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Tom Quinn

In Credit Score, Credit 101

Tom Quinn is Vice President of Scores at FICO (Fair Isaac), and has more than 25 years of experience in the credit industry with previous positions at FICO, Nomis Solutions, MDS (now known as Experian) and Citibank.

Don’t Let a Natural Disaster Hurt Your Credit Score

Credit Score

Don’t Let a Natural Disaster Hurt Your Credit Score

Don’t Let a Natural Disaster Hurt Your Credit Score

Many people affected by Hurricane Sandy have reached out with questions about the potential impacts this natural disaster can have on their credit scores, as the storm has severely impacted “normal” daily living activities we all take for granted — including mailing a mortgage payment or paying a credit card bill online. The fact that… Read More

The Meaning Behind Your Credit Score Range

Credit Score

The Meaning Behind Your Credit Score Range

The Meaning Behind Your Credit Score Range

Your credit score is typically represented as a three-digit number that lenders use to help them understand your future credit risk. To understand what that three-digit score means, you need to review it in the context of where it resides in the overall credit score scale. A score of 350 can have a drastically different… Read More

Student Loan Debt: The Ripple Effect on Credit

Students

Student Loan Debt: The Ripple Effect on Credit

Student Loan Debt: The Ripple Effect on Credit

It’s no secret that the cost of getting a college education can be downright frightening with the total four-year tuition and living expenses costing more than a new home, in some cases. While many families have worked hard to save money in anticipation of this expense, the fees have become so high that many parents… Read More

Should Utility Payments be Reported to the Credit Reporting Agencies?

Credit Score

Should Utility Payments be Reported to the Credit Reporting Agencies?

Should Utility Payments be Reported to the Credit Reporting Agencies?

Most consumers are aware that how they manage “standard” credit obligations — such as mortgage, automobile and student loans as well as credit cards — are recorded in their credit histories at the three major national credit reporting agencies (Equifax, Experian, TransUnion). This information is then accessed and used by lenders when evaluating a person’s… Read More

Can Your Credit Score Save You Money on a New Car?

Auto Loans

Can Your Credit Score Save You Money on a New Car?

Can Your Credit Score Save You Money on a New Car?

Many consumers find the early fall an ideal time to shop for a new car, as the automakers are bringing in the next year’s new models and often have attractive incentives and special financing terms both on last year’s leftover stock and the new models. If you are considering purchase and financing an automobile in the… Read More

Can You Tell A Lender Which Credit Reporting Agency to Use?

Credit Score

Can You Tell A Lender Which Credit Reporting Agency to Use?

Can You Tell A Lender Which Credit Reporting Agency to Use?

Jackie is getting ready to purchase a new car and needs to take out a car loan. To prepare for the transaction, she has done her homework and accessed her credit reports and credit scores and checked the credit reports for accuracy. She has noticed that the credit score on one of the credit reports… Read More

Is the Credit Crunch Over?

Personal Finance

Is the Credit Crunch Over?

Is the Credit Crunch Over?

Forecasting experts evaluate many different data elements and trends to try to predict if the economy is in a recovery trend or not. Two important items analyzed are consumer credit behaviors and how much new credit is being extended by lenders. During a recession, many consumers (in general) reduce their levels of borrowing — instead… Read More

How Long Will a Bankruptcy Stay on Your Credit Report?

Credit Score

How Long Will a Bankruptcy Stay on Your Credit Report?

How Long Will a Bankruptcy Stay on Your Credit Report?

Mike from Buffalo lost his job and experienced financial difficulties in 2003 that resulted in his filing for bankruptcy.  Since that time, he has carefully managed his finances and has had steady employment for the last three years.  He is looking to purchase a home, but feels he is not being presented with the lowest… Read More

Can I Get Credit If I’m Unemployed?

Credit Score

Can I Get Credit If I’m Unemployed?

Can I Get Credit If I’m Unemployed?

Many people are surprised to learn that being unemployed does not directly impact one’s credit score as employment status is not a data element considered by a credit bureau risk score.  However, it may indirectly impact the credit score if a consumer’s credit behavior changes as a result of the loss of employment.  For example,… Read More

Till Debt Do Us Part: Credit Tips for Newlyweds

Credit Score

Till Debt Do Us Part: Credit Tips for Newlyweds

Till Debt Do Us Part: Credit Tips for Newlyweds

Congratulations! You survived the big wedding day, hopefully enjoyed a blissful honeymoon and are now getting settled into married life. Successful marriages require a lot of effort on the part of both parties and the management of finances should be an important area of focus. As troubled financial issues are one of the leading causes… Read More

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