Congrats to Lindsay Anderson, CapePuffin's Daughter!
Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Sun Aug 29, 2004 2:58 pm
Post subject: Congrats to Lindsay Anderson, CapePuffin's Daughter!
Congrats to Lindsay Anderson, CapePuffin's daughter. She's quoted in the Sunday edition (today's edition) of the Chicago Tribune! This is a nationally syndicated column- so it might get picked up by other papers as well. Not a bad way for Lindsay to "kick off" her college career. :0)
I am proud to say that our website is referenced in the article as well. Any comments on the article? It's an interesting subject. The article follows:
VALUE JUDGMENTS
Debt-free consumers find they're in an unusual bind Janet Kidd Stewart Published August 29, 2004 Like being too rich or too thin, having too little debt sounds like one of those problems that isn't really a problem. For nearly 50 million people in the United States flying below the credit system radar, however, it means paying exorbitant deposits for cellular phone packages, not qualifying for big-ticket items like homes and getting shut out of special retail discounts. In the obscure world of credit scoring, these "thin-file" or "ghost" credit customers are too young to have an established credit history, or may have recently immigrated. Some are affluent but have a thin credit history because they long ago paid off their mortgage and car loans and don't carry balances on their credit cards. Some avoid debt because they view it as moral corruption. A former colleague of mine tried to sign up for a cell phone plan from Radio Shack about a year ago. Despite a high credit score, substantial household income and no debt--an enviable situation for many of us--he was turned down for a Verizon Wireless package promotion after an instant credit check. "It was embarrassing, having to stand there in front of this salesperson and feeling as though I needed to explain myself," he said. Though certainly unusual, his situation wasn't unique. I spoke with a couple of Verizon credit analysts, not about my co-worker's specific case but about the situation in general. Someone with a good score but a very thin track record of using credit could still fail the company's credit standards, they confirmed. The company is working with credit bureaus on using information from alternative sources, such as driving records and checking accounts, said Danna Valsecchi, financial-services director for Verizon's Midwest region. Until then, customers who don't pass the credit check pay deposits of up to $400 on their cell phone packages. Sharing horror stories A quick troll through creditboards.com revealed similar frustrations. "I didn't `do' credit until my 30s," wrote one debt-averse consumer. "I saw too many people get in trouble. When I went to buy a house, I was outright denied because I didn't exist. I've been totally punished for living within my means." Such outrage is common on credit Web sites, said Curtis Arnold, founder of U.S. Citizens for Fair Credit Card Terms, a consumer card-rating service. While the scoring system has become more transparent in recent years, it remains a murky area that many consumers still don't understand, he said. "It's definitely not an ideal situation," Arnold said. He used to advise consumers to cancel old credit lines but now recommends keeping them open, for no other reason than to avoid looking as though their total credit limit is shrinking. For its part, the industry is trying to get more ghost customers into the credit-scoring system. Fair Isaac Corp., creator of the FICO credit score, last month announced a new product that will rate thin-file consumers using alternative data such as payday loans, checking account overdraft records and rental payment streams. In theory, it could help college students and other conscientious consumers in high-risk credit groups qualify for better rates. Acceptance is slow Creditors, however, have been reluctant so far to embrace the data as solidly as they do traditional debt records. Meantime, Lindsay Anderson of Sandwich, Mass., is taking no chances. The 18-year-old applied for a Capital One Visa card this summer as she prepared to head off for college. She got the thumbs-up for a card, as do many thin-file college kids who presumably are within a few years of stable income. The catch: It comes with a 19 percent interest rate. Still, she plans to leave a small balance on the card to start a credit paper trail on herself. "I view it as a long-term goal to start building credit. Eventually, a good credit rating will help me buy a house," she said. But she's wary of the lure of card marketing and likens it to tobacco ads aimed at teenagers. "I've heard a lot of horror stories about people who got their first credit card and got into trouble." Kicking a drug or alcohol habit takes total abstinence. Apparently, going cold turkey with debt could do more harm than good.
Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX
Last edited by Board Monitor on Wed Sep 01, 2004 8:51 am; edited 1 time in total
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Author: capepuffin
Joined: 09 Nov 2003
Posts: 82
Location: Cape Cod, MA
Posted: Mon Aug 30, 2004 7:08 am
My baby is in print!! LOL Yes I and Lindsay are both very excited to see that she was quoted in the article. Tomorrow Linds is off to Bentley to start her college career. She is majoring in International Business. Lets hope that she stays true to her credit goals!!
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Mon Aug 30, 2004 7:40 am
That is just great, congrats to Linds, and definitely best of wishes with her college. Exciting time for her just starting out on her own both college and credit. That is so true about having to establish credit and use it for the long term availability for bigger items. I have noticed in recent years that more companies are reporting data like major rental places now. Also utility companies are in on the game, so more to help consumers in the long run.
View our latest credit card ratings!
Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 323
Posted: Tue Aug 31, 2004 10:25 pm
Way to go Lindsay, I am beaming just as proudly as your Mom!!! Great article!!!
native
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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Tue Sep 07, 2004 9:01 am
As a follow-up, thought you'd like to know that the article also got picked up by the following newspapers:
New York News Day (estimated Sunday circulation is around 600,000): http://www.newsday.com/business/yourmoney/sns-yourmoney-0829value,0,5212319.story
The GreenWich Time (Southern Connecticut): http://www.greenwichtime.com/business/yourmoney/sns-yourmoney-0829value,0,6911621.story
The Orlando Sentinel (FL): http://www.orlandosentinel.com/business/yourmoney/sns-yourmoney-0829value,0,4953643.story
The L.A. Times: www.latimes.com/business/yourmoney/ sns-yourmoney-0829value,1,7330090.story?coll=la-utilities-business
The Stanford Advocate (CT): http://www.stamfordadvocate.com/business/yourmoney/sns-yourmoney-0829value,0,4338456.story
The Norwalk Advocate (CT): http://www.norwalkadvocate.com/business/yourmoney/sns-yourmoney-0829value,0,2917428.story
In addition, the websites of several WB and Fox TV affiliates picked up the article, such as LA's WB affiliate: http://ktla.trb.com/business/yourmoney/sns-yourmoney-0829value,0,6842617.story
Not bad exposure, huh?
Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Tue Sep 07, 2004 8:08 pm
That is just fantastic work there, lol No would not say bad at all.
View our latest credit card ratings!
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Sun Aug 29, 2004 2:58 pm
Post subject: Congrats to Lindsay Anderson, CapePuffin's Daughter!
Congrats to Lindsay Anderson, CapePuffin's daughter. She's quoted in the Sunday edition (today's edition) of the Chicago Tribune! This is a nationally syndicated column- so it might get picked up by other papers as well. Not a bad way for Lindsay to "kick off" her college career. :0)
I am proud to say that our website is referenced in the article as well. Any comments on the article? It's an interesting subject. The article follows:
VALUE JUDGMENTS
Debt-free consumers find they're in an unusual bind Janet Kidd Stewart Published August 29, 2004 Like being too rich or too thin, having too little debt sounds like one of those problems that isn't really a problem. For nearly 50 million people in the United States flying below the credit system radar, however, it means paying exorbitant deposits for cellular phone packages, not qualifying for big-ticket items like homes and getting shut out of special retail discounts. In the obscure world of credit scoring, these "thin-file" or "ghost" credit customers are too young to have an established credit history, or may have recently immigrated. Some are affluent but have a thin credit history because they long ago paid off their mortgage and car loans and don't carry balances on their credit cards. Some avoid debt because they view it as moral corruption. A former colleague of mine tried to sign up for a cell phone plan from Radio Shack about a year ago. Despite a high credit score, substantial household income and no debt--an enviable situation for many of us--he was turned down for a Verizon Wireless package promotion after an instant credit check. "It was embarrassing, having to stand there in front of this salesperson and feeling as though I needed to explain myself," he said. Though certainly unusual, his situation wasn't unique. I spoke with a couple of Verizon credit analysts, not about my co-worker's specific case but about the situation in general. Someone with a good score but a very thin track record of using credit could still fail the company's credit standards, they confirmed. The company is working with credit bureaus on using information from alternative sources, such as driving records and checking accounts, said Danna Valsecchi, financial-services director for Verizon's Midwest region. Until then, customers who don't pass the credit check pay deposits of up to $400 on their cell phone packages. Sharing horror stories A quick troll through creditboards.com revealed similar frustrations. "I didn't `do' credit until my 30s," wrote one debt-averse consumer. "I saw too many people get in trouble. When I went to buy a house, I was outright denied because I didn't exist. I've been totally punished for living within my means." Such outrage is common on credit Web sites, said Curtis Arnold, founder of U.S. Citizens for Fair Credit Card Terms, a consumer card-rating service. While the scoring system has become more transparent in recent years, it remains a murky area that many consumers still don't understand, he said. "It's definitely not an ideal situation," Arnold said. He used to advise consumers to cancel old credit lines but now recommends keeping them open, for no other reason than to avoid looking as though their total credit limit is shrinking. For its part, the industry is trying to get more ghost customers into the credit-scoring system. Fair Isaac Corp., creator of the FICO credit score, last month announced a new product that will rate thin-file consumers using alternative data such as payday loans, checking account overdraft records and rental payment streams. In theory, it could help college students and other conscientious consumers in high-risk credit groups qualify for better rates. Acceptance is slow Creditors, however, have been reluctant so far to embrace the data as solidly as they do traditional debt records. Meantime, Lindsay Anderson of Sandwich, Mass., is taking no chances. The 18-year-old applied for a Capital One Visa card this summer as she prepared to head off for college. She got the thumbs-up for a card, as do many thin-file college kids who presumably are within a few years of stable income. The catch: It comes with a 19 percent interest rate. Still, she plans to leave a small balance on the card to start a credit paper trail on herself. "I view it as a long-term goal to start building credit. Eventually, a good credit rating will help me buy a house," she said. But she's wary of the lure of card marketing and likens it to tobacco ads aimed at teenagers. "I've heard a lot of horror stories about people who got their first credit card and got into trouble." Kicking a drug or alcohol habit takes total abstinence. Apparently, going cold turkey with debt could do more harm than good.
Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX
Last edited by Board Monitor on Wed Sep 01, 2004 8:51 am; edited 1 time in total
View our latest credit card ratings!
Author: capepuffin
Joined: 09 Nov 2003
Posts: 82
Location: Cape Cod, MA
Posted: Mon Aug 30, 2004 7:08 am
My baby is in print!! LOL Yes I and Lindsay are both very excited to see that she was quoted in the article. Tomorrow Linds is off to Bentley to start her college career. She is majoring in International Business. Lets hope that she stays true to her credit goals!!
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Mon Aug 30, 2004 7:40 am
That is just great, congrats to Linds, and definitely best of wishes with her college. Exciting time for her just starting out on her own both college and credit. That is so true about having to establish credit and use it for the long term availability for bigger items. I have noticed in recent years that more companies are reporting data like major rental places now. Also utility companies are in on the game, so more to help consumers in the long run.
View our latest credit card ratings!
Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 323
Posted: Tue Aug 31, 2004 10:25 pm
Way to go Lindsay, I am beaming just as proudly as your Mom!!! Great article!!!
native
View our latest credit card ratings!
Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Tue Sep 07, 2004 9:01 am
As a follow-up, thought you'd like to know that the article also got picked up by the following newspapers:
New York News Day (estimated Sunday circulation is around 600,000): http://www.newsday.com/business/yourmoney/sns-yourmoney-0829value,0,5212319.story
The GreenWich Time (Southern Connecticut): http://www.greenwichtime.com/business/yourmoney/sns-yourmoney-0829value,0,6911621.story
The Orlando Sentinel (FL): http://www.orlandosentinel.com/business/yourmoney/sns-yourmoney-0829value,0,4953643.story
The L.A. Times: www.latimes.com/business/yourmoney/ sns-yourmoney-0829value,1,7330090.story?coll=la-utilities-business
The Stanford Advocate (CT): http://www.stamfordadvocate.com/business/yourmoney/sns-yourmoney-0829value,0,4338456.story
The Norwalk Advocate (CT): http://www.norwalkadvocate.com/business/yourmoney/sns-yourmoney-0829value,0,2917428.story
In addition, the websites of several WB and Fox TV affiliates picked up the article, such as LA's WB affiliate: http://ktla.trb.com/business/yourmoney/sns-yourmoney-0829value,0,6842617.story
Not bad exposure, huh?
Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Tue Sep 07, 2004 8:08 pm
That is just fantastic work there, lol No would not say bad at all.
View our latest credit card ratings!
posted by CardRatings.com at 10:28 AM
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