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Experian, one of the three national credit reporting agencies, will add rental data to their credit reporting database.  This is a decision that could benefit millions of renters, if you’re lucky enough to be one of the select few.  According to this ABC News report only a few million renters will see their rental payment history show up on their Experian credit files.  And, at this point only positive rental information will be added, according to the credit bureau.

The question is how will this information impact your FICO credit scores?  Normally a positive trade account could have a positive impact on your scores.  However, according to the Minneapolis based credit scoring giant, the newly added information will not be considered until they can get a better understanding of its predictive value.

In a statement released by FICO regarding Experian’s new data, “FICO is looking forward to receiving a sample of this expanded data set from Experian so we can evaluate the predictive value of rental data in Experian’s consumer credit reports. Our approach

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Tags: Add Rent, Credit

All credit card companies have their own corresponding interest rates. With many options out there, you will have an idea of which credit card can help you finance and manage your expenses. However, it is also crucial that you search for low interest business credit cards so you’ll be able to compare and decide which one of them will meet your business needs.

Why Are There Card Companies That Offer Low Interest Business Credit Cards?

One reason is that business credit cards are regularly used by their card holders in purchasing necessary items for their business and they can also be alternative sources of cash especially during emergencies. So the more often a business owner uses his credit card, the more likely that he’ll get low interest rates credit card if he pays in time.

It is also true that newbie business owners use credit cards as their additional sources of funds because it’s difficult to start with very little capital. The only way that many start-up businesses go for is to avail credit from banks that offer credit card deals.

Here Are a Few Guidelines to Help You Get Low Interest Business Credit Cards:

Be mindful of 0% interest rates.

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Tags: Credit, Credit Cards

At some point, a responsible consumer may find themselves managing multiple lines of credit. These can range from utilities to credit cards and from school loans to home mortgages. Many consumers, however, do not understand the roles that their lines of credit play in influencing their credit scores. Below is a list of facts that consumers should keep in mind when considering how to handle their lines of credit.

• Utilities are as important as credit cards. Bills of any kind, even utilities bills, are as important to a consumer’s credit score as any other line of credit. Many consumers make the mistake of thinking that certain lines of credit, such as credit cards and home loans, are the only things that can affect their credit score. The truth is, however, that utilities are, in fact, a form of credit themselves, with the utility companies “lending” the service to the consumer in lieu of a monthly payment. Of course, utilities are different from credit cards and personal loans because they do not charge interest on monthly payments, although they do often levy fees or penalties for late or missed payments. These

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Tags: Credit, Credit Scores

We’ve watched the quick rise and fall of the Kardashian Kard, a prepaid credit card that was promoted by the Kardashian sisters, only to be pulled from the market after a few short weeks. So why was this card considered  to be predatory, and even when dealing with legitimate credit products, is it ever a good idea to allow type of card–or even a standard credit card–to be used by children? If so, how young is too young?

Why the Kardashian Kard Was Considered Predatory

The Kardashian Kard was a prepaid card that was expected to gain fast popularity among a younger demographic . However, before it could take off, it was quickly pulled from the market.

One reason was because parents did not like that it came with excessive fees. It cost $10 to purchase and $7.95 a month in usage fees, not to mention a reload fee and additional transaction charges. In comparison to other prepaid cards, which usually average $4.95 to purchase and around the same price to reload, it was a bit much.

The cost was not the only complaint critics had, however. Some did not like the “predatory” nature of the card. Because th

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Tags: Credit, Credit Plastic

In time you’ll learn that one of my favorite columns to write is the “mythbuster” piece.  I love debunking common, and not so common, myths about the credit industry.  So in the spirit of the mythbuster, please enjoy these little known factoids about the credit industry.

FICO Doesn’t Sell Scores to Lenders –

The common belief is that when you apply for a loan the lender pulls your credit report from one of the credit bureaus and then gets your FICO score directly from FICO.  This is incorrect except for under rare circumstances when lenders use a FICO service called PreScore®.  The vast majority of FICO scores that are used by lenders are sold to them by the credit reporting agencies.

Each of the “Big 3” credit reporting agencies has a licensing agreement with FICO that allows them to sell FICO scores directly to lenders.  This means the delivery of your credit report AND FICO score is done at the same time by the same credit bureau.  Efficient.  And, because FICO d

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Tags: Credit, Credit Scoring