.S. credit score is 723, according to Fair Isaac ... . Many of the vehicles also carry cash discounts of $500 to $4,250.GMAC, meanwhile, will extend loans [more...]

Date: 2008-12-30 19:56:00

World Record Debt! Somebody Call Guinness!

by The Mogambo Guru I was looking for a good example of the category called " ... by a $6 billion federal bailout, resumed lending to General Motors Corp. customers with lower credit scores [more...]

Date: 2009-01-08 01:41:18

Auto Refinancing Loan – Tips For Getting A Cheaper One

Current economic situation is forcing several car borrowers start thinking about refinancing their vehicles, ... to offer lower interest rates on your application. Having Less Than Perfect Credit While you can find auto loan approvals regardless of your credit score, you will be paying higher interest rate [more...]

Date: 2009-01-02 12:40:11

Rates for Friday Afternoon

Mortgage rates are much improved since what I posted last week.  Wednesday and Thursday were rough on the markets as traders braced (and rightly so) for a stinky Jobs Report.  Bad news typically (but not always these days) equals lower rates ... quote below is based on owner occupied with a mid-low credit score of 720-739, “full doc” purchase [more...]

Date: 2008-11-07 21:38:07

No economic news, but Lots of investor updates

The rates are great – jump on in!  Remember that next-to-0% short term Treasury rates are helping many ARM loans reset to lower rates ... , verifying income and/or employment.” Fannie Mae has issued Announcement 08-35: Credit Score Requirements ... . How are we looking in terms of ARM re-sets for 2009? Well, not too bad! Check out the websites [more...]

Date: 2008-12-22 17:23:40

Mortgage Interest Rate Drop Possible with Treasury Intervention

Treasury Secretary Henry Paulson is considering a new plan to reduce mortgage rates in another bid to revive the U.S ... for the lower rates. There are already a number of additions to rates due to credit score, loan ... is enormous. We saw the results of the investment of $600 Billion into the MBS market last week [more...]

Date: 2008-12-04 07:30:46

Workable real estate deals may require even more creativity

This is my column for this week from the Arizona Republic (permanent link) ... can help his buyers accumulate a down-payment, perhaps working with them to improve their credit score at the same time. The investor gets a higher purchase price, the buyers get a lower monthly payment [more...]

Date: 2008-12-20 14:25:56

Workable real estate deals may require even more creativity

This is my column for this week from the Arizona Republic (permanent link) ... can help his buyers accumulate a down-payment, perhaps working with them to improve their credit score at the same time. The investor gets a higher purchase price, the buyers get a lower monthly payment [more...]

Date: 2008-12-20 14:24:47

How to Remove a Tax Lien From Your Credit

by Matt Douglas If you have a tax lien on your credit report, you should take immediate action to remove it. This is a very bad mark and will lower your score considerably. The first step ... it is not out of the ordinary for incorrect information to be reported on your credit. It is estimated [more...]

Date: 2009-01-15 08:40:48

Analyst Box Score: Lehman Brothers

With shares of Lehman Brothers Holdings Inc. showing all of the resilience of Brave Sir Robin, down in trading again Tuesday, two analysts took it upon themselves to lower ratings on the shares, after maintaining long-held ... , and this has clearly failed that test. Also lowering shares were analysts at Credit Suisse, who dropped [more...]

Date: 2008-06-10 16:08:10

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

The United Socialist States Of America

I can't imagine any politician arguing against this on principle, can you? ... , and immediately lowered its lending standards. No longer would buyers need a credit rating of 700 or higher. Now, people qualify with scores as low as 621, which is 2 points above “poor” and 102 [more...]

Date: 2009-01-14 03:19:28

Volt Still Kicking as Feds Take $5B GMAC Stake

With a new $6 billion bailout from the Treasury approved late yesterday, General Motors has lowered its requirements for auto loans ... loans to customers with a credit rating of 621 or above, down from yesterday’s minimum score of 700 ... use progress on the Volt as leverage in negotiations for federal aid. So, bailout? Check. Cash [more...]

Date: 2008-12-30 21:00:12

Bankruptcy Is Not The End

During economic downturns such as the one we are experiencing, ... this sounds like a good option, one downside would be that your credit score will be lowered, perhaps ... settlement, will also bring down your credit score, but you gain lower payments and eventual freedom [more...]

Date: 2009-01-15 03:32:03

Take A Peek At My Lending Tree Home Refinance Offers

Here’s a sneak peek at some that were offered to me when I signed up on their website ... on your credit report, obtaining your score only. This shouldn’t lower your credit score, so don’t worry ... with no points. I have a high 700’s credit score so I feel confident I’ll get a better offer than any [more...]

Date: 2009-01-16 06:48:36

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

How to Rebuild Your Credit

Is your credit score low? Are you drowning in debt? Follow these steps to get on the path to rebuilding your credit. 1 ... your credit score even lower. Get every past due account below the maximum limit. 2. Examine ... negatively impacted your credit or been referred for collection. This will help stop any new judgments [more...]

Date: 2009-01-14 08:44:13

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