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My Credit Plan Blog

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Latest News and Updates


Al Bingham
Al Bingham

 

Al Bingham is nationally recognized for his extensive research, insight and knowledge on purchasing power, credit reports and especially FICO® credit scores. From his extensive knowledge, Al has provided commentary in over 200 television news stories for many media outlets including US News and World Report, Fortune Magazine, CNBC, CBS and ABC affiliated stations along with a host of other national and regional media.

Al would like to help you find solutions to your credit questions, and identify solutions to improve your FICO scores, which ultimately leads to an improved purchasing power – which means purchasing more for less!

Al offers his insight through the My Credit Plan blog.

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Everyone wants to get the lowest interest rate on a mortgage when they purchase or refinance a home. Many consumers think a minimum 720 credit score will qualify them for the lowest interest rate. More savvy consumers realize that that credit score requirement is 740. Now that number is being raised to 780 for the most popular mortgage loans. There are a few other new criteria in order to get the lowest interest rate. What does this mean for prospective home buyers and those looking to refinance their mortgage? Things are changing!

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Things are changing in the consumer world. For the last couple of years, auto lenders have become more aggressive in their lending practices, making loans to those with less than-below average qualifications. Now, many consumers are defaulting on their auto loans, even after just one payment. It is raising alarms across all lenders.

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When you purchase a home, agents will usually sell their clients on a Home Warranty. Unfortunately, I often hear horror stories of consumers trying to file a claim with a home warranty company. It can be a roof, an appliance, or a pipe, home warranty companies find every way to NOT cover the costs of repairs. There are more claims that are never covered. Why?

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The on-again, off-again Biden student loan forgiveness plan is truly on the rocks. Even with the several issues putting the proposal to a halt, there is an additional not-so-distant problem for Biden’s proposal that has not been brought to light. With this upcoming issue on the horizon, the Biden’ student loan forgiveness proposal is in serious jeopardy of ever being implemented. The Biden administration just hasn't admitted to the facts. If you are waiting for the final decision on the student loan debt, what should you do?

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Many times I hear consumers say that they need to have a certain number of credit cards to “build their credit scores.” Credit cards can both build, but also drop your credit scores. What is a good mix of credit cards you should have?

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Over the last three months, first time homebuyers have canceled new construction contracts, have canceled existing home contracts and basically no longer engaged in purchasing a home. They are MIA. It has gone from bad to worse with rates jumping so high. When are the first time homebuyers going to come back?

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There have been plenty young adults, those just turning 18, with several credit profiles in their credit report. How does that happen if any 18 year old cannot take out a loan before 18 in most states?

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Nate was looking to purchase his very first home sometime within the next six months. He contacted a realtor who told him to go to a lender to get pre-approved for a mortgage. This is a common practice, but there is a BIG PROBLEM and it is one that could easily cost you lots of money. For Nate, it cost him almost two thousand dollars because he went beyond the 90-days and he was at 719, costing him lots of money. It can easily happen to any homebuyer.

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Inflation is really starting to show its ugly face in the latest housing numbers from ATTOM Data Solutions and CNBC. Home foreclosure activity surged in the last few months and is 153% higher than last year at this time. MyEListing reports that almost 15% of all renters are behind on their rent payments. There appears to be considerable trouble brewing in the housing market.

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Credit Karma has been fined $3 Million falsely for claiming they were pre-approved for credit cards, when in fact they were not. Unfortunately, this is a level of deception is based on the unreliable credit information Credit Karma provides consumers. There were two problems for Credit Karma’s and its clients.