Change in FICO formula may ding your score

By Steve Rosen •
Stacked credit cards

A new hurdle awaits many younger consumers who already find it challenging to build a credit history and become good borrowing risks. It’s called FICO Score 10 Suite, an update to the credit scoring algorithms created by Fair Isaac Corp. that are widely used by credit card issuers and other lenders. It is scheduled to


When my mother died without a will, I learned a big lesson about money management as an African American

Angie Chatman •
Business Insider
Portrait Of Stylish Young Woman Smiling

The most valuable of my mother’s assets was her home — a modest, 1,225 square-foot bungalow on Chicago’s south side with three bedrooms, a single bath, a large backyard, and a one-car garage. My mother bought the house in 1986 for $55,000, the equivalent of $123,000 today. She paid off the mortgage in 2011, which


How to fix 4 financial mistakes you make over and over

Steppe marmot (Marmota bobak) in summer.

Ah, Groundhog Day. The day each year we find out if spring will arrive early…or if there will be six more weeks of winter. But, instead of celebrating our favorite rodent this year, we decided to pay homage to Groundhog Day the movie, starring Evanston’s own Bill Murray. For those unfamiliar with the 1993 comedy,