What Keeps Some Consumers Stuck in Bad Credit

Credit Score

What Keeps Some Consumers Stuck in Bad Credit

What Keeps Some Consumers Stuck in Bad Credit

Credit cards and other loans can serve as a lifeline, when making ends meet may seem out of reach during times of financial hardship. Unfortunately, relying too much on these types of loans can actually damage already poor credit, and recent data indicates that this kind of problem could be getting worse. New data from… Read More

Most Americans Have Bad Credit, Study Finds

Credit Score

Most Americans Have Bad Credit, Study Finds

Most Americans Have Bad Credit, Study Finds

For all the headlines about the improving economy and record-low mortgage rates, most consumers aren’t in a position to benefit from them, according to a report from the Corporation for Enterprise Development (CFED).  The study found that 56% of consumers have subprime credit scores. That means they are unable to take advantage of the best — or… Read More

Nation’s Biggest Buy-Here, Pay-Here Dealer Fined $8 Million

Managing Debt

Nation’s Biggest Buy-Here, Pay-Here Dealer Fined $8 Million

Nation’s Biggest Buy-Here, Pay-Here Dealer Fined $8 Million

It’s been a bad week for debt collectors who employ questionable tactics. The largest buy-here, pay-here car dealer in the nation must pay an $8 million civil penalty after an investigation by federal authorities found it had repeatedly harassed consumers and furnished incorrect information to credit bureaus. DriveTime Automotive Group offers car purchase agreements that… Read More

The Cities With the Lowest Credit Scores

Credit Score

The Cities With the Lowest Credit Scores

The Cities With the Lowest Credit Scores

The average U.S. consumer credit score increased 2 points from 2013, according to Experian’s Fifth Annual State of Credit study. Americans have an average 666 VantageScore 3.0, up from 664 last year, on a scale of 300 to 850. That’s generally considered fair credit. With this increase in score came an increase in consumer debt,… Read More

It’s Getting Easier to Get a Credit Card With Bad Credit

Credit Cards

It’s Getting Easier to Get a Credit Card With Bad Credit

It’s Getting Easier to Get a Credit Card With Bad Credit

Consumers with below-average credit scores have had an easier time getting credit cards in the last few years, compared to the immediate aftermath of the financial crisis when credit availability was very limited. Still, credit availability remains below pre-recession and recession levels, according to a report from the American Bankers Association: There were 330 million outstanding credit… Read More

How to Upgrade Your Secured Credit Card

Credit Cards

How to Upgrade Your Secured Credit Card

How to Upgrade Your Secured Credit Card

[[THIS ARTICLE REDIRECTED TO http://www.credit.com/credit-cards/content/how-to-upgrade-your-secured-credit-card/]] When people are struggling to rebuild their credit, a secured card can offer them the opportunity to qualify for a credit card and establish a positive credit history. Unfortunately, secured cards also have several drawbacks compared with standard credit cards. For example, secured cards always require a refundable deposit that is… Read More

A New Challenge for First-Time Homebuyers?

Mortgages

A New Challenge for First-Time Homebuyers?

A New Challenge for First-Time Homebuyers?

The nation’s second-largest mortgage lender recently raised eyebrows after suggesting it might stop making FHA loans. JPMorgan Chase has already scaled back lending to lower-credit borrowers, citing the increased costs of foreclosure and regulatory action. But the firm’s chief executive went a step further in a conference call last week, noting Chase is “struggling” with… Read More

How to Keep Bad Credit From Killing Your Mortgage

Mortgages

How to Keep Bad Credit From Killing Your Mortgage

How to Keep Bad Credit From Killing Your Mortgage

The credit and financial choices you make today can shape your chances of getting a mortgage in the future. If you have a tarnished credit history, you still may be able to qualify but it will be a document-heavy process. A mortgage is the largest form of credit a consumer can obtain, so be prepared… Read More

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