Experian, one of the three national credit reporting agencies, will add rental data to their credit reporting database. This is a decision that could benefit millions of renters, if you’re lucky enough to be one of the select few. According to this ABC News report only a few million renters will see their rental payment history show up on their Experian credit files. And, at this point only positive rental information will be added, according to the credit bureau.
The question is how will this information impact your FICO credit scores? Normally a positive trade account could have a positive impact on your scores. However, according to the Minneapolis based credit scoring giant, the newly added information will not be considered until they can get a better understanding of its predictive value.
In a statement released by FICO regarding Experian’s new data, “FICO is looking forward to receiving a sample of this expanded data set from Experian so we can evaluate the predictive value of rental data in Experian’s consumer credit reports. Our approach
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Tags: Add Rent, Credit
In time you’ll learn that one of my favorite columns to write is the “mythbuster” piece. I love debunking common, and not so common, myths about the credit industry. So in the spirit of the mythbuster, please enjoy these little known factoids about the credit industry.
FICO Doesn’t Sell Scores to Lenders –
The common belief is that when you apply for a loan the lender pulls your credit report from one of the credit bureaus and then gets your FICO score directly from FICO. This is incorrect except for under rare circumstances when lenders use a FICO service called PreScore®. The vast majority of FICO scores that are used by lenders are sold to them by the credit reporting agencies.
Each of the “Big 3” credit reporting agencies has a licensing agreement with FICO that allows them to sell FICO scores directly to lenders. This means the delivery of your credit report AND FICO score is done at the same time by the same credit bureau. Efficient. And, because FICO d Full Post…
Tags: Credit, Credit Scoring
I recently got an email from Amy asking for some suggestions about getting a new credit card/s based on her needs. We exchanged a few emails. And after pondering over it for a while, here are my thoughts.
Hi Mr. Credit Card,
I’ve been reading your site off and on for about 4 months now. I think I’m going through what you went through when you started this website. Thank you for doing so! It has been a great help to me and I’m sure to many others.
So, on to my conundrum. I currently have 3 credit cards: 1) Nordstrom Platinum Select Visa (am very happy & am an often shopper); 2) Citibank Driver’s Edge card (moderately happy – 20k miles on my car a year so lots of gas); 3) Premier Pass (not sure if I’m happy or not)
I pay in full every month and am not a big fan of annual fees but would pay it if I thought the card was worth it. (I have a d
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Tags: Credit, Credit Cards
Unemployment rates are still high and families are worried about the impact joblessness will have on their financial future, especially when it comes to meeting the financial obligations of a credit card bill. If you get laid off or lose your job without much notice, bills can add up quickly if no steady income is available.
Here are some tips on how to balance a period of unemployment when you still owe on your credit card bills:
Get Your Priorities in Order
Following your budget, you need to make a list of how much it costs to take care of basic necessities and whatever money is left over needs to be set aside for your other financial obligations.
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Tags: Credit, Unemployment Credit
Discover is another common credit card company. They rank up there with Visa, MasterCard, and American Express. However, though they are well known, they may not be as accepted by retailers than the other big name credit companies. Discover credit cards offer a variety of features, depending on what you are looking for in a card.
Discover More Card
This is possibly the most popular of the Discover credit cards, especially for the general customer. There is no annual fee associated with the credit card. Currently, you can receive a 0% APR on purchases made within the first nine months using the credit card. The typical interest rate will then rise to 11.99-19.99%, depending on your credit history. Balance transfers are available with a 0% APR for the first 12 months as well.
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Tags: Credit, Credit Cards