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TAB UNLEASHED AND UNCENSORED
Thursday May 8, 2008
I read an article today about the credit crunch caused of course by the rising cost of everything....combined with the housing downturn and foreclosure ratios.
It seems even people with good
(on a scale of poor, fair, good, excellent)
are having trouble gaining new credit in certain area's
of the credit market.
You have a FIC0 credit score attached to your credit record.
FICO is a mathematical model created by the Experian
credit bureau as a tool for lenders to use in evaluating the risk
associated with issuing you credit. All credit reporting
agencies use this score.
A FICO score can range from 200-900. A minimum score
of 620 is required to obtain prime interest rates.
Anything less than 620 is now becoming
less than desirable to lenders who have become
gun shy due to high levels
of losses on defaults on all kinds of credit programs.
Added to the FICO computation, banks, automobile dealers,
credit card companies, department stores, and others
are raising their minimum requirements for the issue of credit.
In the lingo of credit issuers "A+ paper" is someone
with a FICO score of 720 and up with zero late payments on
any account open or closed.
DO YOU KNOW YOUR FICO SCORE ? You are allowed to ask
the credit bureau's for a free copy of your credit report
with FICO score. It is something you should know,
plus it is wise to monitor your credit file every
year to avoid mistakes, and to ensure no unauthorized
checking of your credit history and to stop identity theft.
The lower your FICO score, the higher the interest rate
you will pay on credit request. Your FICO score effects
everything you do from applying for new employment,
buying cars, homes, appliances, credit cards,
cell phone rates, etc.etc.etc.
Be sure you know your FICO score, and what's in your credit file. If the trends continue it could become a reality that only A+ paper will be accepted for mainstream credit...All others may go sub-prime
if you can be approved at all and you will pay dearly in down payments and interest charges.....
Side note: One article I read was relating to the fact that automobile
dealers are approaching the point of not taking certain vehicles in on
trade at any price. One dealer stated that if you wish to trade in a SUV
you need not come to his dealership as he can not help you..He will not
take a SUV on any condition...He said he had 97 SUV's in his used car
inventory and that he could not sell them either to the public or at the
auto auctions and that he did not intend to have 98 in his inventory...
As gas prices continue to rise, other low mileage vehicles other than
SUV's would be added to his list...(such as big trucks with V8 engines
and high performance sport cars)......
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Sunday May 4, 2008
Wednesday April 30, 2008
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