Following Finance and Economy

According to an AP report, General Motors said Monday that 2009 sales in China by the company and its local partners rose 67% to a record 1.8 million vehicles amid tax cuts and incentives to help boost the industry.

GM has been expanding its share of the fast-growing Chinese auto market and its 2009 sales growth in China was likely stronger than the country's overall auto market.

GM sold a record 1.83 million autos in China last year, the company said in a statement Monday. The auto maker expects to top that this year, though it sees slowing growth. Kevin Wale, president and managing director of GM China Group, "The industry outlook is strong and we expect more growth, albeit on a somewhat slower pace."

China's government gave the domestic auto industry a boost last year by introducing several policies aimed at increasing demand, such as halving the purchase tax for vehicles with small engines. The government partially rolled back the tax cut starting this year, but auto makers say passenger vehicle sales in China could grow as much as 15% this year.

Bad credit could cost you a job

According to KREM 2 News in Washington state, more and more employers are pulling credit reports on potential employees now, as part of the background check. And, some are even checking your credit, when being considered for promotion.

In the past, only banks and financial service companies routinely ran credit checks on potential employees. But employers in other sectors increasingly are including them in the screening process to assess applicants' honesty and integrity, traits not readily gleaned from a r?um?


If you're applying for a new job or even going after a promotion, employers can easily find out about your past, or current financial situation.

In order to access a credit report, the company needs to have your social security number and written authorization to provide access.


If you're ever asked to ever explain your credit history, Monster says to keep your answer short, and sincere.

KREM 2 News asked how people are reacting to this news. Almost everyone told them it's unfair for employers to check your credit history like that. They say they're out actively looking for jobs to improve their financial situations.

If you are turned down for a job because of credit problems, the employer has to give you a copy of the report, and explain your rights under the Fair Credit Reporting Act.



For more credit score news and tips , visit Fico Score Guide.

According to a report by Credit Karma, average consumer credit card debt decreased by $134 in June, and consumer's credit scores stayed stable.

Credit Karma reported a rise in credit scores across all geographies ; however, for the third straight month the percent of credit scores improvement has tapered off and more consumers are seeing their credit scores remain stable. 38% of consumer credit scores have increased, 28% have decresed, and 34% stayed the same.

This average U.S. Consumer credit score is 674, which is the same as in May.

Among consumers with debt, the average customer card debt decreased by $134.

In June, the average consumer with debt had :


-- $6,938 in card debt
-- $206,427 in mortgage loans
-- $54,370 in home equity loans
-- $14,539 in automobile loans
-- $27,201 in student loans


Here are some other key findings :


-- More consumers continue seeing their credit scores stay level. Nationally, 34% of consumers saw their credit score stay the same in June,
Compared to 32% in May.

-- The South region had the highest percentage of increasing credit scores, ending the Midwest's 4 month run at the top. In June, 39% of consumers in the South saw their credit scores increase ; 28% of credit Scores decreased ; and 33% of credit scores stayed the same.

-- In terms of overall debt, Midwest consumers continue to have the Lowest amount of debt.

-- Michigan experienced the highest percentage of ing credit scores during June. 41% of Michigan consumers had their credit score increase ; 27% of credit scores decreased ; and 32% stayed the same.

-- Texas saw the highest percentage of falling credit scores in June. 39% of Texas consumers' credit scores increased ; 29% of credit scores decreased ; and 32% stayed the same.
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According to an article on Examiner.com, banks and credit card companies hit by charge-offs are tightening up their lending standards. According to AllBusiness.com's Miranda Marquit, beginning this year, Fair Isaac Company, the organization behind the FICO score, is rolling out its new formula for credit scores. The result is a nearly complete overhaul of the mathematics behind the credit scoring system.

"Technology and the prevalence of credit makes it easier to track consumers' credit habits, and the new FICO credit scores will take this into account," says Marquit. "Consumers will now fall into 12 groups, rather than 10, and credit problems and issues will be ranked according to number and magnitude more specifically than before."

Kiplinger reports that many borrowers will find a dramatic shift in their FICO scores with the new model, but the company estimates that up to 50% of borrowers' scores could go up or down by more than 20 points because of the new variables it uses to evaluate consumers' credit use behavior. This will color what is now perceived as good, fair or bad credit.FICO is getting better and better at recognizing varying levels of consumer habits. It used to be when you were late for a payment, your credit score would take an indiscriminate tumble.

The new method will now sense finer nuances, however, examining how frequently you exceed the due date. In other words, a single late payment will not be as damaging to your credit score as it has been in the past, reported the Examiner.

credit scores ratings

As the recession drags on, more people see their important credit scores dropping away. The growing number of home foreclosures and credit card defaults are adding to many household's debt and low credit scores. Star Tribune article provides some suggestions how you can deal with it.

In this recession, we've seen millions of people fall into this trap. As the economy contracts, so do the earnings for many of us.

As creditors continue to tighten credit, your fico score will become even more important in deciding if you are eligible for a loan and what kind of rate you'll have to pay.

Americans' credit scores, the three-digit number that determines whether you'll get a loan and how much you'll pay for it, have taken a beating.

Millions of consumers' scores have gown down, making it more costly for them to borrow money -- or even impossible if the score has dropped low enough.

" Now you have a bad credit history, making it harder for you to recover," credit expert Evan Hendricks told the Tribune.

The falling credit scores are a reflection of the times: plummeting house values, higest foreclosures and the widespread recession. At the same time, creditors are using stricter criteria to borrowers, including asking higher credit scores.

"If tougher standards indicate that citizens with good credit rating can't get loans ... that could dry up the recovery or slow it down."

Most people might not know their current credit score, but they've seen enough marketing by the credit-score companies, including Minneapolis-based Fair Isaac Corp., to know that the number, which can vary from 300 to 850, has become a genuine national ID. Creditors rely on Fair Isaac's FICO score, but so do employers when screening job applicants, insurers when imderwriting insurance policies for homes and autos, and landlords when renting an apartment or a house.





Americans have $2.56 trillion in consumer debt, up 22 percent just since 2000, according to the Federal Reserve. The average household's credit-card debt is $8,565, up almost 15 percent from 2000. And a report out last month said borrowers with good credit score now make up the largest portion of foreclosures.



Pay your bills on time, keep balances low relative to the limit and take on new credit only ... when needed. Those consumer habits are going to steer you in the right direction.

For more credit score news and tips , visit {Crredit Score|Good Credit Score|What's a good credit score|What's my credit score|Interpreting credit scores Guide.