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on: 12-22-2010
The $20,000 Pet
For Mary Cotter, the first sign of concern came when her 7-year-old,
Logan, appeared dizzy. His regular doctor said everything was fine, but
Cotter insisted Logan be seen by a neurologist, who after an MRI found a
tumor in his inner ear. An operation followed, and for the next month
Cotter took Logan on a four-hour round-trip trek every day from her home
in Ledyard, Conn., to a specialty hospital in Boston for radiation
therapy.
The total bill for the tests, blood work, surgery and radiation came to $14,000 – not surprising in this age of sky-high medical costs. Except for one thing. Logan is a golden retriever. After another surgery for an unrelated illness, the total cost of Logan's care is approaching $20,000. Today Logan is healthy, but he has a new nickname: "20K."
The total bill for the tests, blood work, surgery and radiation came to $14,000 – not surprising in this age of sky-high medical costs. Except for one thing. Logan is a golden retriever. After another surgery for an unrelated illness, the total cost of Logan's care is approaching $20,000. Today Logan is healthy, but he has a new nickname: "20K."
on: 10-19-2010
Credit Scores: How 720 Became the New 680
Until recently, a credit score of 680 was something to be proud of. It
meant you paid most of your bills on time, got dinged when you went
shopping for a refi, but in general, had a solid enough record to get a
loan at the best rates.
Not anymore. That 680 is firmly second-tier these days. Now, borrowers need at least 720 to get the biggest loans or the best terms, including a credit card with the longest 0% APR promotion or a jumbo mortgage. For millions of once-desirable consumers with scores between 680 and 720, that 40-point jump could cost thousands of dollars over the life of a typical loan.
Not anymore. That 680 is firmly second-tier these days. Now, borrowers need at least 720 to get the biggest loans or the best terms, including a credit card with the longest 0% APR promotion or a jumbo mortgage. For millions of once-desirable consumers with scores between 680 and 720, that 40-point jump could cost thousands of dollars over the life of a typical loan.
on: 07-14-2010
35% of Population Now has a FICO Score Below 650
For the first time since the installation of the FICO credit bureau
based scoring system in 1989, 35% of the population is now scoring below
650. This is up from 27%, which was largely unchanged for much of the
past two decades.
Each of the big three credit bureaus – Equifax, Experian and TransUnion – maintain between 200 and 250 million credit file records, which means between 70 and 87.5 million consumers are now scoring below 650. To make matters even worse, 25.5% of them (or roughly 51 million people) are scoring below 600.
That 650 score break is meaningful because in today’s financial services environment many lenders and insurance companies consider the +/- 650 point to be the dividing line between prime and sub-prime. What this means is more consumers are going to be denied or adversely approved (that means you’re approved for a loan, but with punishing rates or terms). And if someone is waiting for the U.S consumer to spend us back into a fully functioning and healthy economy, that push won’t come from those folks.
Each of the big three credit bureaus – Equifax, Experian and TransUnion – maintain between 200 and 250 million credit file records, which means between 70 and 87.5 million consumers are now scoring below 650. To make matters even worse, 25.5% of them (or roughly 51 million people) are scoring below 600.
That 650 score break is meaningful because in today’s financial services environment many lenders and insurance companies consider the +/- 650 point to be the dividing line between prime and sub-prime. What this means is more consumers are going to be denied or adversely approved (that means you’re approved for a loan, but with punishing rates or terms). And if someone is waiting for the U.S consumer to spend us back into a fully functioning and healthy economy, that push won’t come from those folks.