Our nation as a whole has issues with debt, and the more people who understand the importance of credit—not just the effect that it has on one’s finances, but what goes into computing the actual scores—the better.
Detroit, MI (PRWEB) October 25, 2012
RoadFish.com men’s lifestyle and finance magazine today issued their observations surrounding credit education and awareness rising amongst American consumers as they line up to take advantage of bank-sponsored credit-related events. RoadFish.com’s take on this may be of use to consumers who are interested in gaining more insight as to how credit scores are computed, and what sorts of actions will affect their credit.
Susan Tompor of the Detroit Free Press recently reported that credit-related events were drawing crowds in Michigan, including Wells Fargo’s current campaign that hands out free credit scores and reports to its customers and Michigan First Credit Union’s bi-annual educational credit event that also distributes free credit scores and credit pointers. Tompor’s article states that the best time to clean up a credit history is prior to requesting a loan, and she points out that the fact that so many consumers are showing interest in credit could be a sign of financial recovery. The article includes a quote from Michael Poulos, president and CEO of Michigan First Credit Union, as stating, “It’s become much more public that credit scores matter.”
RoadFish.com views the increased interest in credit as a positive sign, and encourages the continued quest for knowledge among consumers. RoadFish.com’s Senior staff writer is quoted as saying, “I think it is absolutely wonderful that the response to recent bank-sponsored credit events has been so strong. Our nation as a whole has issues with debt, and the more people who understand the importance of credit—not just the effect that it has on one’s finances, but what goes into computing the actual scores—the better. According to FICO, there are currently 50 million people in our nation with scores higher than 785. That is considered sterling credit. I am confident that with the recent hunger for credit knowledge, and the bank response of providing it, the number of people who fall into this category can climb over the next year.”
Tompor’s article stated that Michael Poulos spoke for two hours at an educational credit score seminar last week, where free credit scores and reports were also handed out. Poulos cited some credit facts during his speech that might have surprised some of the 160 attendees, such as the report revealing that the difference in the amount in interest a borrower with poor credit would pay versus a consumer with good credit on a five-year $25,000 car loan is a whopping $8,253.50. Speaker Poulos also emphasized that it is entirely possible to turn around a poor credit score by making timely payments on each and every account, limiting the accrual of more debt, and also through keeping credit lines open, not closing them. Open credit cards serve as available lines of credit, which looks good on a credit report—even if they’re not being utilized.
ToTompor reported that in an interview with Poulos, he told her that lending has been gradually increasing over the past year, and that auto lending especially is back up because more people are working again. Poulos also stated that new mortgage business is on the rise as competition mounts over home-building in coveted suburban neighborhoods. He told Tompor, “Consumer borrowing is all about confidence—confidence that I’m going to have a job and pay this back.”
RoadFish.com lifestyle and finance magazine is an online magazine for men that features articles about travel, advice on women, and tips for where to take a luxury vacation. RoadFish.com is directed at male readers in their 30’s and 40’s who have already attained either personal or professional goals in life, and are striving towards a new goal. RoadFish.com lifestyle and finance magazine features stories about men’s luxury items such as watches and clothing, hot chicks and dating advice, and personal finance articles such as how to dispute an error on your credit report. RoadFish.com is owned and operated by Purpose Inc.