Hard times make credit score key

  • Article by: SUZANNE ZIEGLER , Star Tribune
  • Updated: June 14, 2009 - 9:17 PM

As the recession drags on, more people find their all-important credit scores slipping. Here's why - and what you can do about it.

  • 14
  • Comments

  • Results per page:
mimalmoJun. 14, 0911:34 PM

Just pay cash for everything. Can't afford to pay cash for it? Then you don't need it.

9
10
asdfjklsemJun. 15, 09 7:17 AM

Hey inkpahduhtah, you sound like a raving loony...wanna clue us in on the joke?

7
1
bradtheissenlaJun. 15, 0912:34 PM

What is this garbage propaganda story about people needing to protect FICO Credit Scores? The FICO Credit Score is "Why" the Economy Crashed in the first place! It is a fraudulent number, manipulated by credit crooks and loan sharks to fraudulently justify charging more points of Interest than the consumer and the economy can support. Credit Lenders have no more need to earn up to 5 points of Interest. There would be no credit industry - people earning money for DOING NOTHING - if there weren't people able to pay a few percent in Interest in order to buy something they do not have cash for. The credit industry needs more and better regulation, to bring it downsized to reality of the economy that it works within. The consumer needs to work harder to protect his/her FICO Score? What a joke - the FICO Score needs to be protected from the abuses wrought upon it by the credit industry which cannot support its lavish lifestyle if borrowers have "good" scores.

6
2
securheJun. 15, 09 1:57 PM

one things I don't like about when employers, and tenants asked you about your credit score. This is creazy, there are really good peoples out there with poor credit score that they are responsible enough to pay their rent, and can work for companies much much better than the one who have a good credit score. For example the current situation put a lot of peoples low credit score, because they lost their jobs, and they can't afford to pay their bill.

4
1
treddleJun. 15, 09 2:33 PM

Hmm? What tool came up with this credit score crap anyways? TCF of Sioux Falls, South Dakota?

2
2
seid0056Jun. 15, 09 4:00 PM

I'm gussing that everyone who posted on here so far has a crappy FICO score. Because honestly, if you paid your bills and had a 750 or higher score, you'd love FICO scores. It's one of the few tools we have in society to hold people accountable for their actions. Remember common sense?? Remember personally responsibility?? It doesn't bother me one bit that people get REWARDED with a better score for being responsible. Anyone can EARN a good score, all it takes is 1/2 a brain and some responsibility.

3
2
keileeJun. 15, 09 4:57 PM

I think you're partially right, but the picture is much bigger than you paint it. Good, responsible people can find themselves in unexpected situations due to a lost job or an overwhelming illness. Even for those of us with great health benefits, they all have their limits. Add in mortgage lenders whose formula for "what a family can afford," in terms of housing, weighed heavily on selling a mortgage instead of what's in the best interest of families.... Not everyone is as educated (or cynical) as you; we long time Minnesotans were raised to "trust the experts." Anyway, my point is this: if you did your research on who has poor credit scores and why, you might find that you are only a lost job or a serious illness away from walking in their shoes.

2
1
bkd001Jun. 15, 09 5:04 PM

This story must have been cut-n-pasted from one of the gazillion other places offering the same story. Nothing new here. Lazy journalism.

2
0
rcsteinerJun. 15, 09 5:15 PM

That would have been fine, but the work I found was a temporary contract that ended after 8 months. So I was out of work again. Strangely enough, FICO scores don't do well when exposed to unemployment, mounting bills, and the resulting need to use credit cards to make basic payments. Unless seid0056 thinks people should file for bankrupcy instead of using existing credit when in such circumstances?

3
0
joemerlotJun. 15, 09 5:58 PM

Is pandering to their primary readership, the paranoid uninformed. Seriously, credit scores are emphirically derived against masked data from the credit bureau scores and have statistical validity. FICO has been regulated and their scoring process audited so many times by regulators and every time they come out squeaky clean. It's a pretty simple concept really. Using accurate information regarding how someone pays their bills and uses credit, credit scores provide a statistical indicator of the likehoood of that individual paying you back on time. Business legitmately use this information to determine who they are comfortable lending to and at what price to maintain profitability. The main goal of a business in an economy based in capitalism is to make money. Nothing evil or conspiritory here folks.

2
1

Comment on this story   |  

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT