The Colts have no problems with close games — as long as they keep winning them. Peyton Manning delivered another milestone performance, Joseph Addai produced a second straight winning score, and the Colts found another unconventional way to win when Houston's Kris Brown missed a 42-yard field goal as time expired, keeping Indy's winning streak intact 20-17.
Kevin Garnett scored 21 points, Ray Allen added 20 and the Boston Celtics won their fifth straight, beating the Toronto Raptors 101-82 on Sunday. Eddie House scored 10 of his 13 points in the fourth, while Rasheed Wallace, who sat out Boston's 106-90 victory over Toronto on Wednesday night because of a sore right ankle, returned to score five points.
Filed under: Personal Finance, Dr. Boyce Money
Given the growing importance of credit scores in our economy, I thought I would do a Dr. Boyce Money series on credit scores and how they affect your life. These might answer many of the questions you have about your credit report and how the scores are calculated. We will also cover your rights as a consumer and how you might improve the score you’ve got. Enjoy!
Who are the major credit bureaus and where do the scores come from?
In the US, there are 3 major credit bureaus, Experian, Trans Union and Equifax. These are the three agencies that others can ask for credit information about you. Under the old system, your score would range from 375 to 900. There is a new system in place with VantageScore, which ranges from 501 to 990. The system is considered more consistent across the various bureaus, but it does not change much in terms of your credit worthiness. So, if you were a AAA borrower before the fact, you are going to be one now.
How can I get a copy of my credit report?
One way to get a copy of your report is to go to Myfico. You can order a report from any of the 3 bureaus, or you can order all 3. Another method for obtaining a credit report is to go to free sites such as freecreditreport.com (although there are conflicting viewpoints on whether this service is actually free). Under the law, the reporting agencies are entitled to give consumers at least one free credit report every year. Also, if you are denied credit for any reason, you can send a copy of the rejection letter to any credit bureau and receive a free credit report. Otherwise, the report is going to cost you about $8.
How is a credit score calculated?
The model for credit reports is based on what they call “The 4 C’s of Credit”: Character, collateral, capacity, capital and conditions. What are they?
Character is their way of trying to decide if you are a good person or not. Effectively, if you have a history of not paying your debts, they define you as not having the character to repay. This is a bit silly, since some people don’t repay their debts because they are having financial trouble, not because they are bad human beings.
Collateral is represented by assets you are willing to pledge against the loan as additional security in case you aren’t able or willing to pay.
Capacity is represented mostly by income level and future earning opportunities.
Capital is reflected mostly in your cash reserves, and other relatively liquid investments. High capital implies that you can pay the fees that are owed.
Conditions are things that are basically out of your control: the state of the economy, your line of business, or any other issues on your credit report that do not necessarily reflect personal choices made by you.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.
Filed under: Personal Finance, Dr. Boyce Money, News, The Economy
Financial News You need to know:
What you need to know about credit scores: Get educated on what it takes to have the score you need. Your credit score can affect whether you get the job you want, as well as the cost of your insurance. Additionally, the formulas used by companies to calculate credit worthiness are changing as we speak.
What social security underfunding means for your retirement: Social security is financially sick. African Americans are going to be hit the hardest, since we have the least wealth to prepare for economic challenges. Find out what all this means for your retirement, as the retirement landscape in America is going to change dramatically in the future.
The federal government may continue to help first time home buyers: Many people don’t know about the $8,000 tax credit the Obama Administration is giving to first-time home buyers. Well, the government is considering extending the credit, which can add to your personal bottom line.Students are borrowing more money than ever to attend college: Along with the cost of healthcare, Americans are finding it more and more difficult to pay for their children to go to college. In fact, most young people under the age of 40 are going to die in debt. This does not have to be the case, since there are less expensive ways to pay for school if you seek out alternatives.
Factors that may increase your chances of personal bankruptcy: Bankruptcies are skyrocketing due to the recession. There are things you can do to avoid bankruptcy, like negotiating with creditors or keeping a budget. Also, things like carefully noting the quality of your health insurance can make a difference as well.
Dr. Boyce Watkins is a Finance Professor at Syracuse University, a prominent black speaker and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.
Posted by: Reverend Run
Good morning. If winning isn’t everything then why do they keep score!!??
God is Love
Rev Run