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Homeownership is a primary key to building wealth, but there is an alarming gap between Black homeowners and those who are white. Often, the underrepresented group doesn’t even have a fighting chance to successfully apply for a mortgage due to multiple factors such as little to no credit. To level the playing field for Black people in America, Ashley D. Bell and Dr. Bernice A. King have joined forces in shaking up the traditional mortgage lending industry. View this post on Instagram A post shared by Ashley D. Bell (@ashleydbell)
According to Forbes , the new FICO 10 model will be put into place this summer. The Fair Issac Corporation (FICO) announced it will be changing its model to include consumer’s account balances and missed payments over the last two years. The FICO specializes in predictive analytics which analyzes a range of credit information and allows lenders to predict a consumer’s financial behavior. Under the new credit model, Forbes predicts 110 million Americans could see a change in their credit score with about 40 million seeing a 20 point drop in their credit score. Unlike previous models, the FICO 10 model will put a heavy emphasis on past delinquencies and late payments from the last two years. Forbes also reports consumers with a high utilization ratio (credit used vs. credit available) will also see a drop in their credit score. Although FICO changes will soon be in effect, here are some ways to continue to manage your credit under the new FICO 10 model. Be Aware of Your Credit Score...
Have your finances been rocked by the coronavirus? Your credit card issuer might be willing to offer a helping hand, but you’ll likely have to ask for it. As America and the rest of the world wrestle with the COVID-19 pandemic, more daily lives are being upended. Lockdowns, self-quarantines and other drastic measures to stop the spread of the virus are becoming more common here in the U.S., leading to missed paychecks and unpaid time off from work and other hardships. For many Americans, whose financial margin for error is tiny even in the best of economic times, these disruptions can be a really big deal. They can make it hard to pay your mortgage, car loan or credit card bill, for example. The good news is that these disruptions will likely only be temporary, but that doesn’t make things any easier in the short term. Fortunately, you can take steps right now to help your situation: the simplest step is to call your credit card issuer and ask for help. Many credit card issuers have...
Seeing your credit score drop can be scary, especially when you may be running a business that may need capital soon. But with time and good behavior, you can bring your score back up. Here are some tips on how to recover from a business credit score drop. In this article: What is a business credit score? What can cause your business credit score to drop? Ways to improve your business credit score The bottom line What is a business credit score? Unlike a personal credit score, which is calculated on a scale from 300-850, a business score is calculated on a scale from 1-100. A score above 75 is generally considered excellent, according to Mary Ann Strout, senior product manager for Experian Business Information Services. “Every bureau has their own proprietary models for calculating business scores and each are a bit different,” Strout said. Bureaus that track business credit include Dun & Bradstreet, Equifax and Experian. You can check your score by purchasing a business credit...