What Can I Expect With My Higher Credit Score?
It's not unusual for consumers to work to improve their credit scores. Most of us know that higher credit scores are better than lower credit scores. What I think is missing, to some extent, is a better understanding of the quantified value of a higher score relative to a lower score. Yes, 750 is better than 650. But, what does that mean to me as far as my credit opportunities?
Let's take two fictitious people. One will be Jeff and the other will be Danielle. Danielle pays her bills on time, only applies for credit when she needs it, and maintains respectable balances on her credit card accounts. Jeff, on the other hand, isn't quite as responsible with his credit. He has some late payments on his credit reports and runs up larger balances across several cards. Danielle's credit scores are all pretty close to 800. Jeff's credit scores hover around 650.
What are Danielle's Credit Options?
Simply put, Danielle's credit option are extensive and competitive. Applicant's with scores at or near 800 are considered to be almost completely void of credit risk. That means lenders will be making very competitive offers, perhaps even their most competitive offer.
Auto Loans: It would not be unheard of for Danielle to get an offer of zero percent interest from a captive auto lender. The captive lender is the lending arm of the manufacturer. Think Ford Motor Credit, Toyota Financial, Honda Financial Services, and Chrysler Capital for example. Some dealerships will offer you zero percent financing on certain makes and models, but only for people with excellent credit like Danielle. In in the non-captive lending scenario Danielle can expect to get an auto loan offer well below five percent.
Mortgages: Applicants with scores near 800 are going to get the best mortgage interest rates. As of November 2018 the interest rate on a 30-year fixed rate mortgage loan was around 4.5% for people with stellar credit scores.
Credit Cards: Credit card interest rates are around 17% on average but they can dip below 10% but only if your credit scores are very strong. And, Danielle can expect to receive numerous credit card offers in the mail with balance transfer offers and a zero percent interest grace period.
Apartments and Utilities: Danielle will likely fly through the tenant screening process and it's doubtful she'll be asked to place a deposit before she moves in. And, utility companies likely will not ask for a deposit when she starts new services.
What are Jeff's Credit Options?
Jeff's options are limited because of his 650 credit scores. Applicant's with scores at, near and below 650 are considered to be of elevated credit risk. They will have fewer borrowing options and those options will be more expensive. And, some lenders simply won't do business with them at all, under any condition.
Auto Loans: Jeff will not qualify for zero percent financing. And, he may have to choose a subprime auto lender as an alternative to his bank or credit union. He will likely have an interest rate around 15%, unless he's able and willing to put down a very large down payment.
Mortgages: Applicants with credit scores near or below 650 are actually closer to being denied than they are to being approved. As of November 2018 the interest rate on a 30-year fixed rate mortgage loan was over 6% for people with scores in the low 600s. And while a 6% interest rate may sound good, over the life of a $500,000 mortgage loan Jeff will pay about $180,000 more in interest than Danielle.
Credit Cards: Jeff's credit card options are limited. Some card issuers don't have a product for scores as low as Jeff's scores. Still, he'll be able to open a credit card but his credit limits will be lower than Danielle's limits. And, his interest rates will be subprime rates, which can be well into the 20-something range.
Apartments and Utilities: Because you don't have a right to an apartment, Jeff's poor credit will lead to either a denial of housing or a large deposit. And, while he does have the right to start new public utility services, he will almost certainly be asked to place a deposit before services are started.
The bottom line is that it's expensive to have poor credit scores and your options are limited. You may even have to seek financing from the so-called second tier lenders, like payday lenders and asset lenders. The rates on those type of offers, when annualized, can be as high as several hundred percent. It's in your best interest to work to improve your scores as good scores are just as financially rewarding as choosing the right stock or mutual fund.
Auto Loans: Jeff will not qualify for zero percent financing. And, he may have to choose a subprime auto lender as an alternative to his bank or credit union. He will likely have an interest rate around 15%, according to Informa Research, unless he's able and willing to put down a very large down payment.


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Nate Madden
New federal regulation aims to cement AG Barr's powers over immigration court decisions
The new rule is meant to streamline the immigration courts
The Trump administration is planning to revive a decade-old proposal that will cement Attorney General William Barr's say over what goes on in America's federal immigration courts.
In short, the rule, which was put forward by the Department of Justice's Executive Office for Immigration Review and published in the federal register Tuesday, codifies the power of the attorney general to decide which immigration court cases will create binding precedent for future immigration decisions, according to information from the DOJ.
An official regulatory document from the Department of Justice explains that the rule itself is not necessarily a new one, but was proposed by former Attorney General Alberto Gonzalez's Department of Justice as part of streamlining efforts during the Bush administration in 2006.
Federal immigration courts are separate from the federal judiciary and are under the administration of the DOJ. Appeals from immigration decisions by those courts are heard by the Board of Immigration Appeals, which is the "highest administrative body for interpreting and applying immigration law" in the United States government and is under the EOIR.
"The BIA has been given nationwide jurisdiction to hear appeals from certain decisions rendered by immigration judges and by district directors of the Department of Homeland Security (DHS) in a wide variety of proceedings in which the Government of the United States is one party and the other party is an alien, a citizen, or a business firm," the DOJ's website explains.
According to the San Francisco Chronicle, a DOJ official, who briefed reporters on Monday, said the new regulatory proposal would be a "cleanup rule more than anything else" but also added that the changes were necessary to make immigration courts "as efficient or as effective through the process as possible."
Under current law, decisions made by the BIA are considered binding precedent only if published, the Chronicle said, and that only happens if a majority of all 21 members agree on the ruling. Attorney General Jeff Sessions, the Chronicle explained, however, often used the attorney general's position to issue binding immigration decisions after referring cases to himself.
Background information on the rule from the Department of Justice sent to Blaze Media via email says that the proposed rule would not create but codify the power of the attorney general to pick which of the otherwise unpublished opinions would be binding on future immigration decisions.
The proposal would also expand the circumstances under which the Board of Immigration Appeals can hear cases for potentially binding precedent, such as "the need to resolve a complex, novel, unusual, or recurring issue of law or fact," and clarifies that the BIA can use its discretion to rule on issues that weren't raised by parties but were brought up in their decision.
The regulation will take effect 60 days after its Tuesday publication in the Federal Register.

redpajama_set_name: RedPajamaCommonCrawl


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Cutchin is a surname. Notable people with the surname include:

Carlisle Cutchin (1885–1953), American football, baseball, and basketball coach and college athletics administrator
Phil Cutchin (1920–1999), American football player and coach

See also
Robert McCutchin (1894–1973), American farmer and politician

redpajama_set_name: RedPajamaWikipedia