Comments on: Your Credit Score is About to Become More Valuable http://cashmoneylife.com/2008/09/30/your-credit-score-is-valuable/ Money Management, Small Business, Career Fri, 20 Nov 2009 20:44:55 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Weekend Roundup- No A/C Needed Edition | Think Your Way to Wealth http://cashmoneylife.com/2008/09/30/your-credit-score-is-valuable/comment-page-1/#comment-14441 Weekend Roundup- No A/C Needed Edition | Think Your Way to Wealth Mon, 20 Oct 2008 11:05:40 +0000 http://cashmoneylife.com/?p=995#comment-14441 [...] Your Credit Score is About to Become More Valuable at Cash Money Life [...] [...] Your Credit Score is About to Become More Valuable at Cash Money Life [...]

]]> By: Festival of Frugality #146 - Aridni http://cashmoneylife.com/2008/09/30/your-credit-score-is-valuable/comment-page-1/#comment-14207 Festival of Frugality #146 - Aridni Wed, 15 Oct 2008 05:21:15 +0000 http://cashmoneylife.com/?p=995#comment-14207 [...] Cash Money Life believes that Your Credit Score is About to Become More Valuable [...] [...] Cash Money Life believes that Your Credit Score is About to Become More Valuable [...]

]]> By: Sunday Money Roundup - Attack Of The Crickets Edition. | My Two Dollars http://cashmoneylife.com/2008/09/30/your-credit-score-is-valuable/comment-page-1/#comment-13947 Sunday Money Roundup - Attack Of The Crickets Edition. | My Two Dollars Sun, 05 Oct 2008 13:00:39 +0000 http://cashmoneylife.com/?p=995#comment-13947 [...] Money Life says that “Your Credit Score is About to Become More Valuable“. Why? Click through to find [...] [...] Money Life says that “Your Credit Score is About to Become More Valuable“. Why? Click through to find [...]

]]> By: Patrick http://cashmoneylife.com/2008/09/30/your-credit-score-is-valuable/comment-page-1/#comment-13863 Patrick Wed, 01 Oct 2008 14:01:47 +0000 http://cashmoneylife.com/?p=995#comment-13863 <strong>Daphne: </strong>Being proactive with your finances is the best thing one can do in times of economic uncertainty. One can't rely on government bailouts or other events to take care of them! <strong>Kristen: </strong>Thanks for sharing. I didn't realize that! :) Daphne: Being proactive with your finances is the best thing one can do in times of economic uncertainty. One can’t rely on government bailouts or other events to take care of them!

Kristen: Thanks for sharing. I didn’t realize that! :)

]]> By: Kristen http://cashmoneylife.com/2008/09/30/your-credit-score-is-valuable/comment-page-1/#comment-13858 Kristen Wed, 01 Oct 2008 12:07:15 +0000 http://cashmoneylife.com/?p=995#comment-13858 Another comment about credit scores, and in particular the mention of a score of 660. If someone is applying for a government-insured mortgage (such as a VA loan or an FHA loan), and their credit score is below 660, that person/couple is required to get housing counseling from a HUD approved agency before they can take out the mortgage. 660 is the line where the government starts to go, "Hmmm ..." Another comment about credit scores, and in particular the mention of a score of 660. If someone is applying for a government-insured mortgage (such as a VA loan or an FHA loan), and their credit score is below 660, that person/couple is required to get housing counseling from a HUD approved agency before they can take out the mortgage. 660 is the line where the government starts to go, “Hmmm …”

]]> By: Daphne Lim http://cashmoneylife.com/2008/09/30/your-credit-score-is-valuable/comment-page-1/#comment-13856 Daphne Lim Wed, 01 Oct 2008 11:21:34 +0000 http://cashmoneylife.com/?p=995#comment-13856 Great site Patrick, and it's a good article. I'm not living in the US so the details don't apply to me, but I like your pro-active stance in showing people that we do have control over our financial status and should in fact learn the rules of the money game. Keep up the good work! Great site Patrick, and it’s a good article. I’m not living in the US so the details don’t apply to me, but I like your pro-active stance in showing people that we do have control over our financial status and should in fact learn the rules of the money game. Keep up the good work!

]]> By: Zhu http://cashmoneylife.com/2008/09/30/your-credit-score-is-valuable/comment-page-1/#comment-13848 Zhu Wed, 01 Oct 2008 02:47:56 +0000 http://cashmoneylife.com/?p=995#comment-13848 I was reading your other article as well on how canceling credit card can affect a report and I must say that I find it extremely stupid (the fact it can affect your credit score, not your article! :lol:) People can think the less credit cards they have, the more they can manage them efficiently, the less they would get in debt etc. But on the other side, credit card companies push and increase limits! My $500 limit credit card I got when I first came to Canada has been increase to $7500 in 3 years. I do NOT need that money. But hey, as my bank told me, I'm lucky to have an high limit... Weird society that pushes people to consume always more. Sorry for the side rant! I agree that credit history is more important nowadays, lenders will be very careful. I was reading your other article as well on how canceling credit card can affect a report and I must say that I find it extremely stupid (the fact it can affect your credit score, not your article! :lol: )

People can think the less credit cards they have, the more they can manage them efficiently, the less they would get in debt etc. But on the other side, credit card companies push and increase limits! My $500 limit credit card I got when I first came to Canada has been increase to $7500 in 3 years. I do NOT need that money. But hey, as my bank told me, I’m lucky to have an high limit… Weird society that pushes people to consume always more.

Sorry for the side rant!

I agree that credit history is more important nowadays, lenders will be very careful.

]]> By: Patrick http://cashmoneylife.com/2008/09/30/your-credit-score-is-valuable/comment-page-1/#comment-13839 Patrick Tue, 30 Sep 2008 19:14:52 +0000 http://cashmoneylife.com/?p=995#comment-13839 <strong>Leah S: </strong> A good credit score is generally considered anything around 660 or higher. How high your score needs to be depends on many factors, such as how much you are trying to borrow, etc. I think lenders have a sliding scale of who they will lend money to and at which interest rates. Generally the higher your credit score, the better your rates. Some companies have a lower limit for credit scores at which they will not make loans. I think that depends on the lender, but usually in the lower 500s is very bad and you may have a hard time finding anyone willing to lend money to you. Leah S: A good credit score is generally considered anything around 660 or higher. How high your score needs to be depends on many factors, such as how much you are trying to borrow, etc.

I think lenders have a sliding scale of who they will lend money to and at which interest rates. Generally the higher your credit score, the better your rates. Some companies have a lower limit for credit scores at which they will not make loans. I think that depends on the lender, but usually in the lower 500s is very bad and you may have a hard time finding anyone willing to lend money to you.

]]> By: Patrick http://cashmoneylife.com/2008/09/30/your-credit-score-is-valuable/comment-page-1/#comment-13838 Patrick Tue, 30 Sep 2008 19:08:12 +0000 http://cashmoneylife.com/?p=995#comment-13838 <strong>Mr. Tough Money Love: </strong>I don't mean to imply that anyone can borrow their way out of trouble - uncontrolled borrowing is what got out country's economy in this mess int he first place. My point is simply that with fewer banks willing to make loans, a high credit score is more valuable because it will help those who can responsibly use the loan obtain the money they need. I agree with your assessment to increase your networth, so long as it is not simply paper net worth, which is how many of these financial institutions became so "valuable." To me the current economy says take care of your personal finances in every way possible: fortify your savings and emergency fund, improve your credit score, pay down debt more quickly etc. Now is probably not the time to make large financial gambles. Mr. Tough Money Love: I don’t mean to imply that anyone can borrow their way out of trouble – uncontrolled borrowing is what got out country’s economy in this mess int he first place.

My point is simply that with fewer banks willing to make loans, a high credit score is more valuable because it will help those who can responsibly use the loan obtain the money they need.

I agree with your assessment to increase your networth, so long as it is not simply paper net worth, which is how many of these financial institutions became so “valuable.”

To me the current economy says take care of your personal finances in every way possible: fortify your savings and emergency fund, improve your credit score, pay down debt more quickly etc. Now is probably not the time to make large financial gambles.

]]> By: Dividend Growth Investor http://cashmoneylife.com/2008/09/30/your-credit-score-is-valuable/comment-page-1/#comment-13834 Dividend Growth Investor Tue, 30 Sep 2008 15:14:25 +0000 http://cashmoneylife.com/?p=995#comment-13834 I hope that in this tough environment people with good credit are not placed in the same group as the ones with poor credit. I hope that in this tough environment people with good credit are not placed in the same group as the ones with poor credit.

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