Archive for March 11th, 2008

Car payments help rebuild credit

Tuesday, March 11th, 2008

Dear Terry,
In an earlier piece, you advised rebuilding your credit by getting a high-interest credit card. I have an auto loan that I was able to keep despite my bankruptcy. Does this qualify as credit rebuilding?
Also, I checked my credit score recently and it is 580. Could this score possibly get me an auto lease or is it too low?
— Sherri

Dear Sherri,
Making payments on a current auto loan will help your credit in the long run, but you can’t expect your credit score to rebound quickly. And I’m sorry to say that a 580 score probably won’t get you a lease or even a conventional loan that doesn’t carry a painfully high interest rate. (more…)

Posted in Auto | Comments Off

Fed to cut rates again

Tuesday, March 11th, 2008

Fed to cut rates again

Untitled DocumentTuesday, Oct. 28
Posted 8 a.m. Eastern

Fed to cut rates again this week

It should come as no surprise that the Federal Open Market Committee is expected to cut interest rates at their regularly scheduled meeting concluding Wednesday. Another half-point cut is most likely, and would bring the federal funds rate to 1 percent.

Sound familiar? Yes, 1 percent, the same 1 percent federal funds rate we encountered in 2003 and became well acquainted with over the ensuing 12-month period. The same 1 percent that many blame for this mess. I don’t subscribe to that theory myself, but can’t help but point out the irony. As the saying goes, “You’re either part of the problem or part of the solution.” Unless, of course, its low interest rates we’re talking about, in which case you’re both.

(more…)

Posted in Federal Reserve Board | Comments Off