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.
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
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
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
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
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
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
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
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
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
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
Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.