Consumers still unclear on credit score impact

Posted by administrator | 20/05/12 | Tagged Credit Card

Consumers still unclear on credit score impact
News from SouthCoastToday.com:

May 20, 2012 12:00 AM

Consumers understand credit scores better than they used to, but many still don’t fully appreciate how costly high scores can be, according to a new survey.

Almost everyone knows mortgage lenders and credit card issuers use credit scores in making their decisions, according to a survey released last week by the Consumer Federation of America and VantageScore Solutions.

Most people realize landlords, home insurers, and cell phone companies also check consumers’ credit ratings, though by smaller majorities, according to the study. The results showed improvement in consumers’ understanding when compared to a credit score knowledge survey released by the two organizations last year.

Stephen Brobeck, the consumer federation’s executive director, said the results showed the best year-over-year increase in consumer awareness he has seen in the various surveys that the organization has conducted.

“However, credit reports and scores are so important to consumers that they should try to improve knowledge that remains deficient in several key areas,” Brobeck said in a statement.

Only 29 percent were a…………… continues on SouthCoastToday.com

… Read the full article
.

Related News:

MICHELLE SINGLETARY: 2012 college grads should think ‘CASH’
News from Tuscaloosa News:

Published: Sunday, May 20, 2012 at 3:30 a.m.
Last Modified: Friday, May 18, 2012 at 4:17 p.m.

Every year I like to provide advice to college graduates.

By the time I graduated, I had in place some pretty good money habits thanks to my grandmother, Big Mama. Because of her, I’ve made it my mission to pass on the financial wisdom she taught me.

For college graduates this year, I offer an acronym to help manage your money. It’s CASH.

The “C” in CASH stands for credit. I won’t say don’t get a credit card because many of you already have one. And I’d be a hypocrite anyway, since I use credit. But credit is a dangerous financial tool because it often lets you live beyond your means.

I’ve worked with so many people who thought, as you might, that they could handle credit wisely. They couldn’t and are struggling to dig out from under credit-card debt for things they can’t even recall buying. Please pause before you use credit and consider what would happen if your next paycheck didn’t come.

Don’t use your credit card if you can’t pay off the purchase by the following billing cycle. The moment you swipe and buy something that you can’t pay off the next month, you are in danger of becoming trapped in a cycle that can lead to a lot of financial grief.

The “A” in CASH stands for assets. If you’re fortu…………… continues on Tuscaloosa News

… Read the full article


Consumers still unclear on credit score impact

Posted by administrator | 20/05/12 | Tagged Credit Card

Consumers still unclear on credit score impact
News from SouthCoastToday.com:

May 20, 2012 12:00 AM

Consumers understand credit scores better than they used to, but many still don’t fully appreciate how costly high scores can be, according to a new survey.

Almost everyone knows mortgage lenders and credit card issuers use credit scores in making their decisions, according to a survey released last week by the Consumer Federation of America and VantageScore Solutions.

Most people realize landlords, home insurers, and cell phone companies also check consumers’ credit ratings, though by smaller majorities, according to the study. The results showed improvement in consumers’ understanding when compared to a credit score knowledge survey released by the two organizations last year.

Stephen Brobeck, the consumer federation’s executive director, said the results showed the best year-over-year increase in consumer awareness he has seen in the various surveys that the organization has conducted.

“However, credit reports and scores are so important to consumers that they should try to improve knowledge that remains deficient in several key areas,” Brobeck said in a statement.

Only 29 percent were a…………… continues on SouthCoastToday.com

… Read the full article
.

Related News:

MICHELLE SINGLETARY: 2012 college grads should think ‘CASH’
News from Tuscaloosa News:

Published: Sunday, May 20, 2012 at 3:30 a.m.
Last Modified: Friday, May 18, 2012 at 4:17 p.m.

Every year I like to provide advice to college graduates.

By the time I graduated, I had in place some pretty good money habits thanks to my grandmother, Big Mama. Because of her, I’ve made it my mission to pass on the financial wisdom she taught me.

For college graduates this year, I offer an acronym to help manage your money. It’s CASH.

The “C” in CASH stands for credit. I won’t say don’t get a credit card because many of you already have one. And I’d be a hypocrite anyway, since I use credit. But credit is a dangerous financial tool because it often lets you live beyond your means.

I’ve worked with so many people who thought, as you might, that they could handle credit wisely. They couldn’t and are struggling to dig out from under credit-card debt for things they can’t even recall buying. Please pause before you use credit and consider what would happen if your next paycheck didn’t come.

Don’t use your credit card if you can’t pay off the purchase by the following billing cycle. The moment you swipe and buy something that you can’t pay off the next month, you are in danger of becoming trapped in a cycle that can lead to a lot of financial grief.

The “A” in CASH stands for assets. If you’re fortu…………… continues on Tuscaloosa News

… Read the full article


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