Credit Score: Do Something Before It's Too Late

Making sure you have a good credit score is more important today than ever before.  Not only is it crucial to helping you get the best interest rates possible when applying for any type of loan, it could mean the difference as to whether you can even find a job, if you're looking for one.

More and more, employers are now pulling your credit report to determine your risk. Typically people with good credit are not going to steal; they seem to have their life in order, etc. 

So if you have had some bumps and bruises on your credit report, now is the time to get a recent copy of your free credit report and start working on your credit.  Here are some areas you need to focus on to increase your FICO score.

If you have credit cards, make sure they are current.  Late or past due credit is a killer on your credit score.  And focus on trying to get your available credit limit versus your balances under 60%.  If you have a bunch of credit cards and they are all maxed out, your credit score will be low.

If you have any collections on your credit, you must get them paid off.  Until you do, your credit score will suffer significantly.  Collections will stay on your credit report for 7 years and will not just go away.  The quickest way to get your credit score up is by paying off collections.

The banking industry will never be same again because of the amount of mortgage foreclosures.  The lending industry is tightening so much currently that families with good credit could have problems getting loans. So make sure it's not too late, if you are getting ready to make a big purchase like a new home, make sure your credit is in line with today's times.

Borrowing money is only going to get tougher. So instead of being told NO when you apply, learn how to get a YES by getting your FICO score as high as you possibly can.

The Subprime Crisis: A Humorous Look

Everyone knows the sub-prime mortgage crisis is serious, but today, we thought we'd try to lighten things up a bit and bring you a funny look at the whole mess.  John Clarke and Bryan Dawe are satirists. They stage interviews for the Australian news networks. Their commentary is biting and hilarious.  In this case, Clarke and Dawe take on subprime lending. They provide a perfect explanation for bad-banking practices. You’ll love it!

We hope you enjoyed seeing a little LIGHTER bit of news today.  Tell us what you think.  Leave us your comment below.  We'd love to hear from you.

Home Improvements: Prices Improving?

When it comes to food and fuel prices, they're going through the roof. But what about the roof itself? There the news might be a little better. Stacy Johnson takes a closer look in this short (1:18) video.

Tell us what you think… we'd love to hear YOUR opinion.  Use the comment link below to sound off.

Fed Cuts Funds Rate Again

For the seventh consecutive meeting, the Federal Open Market Committee (FOMC) cut the Fed Funds Rate, this time reducing it to 2.00%.

Lowering the Fed Funds Rate makes it less expensive for banks to lend to one another, which could make funding more readily available for consumer loans, such as adjustable rate mortgages, home equity lines of credit and credit cards.

Many believe it may, however, be the last rate cut for some time.

The Fed's statement made it clear that it is tending to two different fires right now; on one hand stoking the economy to keep it from slipping into a deep recession, while also dousing the flames of inflation as the costs of oil, food and other commodities begin to burn out of control.

We'd love to hear your feedback.  Have any of the previous rate cuts made any noticeable difference to your personal financial situation?  Have you seen lower interest rates on your credit cards, or is all of this rate cutting news not really making any difference at all to the average consumer?  Use the comment link below and tell us what you think.

Vacant Homes for Sale Hit a New Record High

The percentage of vacant homes for sale in the United States set a new record high in the first quarter of this year.

The Census Bureau report released recently shows that 2.9% of U.S. homes — excluding rental properties — were vacant and up for sale, compared with 2.8% in the fourth quarter of 2007. It was the highest quarterly number in records going back to 1956.

That works out to 2.28 million properties, up from 2.18 million in the same quarter last year.

The Census Bureau's report also said that the U.S. homeownership rate remained at 67.8% in the first quarter, down from a peak of 69.2% at the end of 2004.

The National Association of Realtors also reported recently that sales of existing homes also fell in March, dropping by 2%, with prices declining on a year-over-year basis by 7.7%.