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Today’s Associated Press article reported that the amount consumers owed on their credit cards fell to its lowest level in eight years. According to TransUnion, the average combined debt for bank-issued credit cards — either with a MasterCard or Visa logo — was $4,951 in the second quarter of this year, down 13% from $5,719 … Continue reading Credit Card Debt at Eight-Year Low If finding a job in the current economic climate wasn’t difficult enough, job seekers have one more potential roadblock on the way to securing a new position: their credit file. Based on a recent survey, up to half of employers eliminate potential job candidates with low credit scores. Though some 20 states have introduced recent legislation … Continue reading Credit Scores May Affect Prospective Employment Why is someone declined for credit when their credit score is just as high, if not higher, than others who were recently approved? With so much potential loss for credit card companies, insiders say that a credit score alone is not sufficient to determine approval. So, what other factors are used to determine who will … Continue reading It’s Not Just Your Credit Score That Determines Loan Approval Millions of Americans’ credit scores are sinking to new lows, the Associated Press reported yesterday. Data provided by FICO Inc. shows that 25.5 percent of consumers now have a credit score of 599 or below, marking them as poor risks for lenders. This could lead to those consumers being denied credit cards, loans or mortgages. It … Continue reading Credit Scores Dip to New Lows, But There is Hope The housing crisis may get more personal for struggling homeowners, even those who have perfect credit. RISMedia reports that homeowners seeking a loan modification or considering foreclosure to help them pay their mortgages might see their credit score fall sharply, thanks to the effects of the housing debacle. It gets worse. Citing complaints from bankers that … Continue reading Housing Crisis May Ruin Your Credit Score |
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