Credit
« Previous EntriesCredit-Related Q&A and GIVEAWAY
Thursday, July 17th, 2008The other day I received an email from an AFM reader with several questions related to bankruptcy and credit reports. Since credit-related questions are one of my weaker areas, I have made it a habit to send those types of questions to author and MSN Money columnist, Liz Pulliam Weston. She sent me [...]
How Long Will it Take to Improve a FICO Score?
Thursday, May 29th, 2008On Wednesday I received this email from reader, Joshua:
Good Morning,
Thank you for reading my email.
My question regards my credit score. I recently got my credit report and score. My score as of right now is a 577 which as you know wont get me very far. I make decent money now and I am [...]
Follow up to Yesterday’s FICO Question
Wednesday, May 7th, 2008Yesterday’s Question of the Day was about good debt/bad debt and FICO scores. I want to concentrate on the FICO part of the question:
Many FICO scores are based on DTI, or Debt-to-Income ratios. DTI generally doesn’t include debt to own a home, even if the loan was sub-prime. Is this a mistake? Are FICO [...]
What to do (and NOT to do) When Trying to Fix Your Credit Score
Tuesday, April 22nd, 2008Today’s Wall Street Journal had an interesting
Warren Buffett Has a FICO Score of 718! Who Cares?
Saturday, March 29th, 2008Website, myFICO, is making a big deal that Warren Buffett’s FICO score is only 718. My question: who cares? Seriously, the guy is worth BILLIONS of dollars. He doesn’t need credit. Can you imagine Buffett getting a subprime mortgage because his credit score is low? LOL!
The article then goes [...]
What is “Stagflation?”
Thursday, February 21st, 2008Today’s Wall Street Journal featured a front-page article about stagflation fears ($). From the article:
The U.S. faces an unwelcome combination of looming recession and persistent inflation that is reviving angst about stagflation, a condition not seen since the 1970s.
Inflation is rising. Yesterday the Labor Department said consumer prices in the U.S. jumped 0.4% in [...]
Question of the Day: When is Debt Real Debt?
Wednesday, February 20th, 2008Sorry for the confusing title but I couldn’t think of another way to say it.
I was reading NCN’s plan for life after debt
and it got me to thinking about the following question:
Let’s say you have a sizeable savings account and have allotted $2,000 of your savings for a new TV. You go shopping [...]
Take Responsibility for Your Money Problems
Wednesday, January 23rd, 2008It’s easy and all-too-tempting to blame the government, the credit card companies, or maybe even your parents for your troubles. And those entities may play a role in the plight of a few. But many people fail - or pointedly refuse - to consider the part they played in creating their financial problems.
One Firm That Took Advantage of the Subprime Market
Friday, December 14th, 2007According to today’s Wall Street Journal, Goldman Sachs made bets against the subprime market ($) and made lots of money:
The group’s big bet that securities backed by risky home loans would fall in value generated nearly $4 billion of profits during the year ended Nov. 30, according to people familiar with the firm’s finances. Those [...]
Sometimes the “Smart Money” Isn’t So Smart
Monday, December 10th, 2007Here’s an interesting tidbit from one of the cover stories ($) in today’s Wall Street Journal:
Over the past decade, Wall Street built a market for more than $2 trillion in securities sold globally and backed by loans to U.S. homeowners on two long-accepted beliefs and one newer one. The prevailing logic: The value of the [...]