Having no or slow credit can be difficult to climb out of. This is especially true since 15% of the FICO credit scoring formula is based on the length of your credit history. This means that recent graduates or anyone under the age of 25 will find it especially difficult to achieve higher credit scores. Fair Isaac reports that most FICO High Achievers” opened their first revolving account 19 years ago on average. Continue reading
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How Does Payment History Affect Credit Scores?
Payment history on credit accounts is the single biggest factor that contributes to your credit scores. In fact, 35% of credit scoring inputs are based on your payment histories.
Payment history measures your on-time payments for consistency. Specifically what the credit bureaus are looking for is that your account status remains in “current” status for each account. As long as your account remains in that current status, it will continue to report as a positive account. Continue reading
What are the basic credit scoring components?
Credit scoring is based on certain aspects of your financial behavior. Some elements are weighted much higher than others, so it is important to understand how your credit is scored if you want to improve your scores. Continue reading
Capital One® offers new Quicksilver® Cash Rewards Credit Card
The new Quicksilver Cash Rewards Credit Card has been launched by Capital One as a challenger to the many other cash rewards credit cards that are currently on the market. So is this for real, or is it just another piece of plastic with watered down benefits?
So you are in the market for a new rewards credit card. Is the new Quicksilver Cash Rewards card the one for you? Continue reading
Security Credit Services and Jacob Law Group pay restitution for illegal fees and threats
A buyer of distressed debt and its law firm must repay $799,958 to debtors who were charged $18.95. This mandatory fee was charged for telephone payments, even though other types of payments did not incur the fee. Continue reading
Fifth Third faces allegations and lawsuits over Early Access deposit-advance loans
Loan documents clearly state an APR of 120% based on the fee schedule. Yet according to a new lawsuit seeking class action status, claims of actual fees of up to and over 1000% APR are alleged. Fifth Third Bancorp has faced multiple lawsuits over fees for its Early Access deposit-advance loans. Continue reading
Payday loan collector Goldman Schwartz shut down for widespread debtor abuse
Goldman Schwartz, although not the law firm they claimed, threatened to take children into custody and charged bogus attorneys fees. Debtors were lied to and intimidated into making payments on payday loans or face imprisonment or other extreme illegal actions. Continue reading
Family Resource Center of Raleigh provides free tax prep and family programs
The Family Resource Center of Raleigh (FRC of Raleigh) has been a major force for strengthening the family unit. Its various programs are designed to keep families together under one roof with the kids in school. Continue reading
About to fall behind? A lower credit card payment can help
Having high credit card debt can cripple your finances. When money runs out, then you have to make some tough choices. While many living costs are fixed, you might be surprised to know that you may be eligible for lower payments on your credit cards through a method that does not involve bankruptcy or debt settlement. Continue reading
Wonga seeks to offer 4214% APR Paylater loans to US customers
Online customers who lack credit cards may have an even worse option for making payment. Instead of taking out a 491% APR payday loan, customers may soon choose to complete their purchase using Wonga’s Paylater loan service at a 4,214% APR. To compare, most credit card interest rates average less than 18% APR. Continue reading
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