Tom Quinn is the Vice President of Business Development for myFICO and has over 20 years of experience working with consumers, regulators and lenders and regarding credit related questions and initiatives.

About Tom Quinn

Tom Quinn is the Vice President of Business Development for myFICO and has over 20 years of experience working with consumers, regulators and lenders and regarding credit related questions and initiatives.

Revolving vs. installment credit: Which type of credit is best for you?

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  With the economy recovering, consumers are slowly starting to gain more confidence. Many people are beginning to think about expenditures they have been holding off on as they felt less confident about the economy.  You know … getting that roof repaired that has been on the “fix it” list for a while, trading in that 10-year-old car or finally taking a “real” vacation instead of the “stay-cations” you’ve had over the past several years.     While some people will leverage their savings to fund these expenditures, others may want access to new credit.  If you are in this position and plan on applying for credit, now is the time to think through options and determine which is the best fit for your profile and needs. Here’s a few things you should do … [Read more...]

Cash, Credit or Bitcoin—which payment option do you choose?

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While it is unlikely your local grocery store is currently accepting payment in bitcoin, you may have heard of this new emerging form of currency and may be wondering what is it; how does it work; and should you have some bitcoin stashed in your wallet?     Bitcoin is a new form of currency created in 2009 that only exists in digital format. At its core, bitcoin functions like other payment forms—you can purchase goods online or offline using your bitcoins as long as the seller accepts that form of payment. At present, not that many entities take payment in the form of bitcoin (coinmap.org is attempting to track physical locations that accept the currency), and people are likely buying bitcoins more as an investment with hopes they’ll go up in value over … [Read more...]

Do you know if your HELOC is about to reset?

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If you don’t, you should look into this sooner rather than later.     During the housing boom of the mid 2000s many people took out home equity lines of credit (HELOCs) for greater financial flexibility, to have as a safety net, or as a means to avoid property mortgage insurance (PMI) by enabling them to make a 20% down payment on a home purchase.     And why not? Interest rates were very low and the process for getting approved was fairly easy for many consumers.     Many of the HELOCs opened at this time featured an interest-only period of 5,7 or 10 years followed by either a balloon payment at maturity or an amortization period requiring monthly payments of principal and interest.     What this means “in plain … [Read more...]

Announcing myFICO Feature Enhancements!

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  Great News! Enhanced FICO® Score Explanation Report (based on Experian credit report) now available.           Starting yesterday afternoon, all myFICO solutions based on Experian credit report data  (FICO Standard, FICO Score 3-Report View) will now include a newly designed FICO Score explanation report design to help you better understand and manage your FICO Score.       New explanation features include:   Incorporation of positive factors impacting your FICO® Score. Positive factors reinforce the good credit behaviors of high achievers, and encourage those people who may be working to manage their credit or improve their financial health. Personalized credit analysis and comparisons to … [Read more...]

myFICO Welcomes Financial Literacy Month

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While April is the official National Financial Literacy Month, we at myFICO like to think that sound financial literacy practices should be a 24/7 common practice for everyone.     And why shouldn’t it be when having a strong understanding of how to create/stick with a budget, the benefits of investing and saving, how the credit system works, how lenders evaluate applications for credit, how interest fees accrue and knowing your consumer rights can all save you thousands of dollars and loads of time.     At myFICO, we focus on that part of financial literacy related to consumer credit and encourage everyone to participate in this year’s National Financial Literacy month with the following activities:     Check your credit reports to … [Read more...]

Protecting Your Credit and Financial Reputation

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Most people use their credit and debit cards every day with little thought regarding the fact that criminals are desperately trying to get access to your card information so they can run up fraudulent charges, create counterfeit credit cards, withdraw cash from ATM machines  (if they can intercept your pin number) or sell your information to other criminals.   And I am not talking about the random thief who steals a wallet or purse and uses the cards to rack up a couple hundred dollars at a nearby convenience store.  I am talking about highly sophisticated fraud rings led by really smart people who leverage advanced technology to access credit and debit card information on a larger scale.   Case in point – recent data breach notifications by Target and Neiman Marcus … [Read more...]

Credit Card Holiday Tips to Help Protect Your FICO Score

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The holiday shopping season is now in full swing and retailers are aggressively tugging on our emotions implying that true happiness and the ultimate expression of your love can be only be achieved through the purchase of gifts.   I know firsthand how easy it is easy to get caught up in the hubbub of the holidays and potentially over spend or make credit-related decisions that may have longer term negative impacts.  Here are some helpful tips to consider that can help protect your credit rating as you migrate through this hectic time of the year!   Be selective when applying for a store credit card:  Retailers aggressively “hawk” their credit cards and loans products to holiday shoppers often promoting free gifts and/or incremental discounts on that day’s purchases … [Read more...]

Refinancing a Car Loan

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Most people are familiar with the concept of refinancing a mortgage loan – but what about refinancing your auto loan? Did you know this is possible? Is this a good idea?   As with any refinancing decision, the validity of it depends on your unique situation:     What is the interest rate with your current auto loan and how does it compare with current rates? Obviously it only makes good financial sense to refinance if you can get a lower rate.  Check out auto loan interest rates by FICO® Score range for your State to see if current rates are lower than the rate you are currently paying. How far are you into the existing loan term? Remember, interest is “front loaded” in an auto loan (meaning in the beginning of your loan term most of your monthly … [Read more...]

The Government Shutdown and Your Credit

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As “Closed” signs surface across various Federal government offices and sites, it is likely to affect most of us in some manner as the government services we rely on may be temporarily unavailable.   For the overwhelming majority of consumers, this closure will have no effect on your personal credit as most of us do not work for the Federal government and credit related functions are generally managed by private businesses.   You may be impacted, however, if you are in the midst of a securing financing for a home loan. If you are doing a FHA loan, HUD (the U.S. Department of Housing and Urban Development) stated that they will be able to continue processing single family loans during the shutdown.  They did share there will be a limited number of FHA staff available … [Read more...]

Lenders can see all 3 and now you can too!

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The US credit reporting system can be confusing at times: there are multiple credit bureaus, a variety of credit scores, and a bunch of rules and regulations regarding the permitted use of this information.   It can sometimes drive a person crazy trying to figure it all out!   Questions I am frequently asked are: why are there three credit bureaus and three FICO® Scores?  Do I need to stay on top of just one or all three?  Does my lender pull all three or just one?  Which one?   In the U.S. there are three national credit bureaus (Equifax, Experian and TransUnion) that collect, update, store and sell our credit histories.  The credit bureaus compete against each other to have the most robust, current and accurate credit information on the US population, … [Read more...]

Disclaimer: This content is not provided or commissioned by a credit card issuer. Opinions expressed here are the author's alone, not those of a credit card issuer, and have not been reviewed, approved or otherwise endorsed by a credit card issuer. This site may be compensated by credit card issuers mentioned on the site by such companies.