GM Loosens Credit Restrictions

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

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

Blog posts (10) | Videos (8)
 

From the Archives (June 8th - July 5th)

Here are some of my favorite FCN articles from a year ago the past few weeks: ... for a Successful Moving Sale » Five Reasons you Should Care About your Credit (FICO) Score » The Limits of Frugality » $700 in Credit Card Bonuses (Anyone Can Apply) And here’s what was going [more...]

Date: 2008-07-07 03:35:10

White House Throws GMAC $6 Billion Rescue Line

Remember when the Bush administration was opposed to tapping the $700 billion Wall Street bailout to help Detroit’s Big Three? Fugetaboutit ... from a minimum credit bureau score of 700 two months ago down to a score of 621. From a statement from GMAC President Bill Muir: We will continue to employ responsible credit standards, but will be able [more...]

Date: 2008-12-30 16:29:15

What to do if you’ve been turned down for a loan

Turned Down For a Loan?  Improve Your Loan-Ability! This article was written by Becky House, Education Manager for American Financial Solutions. For more information about credit scores, budgeting or managing your debt, visit MyFinancialGoals.org or contact Becky at 1.800.894.3946. Two years ago, someone with a 600 (poor) credit score could qualify for a mortgage or car loan. Now, reputable lenders will not even consider lending to someone with a score below 700. [more...]

Date: 2009-09-26 14:37:00

What to do if you’ve been turned down for a loan

Turned Down For a Loan? Improve Your Loan-Ability! This article was written by Becky House, Education Manager for American Financial Solutions. For more information about credit scores, budgeting or managing your debt, visit MyFinancialGoals.org or contact Becky at 1.800.894.3946. Two years ago, someone with a 600 (poor) credit score could qualify for a mortgage or car loan. Now, reputable lenders will not even consider lending to someone with a score below 700. [more...]

Date: 2009-09-26 14:37:00

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

Filed under: TransportationFlush with capital from taxpayers, GMAC is lowering its underwriting standards ... loans up to 700. Now credit scores as low as 621 will qualify for some form of GMAC finanncing ... to Equifax, this is an approximate breakdown of Americans' credit scores; 15% of the U.S. population [more...]

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

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 ... or Equifax. If your credit score is lower than 700 due to some outstanding debt, see if you can get those bills paid off as early in the year as possible. Pay the credit cards with the highest interest [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 ... or Equifax. If your credit score is lower than 700 due to some outstanding debt, see if you can get those bills paid off as early in the year as possible. Pay the credit cards with the highest interest [more...]

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

Credit Repair Tips and Tricks

The best part about finding a third party credit counselor to tackle your credit repair is that you won’t feel so alone ... a larger portion of your available credit. Last off, look at getting what is known as “good debt,” ... , you should work at boosting your score to at least 700. Reduce your credit card balances down [more...]

Date: 2008-11-24 18:27:25

Collector Threatens Jailtime Over Dead Debt [Debt Collectors]

Reader R. kinda messed up his credit years ago. He's a good boy now and his credit score is 700+, ... of limitations on the debt has well passed and threatening to send a debtor to jail is a violation of Federal law ... but now RSI Claims Process Services is hassling him about a 12-year-old credit card debt [more...]

Date: 2008-10-24 21:04:06

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