Archive for the ‘Credit Score’ Category
Too Many Credit Inquires? How I Improved My Credit Score with New Credit
Monday, October 3rd, 2011
I use a credit monitoring service and nothing seems to slip by them. Case in point, I got an email regarding a potential change in my credit score. Well, it turns out that it was a new hard inquiry credit report; the terrible idea that I applied for more credit. This action allow set off [...]
Tags: Hard Inquires
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Generic Credit Scores Versus Custom Credit Scores
Thursday, September 8th, 2011
A consumer today has potentially thousands of different credit scores. This leave the consumer in a difficult position. They must determine what score is most important to them based on the lending they will use or are already using. Generic Credit Scores Generic credit scores are usually what you think about when you think of [...]
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How Your Credit Score is used
Wednesday, September 7th, 2011
The primary purpose of a credit score is determining creditworthiness and likelihood a consumer will not default on a loan or debt. It is one of the main tools used by lenders when making the initial lending decision. While this is seen as the main use there are a few others: Credit Score in Marketing You might see a [...]
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Consumer are working on their debt to credit ratios and payment history
Tuesday, August 16th, 2011
A recent report by TransUnion, one of the three major credit bureaus, found the the nation’s delinquency rate fell to its lowest level in 17 years. The delinquency rate is a measurement of consumer late payments older than 90 days. The report also found the average debt per borrower is $4,699. This is somewhat surprising [...]
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Who is looking at your credit score?
Thursday, August 11th, 2011
A credit score is one number that can affect several different aspects of your life. If you are unaware who looks at your credit score, you might be surprised where it being used. A credit score has many different applications besides granting you credit and here is short list of who is looking. 1. Credit [...]
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What the government is saying about getting a credit score
Tuesday, July 26th, 2011
A recent study by the Consumer Financial Protection Bureau (CFPB) found some en-lighting facts about the credit score industry. First, the credit score industry is a high lucrative industry. The business of providing credit scores and credit monitoring generates over $1 billion dollars in annual revenue. Second there are a ton of credit scores each [...]
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California Bill To Ban Employee Credit Checks
Wednesday, June 1st, 2011
It is pretty common practice for employers these days to do a credit check on prospective employees as a method of screening. But a new bill being introduced by California Assemblyman Tony Mendoza looks to ban employee credit checks by employers or better said will limit the requirement of a credit check by employers depending [...]
Tags: employer credit check, employment
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What is a “Healthy Credit Mix?”
Tuesday, March 8th, 2011
Your FICO score has many different factors that come together to generate your score. One is your Credit Mix and it makes up to 10% of the FICO score. The score wants to see a “healthy mix” of credit. What is does that mean? They like to see you using many different forms of credit. [...]
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Where Did Your Credit Score Come From?
Sunday, March 6th, 2011
The origin of you credit score takes us back to the 1950’s, when Bill Fair and Earl Isaac founded Fair Isaac. The idea behind the company is they would develop mathematical formulas to aid in decision making. The marketable product really came from idea for companies to use their formulas to assess credit risk. The [...]
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Going From Good To An Excellent Credit Score
Wednesday, February 16th, 2011
There is no doubt that an excellent credit score will benefit you through life if you plan to use credit. It will get you approved for lower interest rates and therefore you will pay less for the money you borrow throughout your life. But an excellent credit score is not the easiest thing to achieve [...]
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How Many Credit Scores?
Monday, January 10th, 2011
When you think of your credit score, what comes to mind? A credit score is a very broad term. The reason is the many different credit scores out there. If you want to talk about your credit score, your are talking in general. There is hundreds of different credit scores and lenders can use what [...]
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Inquires and Your FICO Score
Friday, January 7th, 2011
One of the factors that helps to determine your FICO score is the inquiries. Meaning your applications for credit. The reasoning is based on the fact applying for several different account in a short period of time represents risk. Lenders begin to ask why does a consumer need all this credit. Measured is what is [...]
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Closing Accounts Effects on Your FICO Score
Thursday, January 6th, 2011
If you are looking to improve your FICO score a common mistake is to close accounts. People look at the fact you are judged on your credit mix and Fair Isaac likes to see a well round use of credit. Actually, your credit mix makes up 10% of your score.They think that closing the 10 [...]
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Who Looks at FICO Scores
Tuesday, January 4th, 2011
There are many different entities that are interested in your FICO score. Here is a short list and why they will look at your FICO score. Who Looks At Your FICO Score – Lendors They are purely looking at your FICO score to judge your creditworthiness. They then can use what they find when making [...]
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How to Figure Out Your FICO Score
Monday, January 3rd, 2011
Lets just say before we start. there is no way for you on your own to figure out your FICO score. This is because the FICO score formula is a closely guarded secret. The actual FICO formula was developed by the Fair Isaac corporation as a means to judge a person’s creditworthiness and the formula [...]
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What is considered an Excellent Credit Rating
Thursday, December 30th, 2010
There is no doubt that the recent economic downturn has consumers more focused on their financial well being. And having an excellent credit rating can mean the difference of hundred or evens thousands dollars a year in interest payments. To understand what is considered an excellent credit rating, you need to understand or at least [...]
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Achieving A 800 Plus FICO Score
Thursday, December 30th, 2010
If you want to fall in excellent credit score range, a 800 or higher FICO score will definitely get you there. But getting a 800 plus FICO score is not easy. To start off, you should should understand the FICO score calculation and this will give you a better understanding of what makes up your [...]
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Will a late payment kill my credit score
Thursday, December 23rd, 2010
If you are asking the question will a late payment kill my credit score means you either just paid late or you are thinking about paying late. You payment history is the single largest portion of the FICO score calculation, making up % 35 of your score. It also is with you the longest. Your [...]
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Do creditors have to report 30 day late payment
Wednesday, December 22nd, 2010
This is a question that might be running through your mind if you just dropped the check in the mail for a payment you know will be late. It seems not fair that if the payment if just one or two days late that your creditor will report you as late. The answer to: do [...]
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How Your Age Can Effect Your Credit Score
Tuesday, December 14th, 2010
If you wondering how your age might play a factor in your credit score, you should know that your age really has no effect on your credit. What does have an effect on your credit score is the length of your credit history. Specifically, how long have you used credit? This is one of the [...]
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