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capital one refinancing car loans
Bad Credit folks helped by New FICO
(NextGen FICO Scores)
New FICO Score eases bad credit repair as FICO Corp. 'relaxes' scoring model.
Bad credit folks who sign up for Credit Counseling or Debt Consolidation plan hear this a lot: "your Beacon score is too low...", "you must improve your FICO score...". Little do they know that their FICO score may've improved already without them noticing. Every 5 points up counts!According to Fair Isaac Corporation (NYSE:FIC), the new FICO is a more predictive and consumer friendly score now...
And forget about the Beacon score - the name is NextGen now! What? You didn't know? According to research done by Bad Credit Advisor.com, it's true, most people don't know that three major credit agencies TransUnion, Experian and Equifax are now using the new and more friendly NextGen scores.
How people with bad credit history can benefit from these new and improved scores? They can get better rates. And more people will get loans, and for larger amounts... It would also help their credit repair!
FICO NextGen scores go easier on Sub-prime loan seekers!
On their web site, FICO Corp. states: [new scores] "... allow for more scoreable files (credit reports), updated treatment of mortgage and auto inquiries to better reflect consumer rate-shopping (low interest rates), and more consumer-friendly treatment of finance trades(!) and low-balance collections(!) and public records(!)."
Why these improvements? Bad Credit Advisor thinks that FICO Corp. is trying to meet sub-lenders requirements for more applications processed and better interest rates offered. With such low rates, sub-lenders are making all the money by giving 'great' deals to people with bad credit history. The new scores let more people in the range of allowed FICO scores, thus creating more business for lenders. And keeping the housing industry strong.
This thought may be very close to the real thing... as FICO Corp. states on their web site: "Lenders want to price appropriately, and lend safely, while making more credit available to more people and effectively managing their operations costs."
In layman terms, the NextGen scores loosen up scoring criteria so more people can get better credit rating and borrow more money. But make no mistake, FICO Corp. claims these new scores are even more predictable - which works for lender advantage.
Plus, the latest score version NexGen 2.0 allows people with short or dormant credit history to get loans!
So, does this all mean that we can now have more unpaid medical bills, have more inquiries on car and mortgage loans, get a car loan at the age of 18, get better interest rates after a recent bankruptcy ...?
I guess we are to find out ... when we'll see more bankruptcies in the years to come. Or will we?
Bad Credit Advisor suggests we remain calm and keep our credit score as high as possible. On a serious note, they said, this relaxing in credit scoring presents great opportunity to dispute more items on your credit report than was possible before and improve your credit score more substantially!
(this arcticle is an opinion of www.Bad-credit-advisor.com and not of Fair Issac Corporation.)
About the Author
www.bad-credit-advisor.com is maintained by an experienced Mortgage Broker who deals mainly with bad credit clients.
More Useful Resource and Updates on capital one refinancing car loans
- 30-year mortgage rates drop to five-week low (Washington Post)
WASHINGTON -- Rates on 30-year mortgages dropped sharply this week, falling to the lowest level in five weeks.
- As mortgage rates drop, some consider refinancing (WCNC Charlotte)
CHARLOTTE, N.C. -- Rates on a 30-year fixed loan are at the lowest level in the last five weeks. Last week the rate was 6.46 percent. That fell to a new low this week of 6.04 percent.
- Other woes makes foreclosure crisis hard to break (The Charlotte Observer)
(By ALAN ZIBEL, AP Business Writer) Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners. The mortgage market's troubles have proved to be far more serious and intractable than most in government or the ...
- Foreclosure crisis vexes government (AP via Yahoo! Finance)
Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners.
- Have a mortgage, loan linked to LIBOR? Brace yourself now (The Clarion-Ledger)
The London Interbank Offered Rate, or LIBOR, sounds like one of those funny British idiosyncrasies, like warm beer or the royal family. But if you have an adjustable-rate mortgage or a student loan tied to the LIBOR, you will not be amused by what's been happening to this index in recent weeks.
- Q: How have mortgage rates changed in the past year? (Louisville Courier-Journal)
A: According to a weekly report from mortgage giant Freddie Mac, the average rate for a 30-year, fixed-rate mortgage was 6.04 percent, compared with 6.33 percent a year ago.
- Mortgage lending seized up in '07 (The Cincinnati Enquirer)
Mortgage lending in Greater Cincinnati and Northern Kentucky slowed by 20 percent in 2007 - a drop that foreshadowed the full-blown banking crisis that's still intensifying this year.
- Other woes makes foreclosure crisis hard to break (KATU Portland)
The mortgage market's troubles have proved to be far more serious and intractable than most in government or the private sector had predicted a year ago.
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