Your Credit Score May Be Changing
Enjoy this week's edition of the Planner's Beta
Beta (n) - climber's jargon that designates information about a climb This digest's purpose is to share observations, ideas, and treasures found this week which you may also find insightful. Sharing does not mean it's an endorsement. I am endorsing the pursuit of knowledge and exploration.
Drones, Phones, Clothes: New Technology Helps Search Teams In Northwest Woods And Mountains (OPB) - Getting lost in the mountains can be fun. Part of the benefit is cutting all connection to the outside world. However, if you are lost, hurt, or stranded, having a link to the outside world becomes very important. Becky and I use GPS when in the hills (and we are shopping for a simple two-way satellite communication unit). Fortunately, we have never needed help. But when it comes time for the professionals to help those in need, technology is aiding search and rescue response times. Which got me thinking, it will be interesting to see how even more remote communication access will change our relationship with the wild. Are people going to take more risks?
Something about Personal Finance
FICO Is About To Change Credit Scores. Here's Why It Matters (NPR) - Do you know your credit score? Your credit score impacts the interest rates of your loans, what apartments you may rent, and potential job opportunities. FICO (short for Fair Issac Corp), usually updates how they track credit scores every five years. With this update, FICO will place a heavier emphasis on personal loans. With these changes, there may be as much as a 20 point swing in individuals' credit scores. FICO is doing this to enable lenders to understand how people are using debt. They want to identify people who may be using personal loans to reduce interest rates and consolidate debt but are not reducing their total debt burden. Having a lot of debt is seen as risky to banks. Although these changes may have an impact on your credit score, it is essential to remember the core five metrics will remain the most important for determining the rating. These factors are payment history, percentage of credit used, the mix of loans, length of credit history, and how many new account applications.
Something about Investing / Economics
How Global Trade Runs on U.S. Dollars (The Wall Street Journal) - Does your retirement or investment accounts hold international mutual funds or ETF? Understanding of the influence of the dollar on global trade is essential. This short WSJ video explains how the dollar acts as the conduit for international trade. The video also examines cases where other countries and trading blocks trade with state actors such as Iran and North Korea without entangling itself into U.S. legal jurisdiction. It is incredible when one steps back to see how interconnected the world is, how many independent actors there are, and how innovation and competition are ever-present.
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