Wednesday, June 3, 2009

What is My Credit Score ?

Info about credit score,housing loan,credit check (what's my credit score)
This article is about questions like: the credit score and mortgage, credit score and loan, whats my credit score, how to check my credit score, etc.

In the U.S., every one has a social security number (SSN). This SSN will follow you for your entire life. If you screwed up something, it will be reported to the HOGAN system. This system is so powerful that all the info about a person's debt, credit card number, bank accounts, etc can be inquired from it once a SSN is entered. One thing I need to mention here is the credit card late payment issue. If you have only just one late payment (<90>90 days) made his credit score drop from 708 to 604 in a month. When he found this big mistake he made, he paid his credit card debt immediately. But it still takes a while for him to restore his credit score. Actually, the people paying all his credit card debts every month will not get the high credit score. You credit score will be better if you just pay the minimum payment every month. Because you will need to pay for the interests if you choose to pay the minimum payment of your credit card bills. This is the way the banks and credit card companies like most. It is like a debt which takes forever for the credit card holder. But lots of American people like to pay the credit card bills this way. :-)

About the credit check and credit inquiry: I don't recommend people to apply for too many credit cards in a short period of time. Because you will get a hard credit inquiry every time you apply for a new credit card. You credit score will be affected if you have too many credit inquiries. In the U.S., every one can get a free annual credit report (with no credit score in it) and the web site is: https://www.annualcreditreport.com/cra/index.jsp (The CreditReport.comAnnualCreditReport.com website is only accessible through ISPs (Internet Service Providers) located within the United States and its territories.) You can check this web site if you are interested. If you have the question like "whats my credit score?", you can use the free trial from CreditReport Dot COM or MyFICO Dot COM. From CreditReport Dot COM, you can get a 7 day free trail of 3 bureau credit monitoring and credit score tracking. For the MyFICO Dot COM, you can get your free FICO score and credit report, 2 free Equifax FICO scores and credit reports, 90% of the largest U.S. banks use FICO scores. (Score Watch 30-Day Free Trial)

Credit score and financial crisis: I think a very important reason of this financial crisis is the banks' not caring too much about the applicants' credit score. Because of this, the people with very low credit score can still get their housing loans. Even the people who has bankruptcy records in his/her credit report can still get his/her house mortgage. Sometimes they can get the 0% down payment too. This is too risky for the banks. When the housing price drops, these people will not be able to pay their housing loans and the banks will be affected too. Now the banks require the applicants to have a credit score of at least 700 when applying for the housing loans. They also prefer the applicants with a clear credit history. Although the housing price dropped and lots of people think this is a good time to buy houses, to get the house mortgage from the banks is another story now.

Credit score and microfinance: I once had a intern in Grameen Foundation and my work is about the loan applications from Get $50 Cash Back from Discover!the poor people. In the U.S., the poor people will not get a very good credit score. (or don't have any credit score) Because of this, the banks do not want to lend them money. All they can ask is the microfinance organizations. I saw lots poor people, they really need money from the banks. But they are not able to get loans from them because of their bad credit score and credit report. The good thing about this microfinance is that they will not consider things like credit score or credit report at all. It cares more about the applicants' personality. If the applicant is poor but he/she is honest and confident about his/her future, he/she can still get loans from these microfinance organizations. In my point of view, this is not just about money. This is about giving hopes and chances to the poor people. Although it is not smart to lend money to the poor people with band credit score in most American people's mind, the poor people still need a chance to pursuing better lives in the realistic capitalism system.



By Shane Lee. Date: 06/02/2009.

Source

Oil price rally comes to a halt

Oil prices have fallen back with investors growing more cautious as oil approaches the $70-a-barrel mark.

US light, sweet crude oil was down 86 cents at $67.69 a barrel, while Brent crude fell 61 cents to $67.56.

US President Barack Obama has begun a tour of the Middle East, where he will raise the issue of volatile oil prices with Saudi Arabia's King Abdullah.

He is also expected to reassure Saudi that demand for oil will not dry up. Earlier, oil prices had reached $68.64.

"The Saudis want to be assured that there will be a future for oil consumption. They want security of demand," said Simon Wardell, senior oil analyst at Global Insight.

"Obama for his part will be persuading them to continue investing in new production, which is not likely to have too much impact on spot prices in the near term, but will come five or 10 years down the road."
Read entire article :

Pre-Paid Credit Cards Popularity on the Rise

Visa Master Card Pre-Paid Credit Popularity on the Rise no credit check no credit history needed , bad credit no credit , but watch out for any hidden fees and charges and read the fine print for all set of rules coming with the card...

Gold as a safe Investment , as prices rise

would you buy or sell Gold at these prices ?

Home sales jump

When was the last time you heard this -- there is some good news from the real estate market. The number of people agreeing to buy a previously occupied home jumped a lot in April, the biggest jump in 8 years.

Lack Of Direction Within The Money Markets

06/03/09 The money markets continued to seek a direction this session as moxed data led to mixed results.

Gold Rally Reflects Weak US Dollar

The gold rally is reaching its peak, according to Charlie Morris of HSBC Global Asset Management, who told CNBC that gold is “merely reflecting (US) dollar weakness.” Against other currencies, there is no rally, he said.











DAILY NEWS ON BOOZE