24 Mar, 2010
Credit Score Loan Modification Program Modification Program Points
The Obama loan modification program can lower the recipients credit score by as much as 100 points even if they are making payments on time.
That makes it harder to get a loan and can present a problem when applying for a new job.
Housing counselors say it’s unfair, especially because the news often comes as a surprise to homeowners. (Check out this article on Home Affordable Modification Program)
“Why should people’s credit be hurt even worse when they’re trying to do the right thing?” said Eileen Anderson, senior vice president at Community Development Corp. of Long I
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26 Nov, 2009
Credit Score Score
People who fail to keep up with some of their monthly payments may find that they have more than just their credit score to worry about, according to one recent report.
The Associated Press reported this week that some American Express customers have been notified that if they fail to make their monthly payment on time, they will forfeit any miles or points they earned on purchases that particular month.
The wire service goes on to say that people who want the miles or points back will have to pay a $29 fee, as well as all applicable late fees and penalty interest rates. Other American Express cards have reportedly included similar provisions in recent years, and other lenders are said to have comparable policies for late payments. Read full post…