IMPROVE CREDIT RATING

The credit card meltdown comes on the heels of the subprime mess. Credit card companies are slashing the credit limits of many cardholders. About seventy-five percent of the banks are lowering credit limits in hopes of reducing their possible risk. This could however affect consumer’s credit scores.

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Are you really apprehensive about bad credit just as my friend Mike is? It’s ‘All about Money, Honey’. Yes, that’s what I told him the other day. Bad credit refers to poor credit rating in official terms. This financial industry term is used to depict someone who is considered a “high risk” to lenders and other financial institutions as a defaulter in repayment history of loans, mortgages and other financial aid.

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The shares were rising for Countrywide as reports that the Bank of America was in talks to take over the financially unstable lending company. No release has been reported as to when this acquisition might take place. The true story is that Countrywide is in deep financial trouble, almost to the verge of bankruptcy.

With Countrywide holding mortgages for one in every five homeowners, bankruptcy would have a devastating affect on the economy. The possible bankruptcy of Countrywide could have a huge risk financially for Freddie Mac and Fannie Mae. However, the Treasury department did not encourage Bank of America to buy the almost bankrupted Countrywide.

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