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Credit News Network Founded and operated by Andrew Bell
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The Credit News Network is an online news distribution resource providing consumers and professionals with the latest in Credit, Mortgage, Financial related news.

"We recognize there is a clear demand for broader availability of information in Spanish, and we created this Spanish-la...
13/09/2021

"We recognize there is a clear demand for broader availability of information in Spanish, and we created this Spanish-language report to meet the growing demands,” said Beverly Anderson, president of global consumer solutions at Equifax, in a statement. “We want to expand access to and understanding of credit, especially to vulnerable and historically underserved communities, so that they are empowered to move forward in all aspects of their financial journey.”

Equifax will offer Spanish translated credit reports to consumers online and through the mail, the credit reporting company said.

"You may be wondering what the credit bureaus are and why they are given the power to decide something as important as y...
10/09/2020

"You may be wondering what the credit bureaus are and why they are given the power to decide something as important as your credit score. This comprehensive guide goes over the three main credit bureaus, how they work and the main details you need to know."

https://www.msn.com/en-us/money/personalfinance/what-do-the-3-credit-bureaus-do/ar-BB18TBxK

The three credit bureaus are Equifax, Experian and TransUnion. Learn what goes into your different credit reports — and how it affects your credit score.

"Millennial cardholders (91%) are most at risk of missing payments. Meanwhile, 1 in 4 people says the pandemic has pushe...
10/08/2020

"Millennial cardholders (91%) are most at risk of missing payments. Meanwhile, 1 in 4 people says the pandemic has pushed them to take on more credit card debt. More than 60% of the survey respondents said they may not be able to make their minimum payments if they can’t return to work."

https://www.cnbc.com/2020/08/09/nearly-80percent-of-credit-card-holders-are-worried-about-making-payments.html

Americans are worried they won't be able to keep paying their credit cards. These are their options.

“Many lenders will give you a direct loan, so you don't have to work through the dealership to get their often higher-pr...
04/08/2020

“Many lenders will give you a direct loan, so you don't have to work through the dealership to get their often higher-priced financing," Bell says. "You can apply for loans to banks or credit unions, and some lenders will prequalify you for the amount you are seeking with a soft credit check, which won't hurt your credit score.”

https://www.consumerreports.org/car-financing/how-to-get-best-car-loan-rate-despite-low-credit-score/

Even those with a less-than-stellar credit score can take steps to get a better deal. Consumer Reports explains how to get the best car-loan rate.

"40% of Americans don’t know their credit score. Be patient and do not purchase before being ready, really take a look a...
30/07/2020

"40% of Americans don’t know their credit score. Be patient and do not purchase before being ready, really take a look at the different interest rates being offered. Understand just how much money you’ll pay out if you have a lower credit score.”

https://www.cnbc.com/select/how-to-maintain-credit-score-avoid-subprime-loans/

CNBC Select takes a look at why staying on top of your credit score is important and what score to aim for if you are a subprime borrower.

"On average, users see a 13-point increase in their FICO® Score 8, based on Experian data. Prior to the Netflix addition...
28/07/2020

"On average, users see a 13-point increase in their FICO® Score 8, based on Experian data. Prior to the Netflix addition, you could only add utility and phone bills, including internet, cable, gas, electric and water bills. Plans to expand to additional streaming providers are also in the works."

https://www.cnbc.com/select/experian-boost-allows-netflix-payments-for-credit-score-increase/

Starting today, July 27, consumers can now include their Netflix on-time payment history on their Experian Boost accounts, which can help improve their credit scores.

"some scoring models don’t like a 0% utilization because it looks like you aren’t using your credit cards at all. While ...
27/07/2020

"some scoring models don’t like a 0% utilization because it looks like you aren’t using your credit cards at all. While 0% credit utilization still looks better than numbers above 30%, scoring models prefer to see single-digit utilization."

https://twocents.lifehacker.com/why-you-should-aim-for-1-credit-utilization-1844489591

Boosting your credit score often feels like a game—and you may not learn the rules until after you have broken one of them. One big rule—a rule that impacts 30% of your credit score—is the percentage of credit you are using, or your credit utilization. While experts say to keep your credit uti...

"One in 4 Americans with credit cards said they had an account involuntarily shut down from mid-May to mid-July, while 1...
23/07/2020

"One in 4 Americans with credit cards said they had an account involuntarily shut down from mid-May to mid-July, while 1 in 3 said their credit limit was reduced."

https://money.yahoo.com/banks-close-credit-cards-and-slash-credit-limits-amid-the-pandemic-survey-finds-170739834.html

One in 4 Americans with credit cards said they had an account involuntarily shut down from mid-May to mid-July, while 1 in 3 said their credit limit was reduced, according to a new report from CompareCards.com.

"17 percent of U.S. adults added to their debt12 percent paid a bill late8 percent carried a balance on their credit car...
22/07/2020

"17 percent of U.S. adults added to their debt

12 percent paid a bill late

8 percent carried a balance on their credit card with the intention of improving their credit score

6 percent did not pay a bill at all

3 percent canceled a card specifically to improve their credit score"

https://www.bankrate.com/finance/credit-cards/covid-finances-survey/

13% of cardholders say they’ve worried their credit score would go down since the outbreak began.

"The 47-year-old actress’ debt to the credit card company reportedly totaled $88,731.25. Spelling was first sued by Amer...
20/07/2020

"The 47-year-old actress’ debt to the credit card company reportedly totaled $88,731.25. Spelling was first sued by American Express for failing to pay her credit card bill in 2016."

https://www.foxnews.com/entertainment/tori-spelling-money-seized-bank-account

After failing to pay back her debts to American Express, Tori Spelling had money from her bank accounts seized in April.

"You don’t have one credit score. You have many. FICO is the dominant scoring formula, but lenders also use VantageScore...
16/07/2020

"You don’t have one credit score. You have many. FICO is the dominant scoring formula, but lenders also use VantageScores and the credit bureaus sometimes provide their own, proprietary scores."

https://www.latimes.com/business/story/2020-07-15/money-talk-credit-scores-fico

You have many credit scores. And credit bureaus use different credit scoring formulas, which can vary widely.

"I’d argue that if you’ve never been rejected for a credit card, you probably aren’t applying for enough which means you...
15/07/2020

"I’d argue that if you’ve never been rejected for a credit card, you probably aren’t applying for enough which means you’re leaving valuable welcome bonuses on the table."

https://thepointsguy.com/guide/what-i-learned-from-each-of-my-rejected-credit-card-applications/

With all our talk of Maldivian vacations and luxury first class flights, you might be fooled into thinking that nothing ever goes wrong for the points pros here at TPG. While it’s not always fun to talk about, rejected applications are simply a part of life in the points and miles world. In fact, ...

"Newly opened credit cards fell by 65% from April 15 to May 15 this year versus the same period last year, marking the s...
14/07/2020

"Newly opened credit cards fell by 65% from April 15 to May 15 this year versus the same period last year, marking the second consecutive month of significant declines, according to a new report by CompareCards.com of 100,000 anonymized credit reports."

https://money.yahoo.com/fewer-americans-are-getting-credit-cards-150649424.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAABFx_u8QO3ke2VNhjvKcU_aMVJN3YKdkMWiMAOhYwuE5Fd67LrU-DXj7cdxeM7LLKk22BvCMzfPEPyNtRRU2Nq19KJBXDMRljxQUnPtiqlb3maK4_7EfXlKKBZtndT2klJ1JqXhXB4jTvSsemYsW2KPj236cBowE-53cjJB-hqqN

Credit card issuers have been issuing fewer cards to Americans and those who are approved are getting significantly lower credit limits.

"To make it easier, experts recommend cleaning up your credit report and boosting your credit score before applying for ...
13/07/2020

"To make it easier, experts recommend cleaning up your credit report and boosting your credit score before applying for a mortgage and saving up for a considerable down payment. "

https://www.cnbc.com/select/the-most-important-factor-in-getting-an-affordable-mortgage/

CNBC Select spoke with a loan officer who explained why the size of your down payment is just as important as your credit score in getting an affordable mortgage.

"Given that backdrop, it's little surprise that Americans are pulling back on debt. The March-May period marked the firs...
10/07/2020

"Given that backdrop, it's little surprise that Americans are pulling back on debt. The March-May period marked the first time in a decade that overall consumer credit declined for three months in a row, according to Oxford Economics."

https://www.cnn.com/2020/07/09/investing/credit-card-debt-recession/index.html

Americans' credit card debt is shrinking rapidly during the coronavirus recession. That's a sharp contrast with the last two economic downturns.

"While a prime borrower can have the same approval odds, someone who’s score falls into the super-prime category will li...
08/07/2020

"While a prime borrower can have the same approval odds, someone who’s score falls into the super-prime category will likely receive a lower interest rate on not only their credit cards, but their mortgages, car and student loans."

https://www.cnbc.com/select/super-prime-credit-definition/

CNBC Select defines what it means to have super-prime credit and the best available credit cards for this type of borrower.

“If the assets of the estate are sufficient to cover the debt, then the debt is paid using the estate assets before any ...
02/07/2020

“If the assets of the estate are sufficient to cover the debt, then the debt is paid using the estate assets before any distributions are made to heirs,” Rheingold said. “If the estate’s assets are insufficient to cover the debt, then family members, including the surviving spouse, are not required to pay the debt from their own assets, unless the surviving spouse or family member has co-signed the debt.”

https://www.nj.com/advice/2020/07/if-my-wife-dies-do-i-have-to-pay-her-credit-card-bills.html

It all depends on whether anyone cosigned the debt.

"Once you qualify for one of the credit cards available to less-than-prime borrowers, you can work your way toward build...
01/07/2020

"Once you qualify for one of the credit cards available to less-than-prime borrowers, you can work your way toward building a better credit score and moving your way up. When using your credit card, keep your balances low and make sure to always pay your bills on time."

https://www.cnbc.com/select/borrower-risk-profiles-based-on-credit-score/

CNBC Select breaks down the five credit score levels of different types of borrowers and how your credit profile can determine your access to credit.

"Millions of Americans are out of work and behind on their debts. But, in many cases, the missed payments aren't reflect...
30/06/2020

"Millions of Americans are out of work and behind on their debts. But, in many cases, the missed payments aren't reflected in their credit scores, not are they uniformly recorded on borrowers' credit reports."

https://www.wsj.com/articles/flying-blind-into-a-credit-storm-widespread-deferrals-mean-banks-cant-tell-whos-creditworthy-11593423001

Lenders have pulled back sharply on lending to U.S. consumers during the coronavirus crisis. One reason: They can’t tell who is creditworthy anymore.

"Lenders consider subprime borrowers to present some level of risk compared to prime borrowers, including a higher likel...
29/06/2020

"Lenders consider subprime borrowers to present some level of risk compared to prime borrowers, including a higher likelihood of carrying high balances and missing payments. As a result, subprime borrowers often receive unfavorable terms on credit cards, loans and other financial products that can add up to high costs over time. These costs make it harder to get out of debt and improve credit scores."

https://www.cnbc.com/select/what-is-subprime-credit/

CNBC Select reviews what it means to be subprime, how subprime credit cards work and tips on improving your credit score.

"People around the country are turning to rewards balances to help them stretch their budgets (29%) and purchase the thi...
25/06/2020

"People around the country are turning to rewards balances to help them stretch their budgets (29%) and purchase the things they need most, such as groceries. However, with 39% of credit card rewards holders unaware of their rewards balances."

https://finance.yahoo.com/news/research-paypal-reveals-americans-spending-120000883.html

PayPal today released new research looking at purchasing behaviors of credit card rewards holders during the COVID-19 pandemic, revealing people around the country are turning to rewards balances to help them stretch their budgets (29%) and purchase the things they need most, such as groceries. Howe...

With no annual fee, here are the rewards rates:4% back on gas and groceries3% back on dining2% back on Verizon purchases...
24/06/2020

With no annual fee, here are the rewards rates:

4% back on gas and groceries
3% back on dining
2% back on Verizon purchases
1% back on everything else

https://www.cnbc.com/select/new-verizon-visa-card/

CNBC Select breaks down five things you should know about the new Verizon Visa Card so you can decide if it's the right choice for you.

"A balance transfer is the only time you can use one credit card to pay off another. And the only scenario where it make...
23/06/2020

"A balance transfer is the only time you can use one credit card to pay off another. And the only scenario where it makes good financial sense to pay off a credit card bill this way is if you’re shifting a credit card balance to one with a lower interest rate, especially to a card that has an introductory 0% APR offer."

https://www.forbes.com/advisor/credit-cards/should-you-use-one-credit-card-to-pay-off-another/

If you’re looking to pay off one credit balance using another card, this generally isn’t possible. Banks don’t allow you to pay your credit card balance using another credit card. Typically, payments via check, electronic bank transfer or money order are the only acceptable methods of payment....

“In the event of a job loss, income reduction, or any disruption that may mean that you miss payments, you should contac...
22/06/2020

“In the event of a job loss, income reduction, or any disruption that may mean that you miss payments, you should contact your creditors right away, preferably before your first missed payment. That said, your highest priorities should be applying for unemployment and reducing unnecessary expenses to preserve cash.”

Consumers are worried about how pausing mortgage or student loan payments might impact their credit history.

"The 30-year fixed-rate mortgage averaged 3.13% for the week ending June 18, down eight basis points from a week earlier...
19/06/2020

"The 30-year fixed-rate mortgage averaged 3.13% for the week ending June 18, down eight basis points from a week earlier, Freddie Mac FMCC, -1.90% reported Thursday. The previous record low was 3.15% back at the end of May. A year ago, the 30-year home loan averaged 3.84%."

https://www.marketwatch.com/story/mortgage-rates-drop-to-another-record-low-but-heres-why-americans-should-think-twice-about-waiting-to-lock-them-in-2020-06-18?mod=home-page

Low mortgage rates are stoking the housing market’s recovery from the coronavirus, but there may be limits to how much of a boost they will give.

"While it’s always best to pay more than the minimum required, you should understand how the minimum is calculated and w...
18/06/2020

"While it’s always best to pay more than the minimum required, you should understand how the minimum is calculated and what happens if you don’t pay it."

The minimum payment on your credit card can vary monthly because it's based on your balance. Here's how most minimum payments are calculated.

"In this article, we’ll cover some of the reasons your credit score can go down even if you’re not doing anything “wrong...
18/06/2020

"In this article, we’ll cover some of the reasons your credit score can go down even if you’re not doing anything “wrong." "

You may know that your credit score can drop if you don’t use credit responsibly, but there are some less than obvious things that can also hurt your score.

"There's no official industry standard minimum credit score that you need to secure a car loan. Like other loans though...
17/06/2020

"There's no official industry standard minimum credit score that you need to secure a car loan. Like other loans though, the higher your score the better your terms will be, and moving into a better "tier" of credit score could lead to substantial savings."

/PRNewswire/ -- While automakers are reporting significant decreases in automobile purchases during April and May as most Americans were in-shelter due to the...

"In the past couple of months, we’ve seen a number of positive changes from credit card issuers to retain existing custo...
16/06/2020

"In the past couple of months, we’ve seen a number of positive changes from credit card issuers to retain existing customers in light of the ongoing pandemic. From new category bonuses to reduced annual fees to new credits,"

https://thepointsguy.com/news/tpg-readers-coronavirus-credit-card-perks/

In the past couple of months, we’ve seen a number of positive changes from credit card issuers to retain existing customers in light of the ongoing pandemic. From new category bonuses to reduced annual fees to new credits, it’s easy to lose track of the developments. Thankfully, we created a con...

"NerdWallet’s survey found that 72% of Gen Z-ers say they regret their spending at least some of the time, and 41% say t...
15/06/2020

"NerdWallet’s survey found that 72% of Gen Z-ers say they regret their spending at least some of the time, and 41% say they feel anxious about their finances. One way to ease money stress is to use a budget to plan out spending."

https://www.thestreet.com/personal-finance/teach-your-gen-z-kids-about-credit

While they are still living with you, help them prepare their credit for the real world

"That will continue to pump liquidity into the mortgage market, which lenders will use to continue to offer low rates to...
12/06/2020

"That will continue to pump liquidity into the mortgage market, which lenders will use to continue to offer low rates to attract borrowers. “With no end in sight for this Fed policy, it’s likely that mortgage rates are poised to remain low for a while,” Speakman said."

The Federal Reserve plans to keep the interest rates it controls around 0% for the foreseeable future.

"Many credit score dings are temporary and can be easily recovered. And oftentimes, actions like paying off a loan or ap...
11/06/2020

"Many credit score dings are temporary and can be easily recovered. And oftentimes, actions like paying off a loan or applying for a new credit card will benefit you in the long term once you get past the initial fluctuation."

Opening a new credit card and paying off a loan can actually harm your credit temporarily. CNBC Select outlines five ways you are negatively impacting your credit score.

"Leslie Tayne, 48, remembers being in her early 20s and unable to pay her private and federal student loans from law sch...
09/06/2020

"Leslie Tayne, 48, remembers being in her early 20s and unable to pay her private and federal student loans from law school. Her first job out of law school only paid $28,000 a year, and she was unable to afford both her minimum loan payments and her basic living expenses each month."

https://www.cnbc.com/select/debt-relief-advice/

CNBC Select speaks to debt relief attorney Leslie Tayne, an expert with an 842 credit score, about her advice for conquering your debt.

"Your bank account information doesn’t show up on your credit report, nor does it impact your credit score. Yet lenders ...
08/06/2020

"Your bank account information doesn’t show up on your credit report, nor does it impact your credit score. Yet lenders use information about your checking, savings and assets to determine whether you have the capacity to take on more debt."

https://www.cnbc.com/select/how-bank-accounts-impact-credit/

CNBC Select reviews how financial resources like your checking or savings account can impact your access to credit, even if they don't show up on a credit report.

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