Personal Finance

Wells Fargo Launches Path to Good Credit Website

A recent Wells Fargo & Company survey unveiled some very interesting information. According to this study, 78 percent of people in America want to learn more about how to manage their money, and 53 percent of the people who responded wanted to learn specific information about credit. To help these people learn what they need to know, the company has announced that they are launching the Path to Good Credit. This initiative includes a series of interactive websites that give consumers important information about building credit and improving their credit scores. The Path to Good Credit allows people to take quizzes, view videos and learn from informative, tip-filled articles. The end result that the company hopes is to make people more knowledgeable about their credit reports and scores. According to Gary Korotzer, an executive with Wells Fargo’s Consumer Credit Solutions group, “Understanding how to manage credit is an important ingredient in economic self-sufficiency and success. We want to provide our customers with an informative and…
Continue Reading
Personal Finance

Is dining out ruining your Credit Score?

It’s always fun to go out to your favorite restaurant with co-workers to do a little bit of bonding. And who can argue about how picking up some take-out food is the easiest option on extremely busy days? Heck, even joining some friends for drinks out at the local restaurant can be a great way to relieve stress. All of this dining out, though, is sure to increase your spending every month – not to mention your overall caloric intake… Many people wind up in debt – and even stuck with bad credit scores – simply because they eat out a bit too much. It’s hard to curb this habit, though, as dining out has become a staple of modern day living. An article from Forbes that was published back in 2013 reported that Americans usually spend about one thousand dollars a year on eating out for lunch alone. To understand those numbers, it would mean eating out just twice a week and spending about…
Continue Reading
Personal Finance

New Credit Scoring Practices Provide Hope for Potential Borrowers

There are literally millions of people who fly under the radar of lending companies and banks, unable to secure loans because of conventional credit scoring practices. Some credit scoring companies, however, have come up with new methods of scoring credit that may make it possible for these folks to qualify for loans. This is big news that may prove to have small lending companies chomping at the bit to offer their services to this largely under-serviced sector of the population. One lending company, FactorTrust in Roswell, Georgia, stated that they have credit information on well over 10 million non-prime borrowers that the big credit bureaus don’t possess. This company even provides its own auto finance risk scores to potential customers. Another lender in Connecticut, VantageScore, uses the available information from the big three credit bureaus, and now provides a revitalized scoring method that allows them to provide credit score on roughly 35 million people who used to be “not scoreable” by conventional credit bureau tactics.…
Continue Reading