Liz Pulliam explains “weird stuff that hurts your credit”. The article is eye opening. Below is just one instance, she goes on to talk of several more. Check out the article.

Accountant John Johnson of Springdale, Ark., painstakingly rebuilt his credit after some business reversals several years ago. But the credit-card issuer that initially helped him is now standing in his way.Capital One refuses to report its customers’ credit limits to the three major credit bureaus. Instead, the bureaus use the highest balance a customer has charged as a proxy for the limit.

Weird stuff that hurts your credit – MSN Money

technorati tags:Liz Pulliam, credit, debt

Don’t think it doesn’t happen? People not getting a jobs because of bad credit. Read the story below and see how this is becoming a reality for many people.

“US employers’ use of credit checks increased 55 percent over the last five years, according to Spherion, a recruitment and staffing firm with offices around the country, including Massachusetts.”

Companies want to know your credit history. So take the steps now to clean up your credit so you never face this type of bad luck. Get our free guide to having good credit. it’s a free 7 day e-course based on facts and not scams..

LaToya Horton was temping at a management consulting firm in Boston last January when it offered her a full-time job as a clerk. Then, the firm said it needed to check her credit.Horton, 30, of Dorchester, didn’t get the job after her credit report showed $18,000 in deferred student loans.“My credit wasn’t perfect, but I never thought my student loans would go against me,” said Horton. “The company said I could reapply once I had two years of excellent credit, but there is no way I am going to be able to pay off those loans that quickly.”

Article display page – the day.com

technorati tags:Bad Credit No Job

And you thought only people with bad credit paid more for home loans… The article does not say if these two demographics on average have better or worse credit. Interesting read…

The Fed’s analysis of 2005 home lending data found that 54.7 percent of black borrowers paid a higher-than-typical interest rate on home mortgages. That was up sharply from 32.4 percent in 2004.For Hispanics, 46.1 percent paid more than typical for their mortgages last year — more than double the 20.3 percent reported in 2004.In contrast, only 17.2 percent of whites paid higher interest on their home mortgages last year. However, that was up considerably from 2004’s 8.7 percent.

And, some borrowers stretching to buy a home opted for creative
financing, like higher-priced piggyback loans. The use of piggyback
loans shot up more than 57 percent in 2005 from the prior year, the Fed
said.

“Indeed, the increase in the number of higher-priced piggyback loans
in 2005 accounted for more than half of the increase in the number of
all higher-priced loans,” the report said.

Blacks, Hispanics pay more for mortgages – Yahoo! News

technorati tags:mortgages, credit