Sunday, March 2, 2008

Business

Is there a recession ahead?People and the news analyze this question everyday In my opinion of course the unemployment rate is increasing everywhere, credit and lending restrictions are getting tighter, more houses than ever are on the market for sale, and home value is declining everywhere. Right now is not a very good time to bank on investing with all investment rates going down n support of the housing crisis. One good thing is that you can buy a house even though that will be harder than before at least your rate will be good at this moment.

In other news the FICO scores will be determined by a new formula. Under this new formula if you make a mistake like forgetting to pay a bill on time it won affect your score as bad as long as it is isolated. When you are applying for a loan and have to do a lot inquiries it wont affect you score as much as it did back in the days. Under the new system you will be in the positive if you show that you have different types of credit such as loans, mortgages, credit cards, department store accounts, and auto loans and you are paying them responsibility and your history shows it. Experian and trans union will implement the formula soon , and currently know one knows if Equifax will follow.

Some survival strategies in these tight times: Learn the facts about investments, Stock up on emergency funds, slim down debts, regain your balance, work harder and smarter, if you are unsure or not optimistic about investing then get bonds, municipal bonds preferably, and last but not least be a picky and informative buyer.

Quote of the month- As soon as you can milk it you better try and soak up everything good possible, ain't no guarantee they are gonna love you next year...

By: Christopher Wallace AKA( BIG)

No comments: