credit-score

The problem with annualcreditreport.com—other than its name—is that getting your reports from the site is a little like dealing with GoDaddy: you have to deal with upsells and side-sells at every step. You can indeed get your free credit reports from the site, but you'll also have to keep turning down other offers from the three participating bureaus. Hell, there are even ads (sorry, "sponsor" links) on the home page, the one place where you'd hope for the least consumer confusion.  More »

It was apparently the least of his problems, but the late King of Pop had less than stellar credit, says TMZ.  More »

Hector didn't know whether or not he was going to accept Bank of America's offer of a new credit card with a $3,500 limit, so the bank made his decision easy by issuing the card without his permission. When Hector discovered the surprise credit line, he called Bank of America with two requests: explain how they could open a new account without his consent, and keep the account open until he could figure out the new line's impact on his credit score. Of course, without a peep, Bank of America immediately canceled the new credit card, leaving Hector wondering what might happen to his credit score...  More »

If you've fallen into a debt pit and can't make your credit card payments, and now you're watching them steadily mount with penalties, fees, and steep interest rates, consider negotiating a lower payment. The New York Times reports that while most card companies won't admit it officially, they know when they've got a customer who can't pay, and they're much more willing to settle for a lower amount than they were a year ago.  More »

Rob lost his job, but kept the company credit card. Well, not so much the card, but the unpaid balance that went with it. As Rob's employer stopped cutting him paychecks, it also stopped making payments on the account as well, and the creditor started hounding Rob, who wrote in to syndicated columnist Todd Ossenfort.  More »

Great news, distressed homeowners! If you aren't eligible for the President's homeowner assistance package and can't negotiate a better deal on your mortgage, the New York Times says that turning in the keys and leaving your home may not be the end of your financial world. The Times mapped out a guide for dealing with the various players controlling your mortgage...  More »

SmartMoney's Anne Kadet looked into the process by which the three major credit bureaus—Experian, TransUnion, and Equifax—investigate and correct errors on credit reports. What she found was that the process is "almost entirely automated," and that "many lenders respond by simply rereporting the erroneous data." Here's how it works, and your meager options when something goes wrong.  More »

Looking for a quick estimate of your credit score? CreditCards.com has a simple questionnaire that will give you an idea where you probably stand. [CreditCards.com]  More »

Reader Brandon wants to know if those freecreditreport.com commercials are being misleading when they tell you that your credit report can affect where you get a job.   More »

Reader Rebekah has a question about credit cards. She and her husband pay off their cards every month, but like to charge most of their expenses because they enjoy the reward points. She's wondering if this is a good idea and how it affects her credit.  More »

Reader Pierre is a small business owner who has an American Express Business Account that used to have a $25,000 limit, but has now been cut to $1,800. He says his company's bill is usually around $12,000 a month, and it is always paid in full -- on time. While Pierre is clearly upset with American Express, the Wall Street Journal says that all banks are cutting access to credit.   More »

The CreditKarma.com site we told you about in our roundup of "5 No BS Ways To Get A Credit Score For Free" has changed its calibration system so the free, advertising-supported, credit score it gives you is now on the 300-850 range, just like your FICO score. It's still not your FICO score, but it does make the approximation, based on TransUnion data, more relevant. If you're do some major money moves, like getting a mortgage, you would still want to pay for the FICO score for total accuracy, but if you just want a general sense of how you're doing, CreditKarma.com is a great way to do it for free.  More »

Here are 5 ways to get your credit score for free. Note, all of them are the credit scores developed by the credit bureaus themselves, Experian, TransUnion, and Equifax, and are not your actual FICO scores. Only the FICO score is used by lenders to determine your credit worthiness. However, you can at least use these credit bureau scores to get a general sense of how good your credit is.  More »

The Wall Street Journal analyzed more than $2.5 trillion in subprime loans made since 2000 and found that as the number of subprime loans grew, the loans were being issued to borrowers with better and better credit scores—borrowers who could have qualified for traditional loans with more reasonable terms.   More »

All three credit reporting agencies recently announced plans to let consumers freeze their credit files. Credit freezes provide security at the cost of convenience: access to credit reports and scores is prevented without the consumer's express authorization, making it difficult to open new accounts or lines of credit. Freezes are considered one of the best, albeit drastic, ways to guard against identity theft.  More »

The continuing subprime meltdown is leading jittery creditors to reduce cardholder credit limits at the first sign of trouble. According to a recent survey, up to 75% of banks are cutting credit limits to minimize their exposure to risk. The move can adversely affect credit scores, which are determined by considering the percentage of available credit used. From the Chicago Tribune:

A change can stem from late payments of any kind, a drop in your credit score or the addition of new lines of credit. Bryan found out limits on three cards were actually cut after he took out a home equity loan to pay off some debt.  More »

Capital One will start reporting cardholder credit limits to the three credit bureaus, a common practice from which most cardholders had no idea their creditor abstained. Credit limits help TransUnion, Experian and Equifax determine credit utilization, which accounts for 30% of a credit score. Capital One's decision, which will take effect by the end of the year, will likely boost its cardholders' credit scores. From the Washington Post:  More »

Bankrate has an interview with Craig Watts, public affairs manager at Fair Isaac Corp., the creator of the popular FICO credit score. Craig talks about credit myths and strategies for people who are looking to raise their credit scores. Nothing terribly ground-breaking, but we know our readers tend to obsess over their credit scores, so it's good to get some info straight from the horse's mouth.  More »

Hello. I read the consumerist every day and since I turn 18 later on this month I wanted to ask how do I start a credit score or getting credit or a loan to start my credit score?  More »