Everyone wants a top of the line credit score — especially the score known as FICO, the one banks and other lenders must consider when deciding what kinds of interest rates you qualify for, and indeed whether you are credit worthy at all. For many, the FICO score is a mysterious calculation that seems out of reach and beyond understanding. Here are the factors that go into determining one’s FICO score:
In yet another sign of worsening economic times that are sure to have a direct impact on the housing markets and mortgage foreclosures in the United States, officials at Standard & Poor’s decided last week to proceed with downgrading the credit ratings of Fannie Mae and Freddie Mac along with several other agencies linked to long-term U.S. debt. Some speculate that Standard and Poor’s is itself corrupt, and has been falsely inflating the credit rating for the United States for ...
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