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Why Do Different Bureaus Give Different Credit Scores?

Posted in Buying a Car, Buying a Home, Personal Finance | April 24, 2013

In today’s credit score driven environment, when having a 680 score instead of 679 can mean paying hundreds or even thousands less in mortgage fees, your EXACT “representative credit score” is a big deal. Yet pinpointing that exact score is not an easy thing to do. “I pulled my credit and paid extra to get my scores, and when I applied for a home loan I was told that it was 15 points lower. Why?” I get some version of this inquiry all the time, so here’s your answer. Each Credit Bureau Can Have Different Data Creditors are not required to report to any or all bureaus.  When I worked as a systems consultant for Experian, we asked our client companies to report their accounts receivable data to us, and

Seeing colors in shades of gray: Would you buy a neon green house or a yellow car?

Posted in Buying a Car, Buying a Home | July 16, 2010

If you are in the market for a new home or car, color may end up playing a role in your decision. It tends to influence our attitudes towards a house (popular exterior paint colors here in the United States include white, beige and shades of gray) and is the reason why articles on “how to sell your home” typically address the best color choices to promote a sale. A few recent reports also look at how color may also influence reactions –  from both neighbors and car thieves: One Dutch study, as reported in the Huffington Post, suggests that thieves tend to avoid cars of a certain brushstroke for their poor resale value. The research determined that black, silver and gray cars were more likely to be stolen by car

Cosigning for a Loan – Is it the Right Choice

Posted in Buying a Car, Trends | May 3, 2010

Deciding to cosign on a loan for someone can be a difficult decision. While you want to help the person out, you may be nervous that you’ll be stuck paying on the auto loan or end up dealing with the repercussions of delinquency.  Consider the following when deciding if you should cosign on a loan: How Well Do You Know the Person If this is a person you just met or haven’t known for very long, you shouldn’t cosign. If you don’t know the person well enough you don’t know whether they will pay on it. What Is the Person’s Credit History History tends to repeat itself. Therefore, if someone has a history of not paying their bills then there’s a stronger chance that he/she will repeat the habit. Debt

Auto Loan Incentives: Should You Do Zero Interest or a Rebate

Posted in Buying a Car, Financing | April 29, 2010

When looking for an auto loan, make sure you are getting the best incentives as possible. One of the most popular auto loan incentives many car dealerships offer is either zero percent interest or a rebate. Sometimes it’s better to go with the zero percent interest, while other times the rebate will save you more money. Understanding how each one saves you money will help you decide. Zero Percent Interest Vs. Rebate When you sit down with an auto loan lender, ask to use a calculator. You’ll need it to decide which auto loan incentive will save you the most money. If you’re offered zero percent interest, find out from the lender how much your interest rate would be if you decided not to take this incentive. Then calculate how

Save on Car Insurance When Buying a Car

Posted in Buying a Car, Trends | April 19, 2010

Buying a new car is an exciting event. If you’re like many people, you smell new car scent and you completely forget about how much you’ll have to pay for car insurance once you drive off the lot. The best defense in having to pay high car insurance premiums for a car is to research vehicles that are known to carry low insurance premiums. Car Characteristics That Drive Down Insurance Premiums The Car’s Price The less inexpensive a car is the less you’ll pay in insurance. This is usually because inexpensive vehicles are less prone to theft and won’t cost as much to repairs if you were to have an accident. Production History If you’re buying a luxury vehicle or just one that is a bit more pricey than the

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