Author Archive: Steve Cypher
Auto Loan Delinquencies Rise

With the increase in subprime car loan delinquencies and repossessions, subprime lenders will certainly be taking a closer look at applications and, in the long run, may be pulling back on the number of loans they approve. By following our tips, applicants will give themselves a better chance for an approval.

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FICO Score 9 and Medical Collections

The newest FICO scoring model will penalize consumers with medical collections less than it has in the past. But it will take time to be implemented and, in any case, borrowers, especially those with credit issues, should continue to practice the fundamentals of good credit.

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Bad Credit and Rental Payments

The new ResidentCredit program from TransUnion is a step in the right direction as it has the potential to help millions of

consumers with problem credit expand their credit history as well as raise their credit scores. We only wish the program embraced all renters – not just those living in complexes with 100 or more units.

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Limited Credit and FICO Score 09

By being able to better judge applicants with past due issues and insufficient information in their credit reports, FICO is taking steps to insure that these consumers will get a better opportunity to obtain credit – a situation that’s particularly relevant to car buyers with poor credit.

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Collection Accounts and FICO Score 09

The newest FICO scoring model will now reward consumers that pay their collection accounts with a higher score. But while it may take time to be implemented; consumers with poor credit should get a head start by beginning the process of paying off their collection accounts, if for no other reason that it is one of the fundamentals of good credit.

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Auto Loan Survey Reflects Caution

Although most bank risk managers surveyed see the current level of auto loan delinquencies remaining the same for the next six months, very few see a decline. This indicates a level of caution as well as the possibility that car loans – especially to those with less than perfect credit – may become less readily available.

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How to Spot a Flood Damaged Car

Water damage not only lowers a vehicle’s value, it can cause irreparable damage to a car’s body and electrical systems. Car buyers, especially those with problem credit, would do well to follow the tips from AutoTrader to help them avoid buying one of these vehicles.

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