Money Blast: What You Should Know about Credit Scores

Financial News You need to know:

What you need to know about credit scores: Get educated on what it takes to have the score you need. Your credit score can affect whether you get the job you want, as well as the cost of your insurance. Additionally, the formulas used by companies to calculate credit worthiness are changing as we speak.
What social security underfunding means for your retirement: Social security is financially sick. African Americans are going to be hit the hardest, since we have the least wealth to prepare for economic challenges. Find out what all this means for your retirement, as the retirement landscape in America is going to change dramatically in the future.

The federal government may continue to help first time home buyers: Many people don't know about the $8,000 tax credit the Obama Administration is giving to first-time home buyers. Well, the government is considering extending the credit, which can add to your personal bottom line.Students are borrowing more money than ever to attend college: Along with the cost of healthcare, Americans are finding it more and more difficult to pay for their children to go to college. In fact, most young people under the age of 40 are going to die in debt. This does not have to be the case, since there are less expensive ways to pay for school if you seek out alternatives.

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African American News Pics

New York Gov. David Paterson marches, Sunday, Sept. 20, 2009 during the African American Day Parade in New York. (AP Photo/Edouard H.R.Gluck)

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African American News Pics

New York Governor David Paterson marches in the African American Day Parade in New York, Sunday, Sept. 20, 2009. (AP Photo/Edouard H.R.Gluck)

New York Gov. David Paterson marches, Sunday, Sept. 20, 2009 during the African American Day Parade in New York. (AP Photo/Edouard H.R.Gluck)

Buffalo president John Simpson, second from left, Willie Evans, Jack Dempsey, and the rest of the 1958 Buffalo team are honored by Central Florida president John Hitt and Orange County Mayor Richard Crotty during halftime of an NCAA college football game between the two schools in Orlando, Fla., Saturday, Sept. 19, 2009. Willie Evans was one of two African-American players on the 1958 Buffalo team that voted not to play in the Tangerine Bowl that year due to the stadium's policy against racially integrated events. (AP Photo/Phelan M. Ebenhack)

A roadside historic marker stands on New Market Road (Route 5) in an area where Union troops, including African-American units, captured Confederate positions at the the battle of New Market Heights, during the larger Union operation against Fort Harrison, Virginia, on September 29, 1864. (Chuck Myers/MCT)

MCT

Imam Ali Abdulmateen, 33, is shown at the Detroit Muslim Center Friday, July 31, 2009 in Detroit. Abdulmateen, 33, an African-American cleric who studied in Syria said while the education he received was excellent, foreign students chafed under poor living conditions and overbearing minders. (AP Photo/Paul Sancya)

NEW ORLEANS - AUGUST 29: Members of the African American Leadership Project participate in Hands Around The Dome ceremony in commemoration of the Fourth Anniversary of Hurricane Katrina on August 29, 2009 in New Orleans, Louisiana. (Photo by Sean Gardner/Getty Images)

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Members of the African American Leadership Project (AALP) hold hands at the Hold Hands Around the Superdome event marking the 4th anniversary of Hurricane Katrina in New Orleans on August 29, 2009. The Superdome was used as a shelter during the storm four years ago but ended being getting a hole in the roof, surrounded by water, and running out of supplies for evacuees creating a tense situation for all involved. AFP PHOTO/Matthew HINTON (Photo credit should read Matthew HINTON/AFP/Getty Images)

AFP/Getty Images

NEW ORLEANS - AUGUST 29: Members of the African American Leadership Project participate in Hands around the Dome in Commemoration of the Fourth Anniversary of Hurricane Katrina on August 29, 2009 in New Orleans, Louisiana. The U.S. President Barack Obama spoke about the disaster during his weekly radio address this morning, saying that he would continue working to advance the recovery efforts. (Photo by Sean Gardner/Getty Images)

Getty Images

Factors that may increase your chances of personal bankruptcy: Bankruptcies are skyrocketing due to the recession. There are things you can do to avoid bankruptcy, like negotiating with creditors or keeping a budget. Also, things like carefully noting the quality of your health insurance can make a difference as well.

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Dr. Boyce Watkins is a Finance Professor at Syracuse University, a prominent black speaker and author of the forthcoming book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.