By Tom Shean The Virginian-Pilot
First off, I'm not a typical financial advisor. In fact, I disagree with a lot of what the "conventional type" financial advisors recommend to their clients. I'll admit it -- I'm weird. I don't ascribe to conventional wisdom just because that's what everyone else believes or that's what everyone else is doing. I'm the type of person who wants to know what the p's and q's stand for in the phrase "mind your p's and q's." You hear everybody using the expression. I asked over 100 people what does it mean. Not one of them knew the answer. I think it was Earl Nightingale who said, "If you have no successful model to follow, just look at what everyone else is doing and do the opposite." He says that the world has it wrong. In the Bible, 1 Corinthians 3:19, it reads, "For the wisdom of this wor...
Is this what our lives have come down to - a number? You probably know the importance of maintaining a clean and accurate credit report. But do you really understand how the credit score based on that report affects a mortgage loan officer's review of your loan application? Your score could mean you receive a very favorable interest rate, or it could mean that you're out of the running for any conventional loan funding.
PRESQUE ISLE -- Women, Work and Community will offer a two- session class on personal financial fitness from 2 to 4:30 p.m. Wednesdays, Nov. 2 and 9, at Northern Maine Community College. The class, "Credit Yourself: The Ways to Financial Fitness," will help participants learn how to read a credit report, understand their credit score, keep current with shifts in the credit card and lending industry, and gain control of their finances.
By now, most people should know it's possible, even easy, to get a free credit report (www.annualcreditreport.com). What has been harder to come by for free is your credit score. And that's too bad because your credit score is really what lenders use to figure out your creditworthiness. The higher your score, the more likely you are to qualify for the lowest rates when buying a car or house or signing up for a credit card.
In this economy, many people have had credit scores that have plummeted because they couldn't make their mortgage payment, or lost their job and couldn't keep up with their bills. They need to work, to make money, to get back on their feet and to get caught up. But if their credit score prevents them from employment, they'll never catch up. It's like the experience Catch 22 - you need experience to get a job, you need a job to get experience. The credit score dilemma is you need a job to maintain good credit, but you need good credit to get a job. In financial literacy lingo, a credit score is called the "adult report card", the number that reports whether you've been naughty or nice when it comes to your finances. Unfortunately the number comes without context or footnotes, so you can'...
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