A new study from credit analytics company SubscriberWise revealed that less than two tenths of one percent of the scorable population achieved the highest possible Fico score.

So just who are these consumers with 850 Fico scores anyways?

Well, the company found that the median age of these credit-elites was 61, having a birth year all the way back in 1950.

The oldest person to achieve credit score-perfection was born in 1922, while the youngest was born in 1967.

In other words, it takes a while to achieve a perfect credit score, even if you’re doing everything right.

This probably has to due with the fact that credit scoring takes into account the length of a consumer’s credit history, including the age of their oldest account on their credit report, whether it’s opened or closed.

So you really need to build your credit history early on to ensure you have excellent credit in the future.

Simply paying bills on time, keeping balances low, and applying for new credit sparingly won’t be enough for that perfection you seek.

Some gray hairs also seem to be a necessity…

For the record, the SubscriberWise study was based on data from a quarter of a million credit reports, so it seems pretty thorough.

Tip: How to raise your credit score.

  My sister Kim has a classic case of ADHD, and, as a result, she is always forgetting her wallet. She often zooms from one room to the next, absorbed in whatever task or great big plan she has on her mind, and leaves a trail of personal belongings in her wake: Wallet, keys, hair band, hair brush, shoes …   She has locked herself out of her car so many times that she has perfected the art of opening the car door with a clothes hanger. And when she got married two weeks ago, her infinitely patient lover promised in his vows that every time they left a room, he would recite the same checklist he has uttered for the last six years: “Cell phone … wallet … keys.”   But if mobile wallets actually start to take hold in the U.S. in the next couple of years, my new brother-in-law may finally be able to shorten that list.   Yesterday, Read full article…

Attention all car buyers: The era of cut-rate financing, generous cash-back offers and big discounts is coming to an end.

With the effects of the earthquake in Japan rippling through the industry and causing shortages, prices are rising for both new and used cars, and fewer models and options will be available come summer, especially for the hybrids and fuel-efficient vehicles that Japan produces.

That’s prompted many experts to voice something rarely said in the sales-happy auto industry: With consumers facing the toughest market in recent memory, if you can, put off purchases until things sort out, probably early next year.

“If you don’t have an immediate need, you are probably better to wait and figure out where the market is headed,” said Jesse Toprak, an analyst with auto information company TrueCar.com.

Toprak concedes his reluctance to give such advice. Read full article…

Those who have good credit often receive a variety of credit cards in the mail, which are already approved and ready to be used. Companies send these out to customers who they know are a very low credit risk, in the hope that they will start using them. The cards can be activated after receiving them, which allows them to then be used by the consumer, up to the pre-set credit limit that comes with the card, as long as the cardholder has agreed to the contract, verified their identity and set up their pin number with the credit card company.

The question is, however, should consumers activate new cards which they receive in the mail. Many people do activate nearly every card that they receive, and there are advantages and disadvantages on both sides.

Read full article…

Consumers shopping at stores belonging to Woolworths Group may soon be able to use credit cards that do not require a signature or PIN.

The firm has announced that throughout 2011 it will be installing contactless payment systems to enable shoppers to purchase goods more efficiently.

Those who would rather use the payWave credit cards will soon find it possible to buy goods valued at up to $100 using the technology.

Among the stores that are set to have the machines fitted before the start of 2012 are Dick Smith Electronics, Tandy, Dan Murphy, Safeway and Woolworths petrol outlets.

Dhun Karai, head of group financial services, commented: “We know how much our customers love to embrace new technologies and services that help make their life a little bit easier.”

She added that consumers had already adapted rapidly to innovations such as self-service checkouts.

This comes after Coles announced plans to enable customers to purchase goods online with their credit cards and pick them up at drive-through outlets.