SubscribeAll Posts Tagged With: "credit score"
Does Unfair Isaac Give Credit Where It’s Due?
In the Dividend Superstars issue that just went to press, I talked about FICO credit scores — the three-digit numbers that greatly determine how much money we can borrow, what interest rates we pay, and even how employers and landlords view us.
And I think this information is so critical to your financial life that I want to go over some of the details again here in Money and Markets today. Plus, I want to tell you why I think the system as it stands today is treating many responsible savers and borrowers unfairly in these credit-crunched times. That’s something I didn’t…
1Jul2009 | Money and Markets | 0 comments | ContinuedGMAC Loosens Credit Reins After $6 Billion Treasury Loan
The U.S. Treasury has agreed to lend $6 billion to GMAC LLC (GOM), the financing arm of General Motors Corp. (GM), in the latest government effort to keep the biggest U.S. automaker out of bankruptcy.
GMAC immediately announced looser credit lending standards that could make approximately 60 million Americans eligible for its car loans and leases. The company also said it would expand further into the retail banking industry with plans to access even more funds from the Treasury’s Troubled Asset Relief Program (TARP).
GMAC will “continue to pursue†other ways to boost liquidity, including applying for a Federal Deposit Insurance…
31Dec2008 | Money Morning | 0 comments | ContinuedA Rare Bank Without Defaults
No Credit… No License… No History? No Problem?
Even before our current mortgage meltdown, most banks would never touch a prospective customer with any one of the above issues, let alone all three. But there’s one bank in a quiet little corner of Pennsylvania that’s made thousands of loans – all to customers who have no credit history, zero credit scores, no drivers license and nothing beyond an eighth grade education.
The most amazing part is that they’ve never had even one customer default on a loan. And that’s thousands of customers over a 20-year period. How can this possibly be true?
A…
24Dec2008 | Investment U | 0 comments | Continued
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