Archive for May, 2011
Fair Isaac Corp., the company responsible for FICO credit scores, has decided that when it unveils a new version of its credit score system in September, it will close the loophole that allowed piggybacking. Angry proponents of piggybacking say they’ll organize a grass-roots campaign to fight against the change. With piggybacking, a consumer with poor credit is placed as authorized user on the credit card of a person with a stellar credit history. Authorized users benefit from having the payment history of the primary cardholders show up on their credit reports, thereby improving their credit scores. Lenders have complained that it is fraud and distorts the credit score system. Internet companies have created an industry by playing middleman — paying a small sum to those with good credit to take on those with bad credit as authorized users, then collecting healthy fees from those consumers. Now one of those Web-based firms has threatened to organize an effort to expose problems in the credit scoring system. “Our very existence (proves) that the FICO system is so flawed,” says John Coates, spokesman for Instant Credit Builders based in Largo, Fla. Fair Isaac says that starting in September it will ignore authorized users as it calculates the renowned FICO credit score. “Fair Isaac has become aware that Web-based services are using authorized trade lines to defraud lenders,” says Craig Watts, spokesman for Fair Isaac. “While we work with the financial services industry on …
Alexia Kruszewski
www.JustCardOffers.Com Reliant on credit cards to help pay monthly bills reducing borrowing limits which then can lead to lower credit scores. Hence credit limit and credit score are correlated
Arnoldo Petrelli
Raise a credit score by 100 points by making sure everything on your credit report is correct, making payments on time, paying off debts and avoiding lots of credit inquiries. Dispute incorrect items that appear on a credit report with instructions from acertified financial consultant in this free video on credit reports. Expert: William Rae Contact: www.hbwfl.com Bio: William Rae has been licensed in the insurance and financial fields for more than 30 years. Filmmaker: Christopher Rokosz
Deshawn Shattles
I have 2 cards from capital one that I use every month, but pay off every month. One has a credit limit of $500 the other is $1200. If I call to combine the credit limits into one card will my credit score suffer since one account will be considered closed? Or will it remain the same since the limit will not change.
I am planning on applying for another credit card with a higher limit to improve my score, and I don’t want a lot of cards. Thanks!
Jarvis Fargo
www.cambridge-credit.org — In Willy Wonka and the Chocolate Factory, the eccentric chocolatier opened the doors to his magical realm so the public could get a peak at the mysteries within. At the request of financial columnist Liz Pulliam Weston, the equally mysterious creator of the formula used to derive your credit score FICO – shared some of its secrets. While we have known what negatively impacts our scores (late payments, maxed out cards, and so on), we did not know just how much our scores would decrease for such actions now we do. Watch this week’s webisode from Cambridge Credit Counseling Corp. to learn more. Host Community Outreach Director, Thomas J. Fox.
Calista Lovings
I am somewhat worried about the credit check a leasing company will be doing on me once I apply for an apartment. I have checked my credit and I believe that my credit report will get me the apartment with no problem, but my credit score is above average (not excellent) and I don’t want that to be an issue. Do leasing agencies tend to look at your report, your score, or both?
Thanks!
Mohammad Mcwilliams
The only item on my credit is a collection for $165. However, my credit score is 597.
Edgar Gravenstein
Mr. Money aka Mark Rothstein gives you a taste of his Mojo in this 5 minute Vlog. Mark S. Rothstein does not intend to provide personalized investment advice through this broadcast and does not represent that the services discussed are suitable for any listener. Such offers can only be made where lawful under applicable law. Listeners should consult with a competent professional prior to making any decisions. Known to millions of radio listeners across the country as “Mr. Money,” Mark Rothstein is widely recognized as one of the country’s top Certified Financial Planners according to Consumer Research Council of America . His career in personal finance and investment-related fields spans over 20 years. A graduate of Syracuse University, Mark is the Founder and President of TriStar Financial Services, one of the largest wealth management firms in Los Angeles. A respected member of the local financial community, he is President of the Los Angeles-region Financial Planners Association that presides over thousands of area CFPs, and also is on the Board of Governors of the National Institute of Estate Planners
Mason Keding
My husband and I have been busting our hump trying to get his score up but no one wants to give us a small loan to help establish credit. So is there a company that will approve us with a 597 credit score? there is nothing left on his report that hasn’t been paid off except hospita l bills.
Cristopher Zahourek
Anonymous and FCR.com Take On Bad Credit Doggy Style The Brief: Anonymous Content director Patrick Sherman points his satirical lens at lackluster credit with brilliant results for Free Credit Report.com via The Martin Agency. Shot in an energetic documentary style, Good 745 looks at bad credit through the eyes of a pet owner who was desperate to tame her shaggy, out of control and shamefully low credit score. The Creds: Client: Free Credit Report Spots Title: Good 745 Air Date: April 2009 Agency: The Martin Agency CD: Steve Sage Sr AD: Pat Wittich Copywriter: Kevin Dunleavey Senior Producer: Dan Kaplan Account Director: Kathryn Leake Project Manager: Angela Wilson Asst Broadcast Producer: Travis Smith Art Producer: Anya Mils Photographer: Michael Leland Prod Company: Anonymous Content Director: Patrick Sherman EP: Cassie Hulen EP/Head of Commercials: Dave Morrison Head of Production: Sue Ellen Clair Prod Service Company: Suneeva EP(s): Geoff Cornsin, Michi Leok-Stahl Producer: Kelly King Editorial: 89 Edit Editor: Jordan Green Assistant Editor: Bryant Wang Producer: Juliet Conti Post/Effects: Headlight About Anonymous Content: Anonymous Content is an industry-leading production and management firm that leverages its unrivaled reach and access to talent to create and produce innovative content across all its divisions: Film, Integrated, Commercials, Music Video, Television, and Talent. Anonymous Content was formed in 1999 by a collaboration of business and creative minds …
Nathaniel Grandt