Credit Scores Highest in Minneapolis and San Jose
Posted on October 19th, 2010
TransUnion, one of the three main credit bureaus, ranked metros throughout the country based on their credit scores, with Minneapolis, MN and San Jose, CA taking top honors.
Both metros received the largest percentage of “A’s,” which signify the greatest number of credit scores in the highest bracket of the VantageScore credit score range.
Meanwhile, the Memphis and Las Vegas metros fared worst, with the highest percentage of bad credit scores.
Consumer credit scores fall within a range of 501 to 990, with higher scores representing a lower likelihood of risk/default.
TransUnion credit scores are also accompanied by a letter grade:
901+ = A 900-801 = B 800-701 =C 700-601 = D 600-501 = F
“Because lenders have so many scoring models at their disposal, it’s rare when the credit score they receive for a consumer and the score the consumer obtains for himself actually match, and that causes a lot of confusion,” said Heather Battison, director of education for TransUnion consumer products, in a press release.
“That’s why the A-F, academic-style letter grade that comes with every VantageScore consumers obtain at TransUnion.com is so beneficial. If my grade is
Tags: Credit Scores, Jose, San Jose
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AARP Auto Insurance Review
Posted on October 18th, 2010
If an accident is not your fault, the Hartford insurance company will waive your deductible in most cases. My deductible currently is in the $500 range, so this is a nice perk.
- First accident forgiveness
Your insurance premium will not be raised just because you had an accident, if all drivers on the insurance plan have been accident free for the 5 years prior to this accident. That is a lot better than dealing with the insurance companies that simply the drop anyone that dares to become involved in an accident.
- Approved shop $100 deductible waiver
If you have an accident, the AARP auto insurance program includes a $100 deductible waiver whenever you take your car to an approved shop for repairs. This is an easy one.
Tags: Insurance, Insurance Review
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Leeds’ new cashback credit card: Is it any good?
Posted on October 15th, 2010
The new Platinum Credit Card from Leeds Building Society offers the opportunity for customers to earn 0.5% cashback on all purchases.
There is a maximum annual spending limit of £15,000 and cashback is credited to customer’s accounts once a year in January.
There is an introductory 0% interest rate on purchases for three months from the date the account is opened.
The rate is 17.9% APR (variable) and there is also 0% on balance and money transfers for 12 months with 3% and 4% handling fee respectively.
Martin Richardson, from Leeds Building Society, said: ‘Our new Platinum Credit Card sits favourably in the market.
Tags: Card, Credit Card
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Expert: Don’t spend on credit cards just to earn points
Posted on October 13th, 2010
Consumers should avoid using their credit cards simply to build up reward points, an expert has warned.
Speaking to the Sydney Morning Herald, Canstar Cannex financial analyst Peter Arnold noted that people who spend on their cards merely to gain points will often see such rewards eroded by credit card surcharges.
He was commenting after research by Citibank found that one in five people neglect to redeem their points.
Among the survey’s other findings it was revealed that many people are unaware of the offers and discounts that come as standard with credit cards without additional spending such as extended warranties or free travel insurance.
”I’m sure a lot of these things aren’t being accessed by the majority of people,” commented Mr Arnold. Read full post…
Tags: Credit Cards, Points
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Debt Consolidation Loans
Posted on October 13th, 2010
Debt consolidation loans are secured loans taken in order to pay back one or several smaller, unsecured loans. These types of loans are usually taken in order to secure a lower interest rate, a fixed interest rate, or simply to combine payments into one lump sum monthly payment. Usually, this is done to be able to repay the debt quicker. It is necessary to note that this type of loan is not for everyone, most lenders require that there be a debt of at least $50,000 or more before you are considered eligible for this loan.
You should also be aware that in order to meet the eligibility requirements you may be required to own your home or some type of property, in order for the bank to recover some of the amount owed in case of default. You can compare loans to find this information. Read full post…
Tags: Consolidation Loans, Debt Consolidation, Debt Consolidation Loans, Loans
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Credit card activity ‘a sign of mortgage prospects’
Posted on October 13th, 2010
A consumer’s credit card activity can be a key indicator of whether or not they can afford their mortgage, it has been suggested.
Investopedia has set out a list of tell-tale signs that point to mounting financial trouble and the likelihood of mortgage default.
These include the practice of only making the minimum repayments on credit cards, with Investopedia noting that this can lead to expensive debts building up over time, thereby hindering a person’s chances of keeping up with home loan repayments and other obligations.
“In your mind, paying the minimum due on each bill may mean you are keeping up with your financial commitments, but financial experts know that minimum-only payments are a key indicator of financial distress,” it said.
“While this may mean that you carry too much debt, this also means that all your income is barely covering your spending.”
Consumers aiming to limit their debts could choose to compare credit cards in search of the best options. Read full post…
Tags: Card Activity, Credit Card, Credit Card Activity, Mortgage
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