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.

Not all millennials are saying “no” to credit

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Recently, we published an article about millennials using less credit than their age group did in the past. While it’s true that the amount of younger millennials (under 30) opting out of credit usage has increased, the population as a whole hasn’t shunned credit altogether.   There’s a persistent theory that millennials (those U.S. individuals between 18-34 years old) have turned away from many aspects of their parents’ lifestyle.  Preferring instead to live in urban areas versus the “burbs”, use public transportation instead of owning a car and avoid credit — instead, opting for cash or debit cards.   While some research findings support these themes, with an estimated 75 million millennials in the U.S., there are bound to be large numbers within this segment who … [Read more...]

The scores that count in mortgage lending

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So you consider yourself a well-informed consumer. You have been educating yourself about credit scores, the credit process and how lenders evaluate credit for mortgage loan applications as you are getting ready to purchase a new home. And you already know that understanding your FICO Scores is really important as they are the credit scores most commonly used in the mortgage loan review process.   You’ve pulled your FICO® Scores and credit reports at myFICO to see where you stand, but are not sure on which FICO Score versions you should focus.  Do mortgage lenders use FICO® Score 8 from all three credit bureaus? Or FICO Score 8 from one and FICO® Score 5 from another? I know, it can be kind of confusing.   Let me explain …   When you access your credit … [Read more...]

Are you financially healthy?

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Would you describe yourself or your family as being financially healthy? What exactly does that mean?   I asked several friends and colleagues how they would define someone as being “financially healthy.” While the responses varied (most notably by age or life-stage), they did have a common theme. Namely, having a steady stream of income to meet monthly expense obligations as well as having enough left over to set aside for savings or investing.   Here are some of the responses I received:   Making a lot of money Having a sizeable nest egg for retirement Having a stable job and my kids college education paid for Owning my own home Paying all my bills and having some money left over to “splurge” on myself and my family Having all my student loans … [Read more...]

Interactive credit score map:
Median FICO Score 8 by state

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In the name of Financial Literacy Month, we had a little fun with some FICO Score data! While where you live is not considered in the calculation of your FICO® Scores, it's still interesting to compare FICO Score trends across the 50 states.   The median FICO® Score 8 for the entire U.S. is 713 as of October 2014 (median score means the point where 50% of the population scores above and below that score). Can you guess which states had the highest and lowest median FICO® Scores?   Check out the median FICO® Score 8 for your state on the map below and keep reading to find out which states ranked!       People in northern states in the midwest as well as New England states, on average, tend to have higher FICO® Scores – Minnesota and North … [Read more...]

Quiz: How well do you know FICO Scores?

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Happy credit education month! Think you know everything about FICO Scores? Now is your chance to test your FICO Score knowledge. Take this quick, fun quiz to see how well you know FICO Scores. Questions range from easy to a little more challenging, and most questions provide a detailed explanation of the answer. Quiz yourself, learn and share with your friends!     … [Read more...]

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...]

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