Tag: Banks


Banks cherry picking customers to avoid lower interest rates

News from Economic Times:
MUMBAI: Banks are increasingly cherry picking customers even when it comes to secured credit like home loans, with the number of highly-rated borrowers nearly trebling in the last four years. But the enhanced credit rating and higher scores have not translated into lower or competitive interest rates for them.
A study by Credit [...]

Credit Q&A: Can Switching Banks Hurt My Credit Score?

News from MainStreet:

Q: Can moving my checking or savings account to a new bank inadvertently hurt my credit score?
A: Rest assured, changing banks shouldn’t have any effect on your credit score as long as you don’t apply for a new credit card at the same time you’re opening up a new savings or checking account.
A [...]

Credit score downgrade for a trio of America’s biggest banks

News from This is Money:
By Simon Duke
Last updated at 8:31 AM on 22nd September 2011
Fears over the health of the US banking system escalated last night after a trio of the nation’s biggest lenders suffered potentially damaging credit score downgrades.
In a move that heightened the sense of unease on financial markets, ratings giant Moody’s took [...]

Banks gradually demanding stronger credit scores: Cibil

News from Moneycontrol.com:

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Banks gradually demanding stronger credit scores: Cibil

During the last few years, banks have been looking for greater benchmark scores to extend loans to consumers, a Cibil official said today.
“Earlier, credit was offered at a credit score of 500-600 points, but now most of [...]

Fed: Banks must release credit score when denying credit card application

News from Fox Business:
Credit card applicants can see their credit scores for free if a bank used that score to decline service, according to the Federal Reserve. The Federal Trade Commission and the Federal Reserve Board jointly announced their rules for implementing free credit score notifications under the the Dodd-Frank Wall Street Reform and Consumer [...]

Banks quicker to lower customers’ credit ceilings despite excellent track record

News from New York Daily News:

Betts/Bloomberg

Gary Goldstein is the kind of customer that credit card companies dream about.
He was always obsessive about paying his bills on time and had grown used to seeing his credit score rise.
That was until about six months ago, when – after just one late payment – his longtime credit card company [...]