Archive for the ‘Uncategorized’ Category

Your credit score after a strategic default

Friday, March 2nd, 2012

A strategic default is becoming a more common choice for homeowners dealing with an upside down mortgage, but what are the consequences on your credit score? First, you should know that there is no exact answer because formulas such as the FICO score calculation are a complex algorithm, which take into account all aspects of […]

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Consumers That Have No Credit Card Debt Have Lower Credit Score

Tuesday, October 4th, 2011

Could this statement actually be true. Could consumers with no credit card debt have lower scores? The idea almost seems counter to the idea of many consumers of being in better off credit wise with no credit card. But the statistics found on credit karma show that is quite the opposite. What they actually found […]

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How a good debt to credit ratio can help your credit score

Thursday, June 24th, 2010

I am no stranger to debt and that is part of the reason why I started writing about it.  I had a lot of debt and wanted to learn about credit so I could make more informed decisions on a day to day basis.  One thing that I have notice as I have pay down […]

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A Couple FICO Score Myths Debunked

Sunday, April 11th, 2010

They is a ton of advice out there on how to improve your FICO score. Really much is quality and you should follow things paying bills on time and some others. But there are many pieces of advice that are worth you shipping or even avoiding because they are not in the best interest of […]

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Credit Score under 650

Thursday, September 3rd, 2009

Chances are if you have a credit score under 650 life is going to be just a bit tougher.  Since the economy and consumers are so dependent on credit, a low credit score will cause you to pay more of credit over your life. The Cost of a Credit Score Under 650 There is no […]

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The highest possible credit score

Tuesday, June 9th, 2009

What is the highest possible credit score?  Well, if you look at the traditional credit score models you usually see that 850 is agreed to be the highest possible credit score. Now, there are credit score models that do allow for scores higher that 850.  The VantageScore goes to 990, but it starts higher.  The […]

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Good Credit Score in 2009

Sunday, June 7th, 2009

Since the recent events in the credit market, the definition of what a good credit score could be changing. What has happened in the credit market and the old way your score was viewed. The best account of this could be the new times writer, Edmund Andrews, who just released a book on the crisis, […]

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30 Day Late Payments

Saturday, June 6th, 2009

Consider a less severe form of delinquency 30 day late payments can have a varied effect on your credit score.  Its effects are related to how often this happens.  If you are person who frequently pays your accounts on time then one late payment can have a larger effect than a person who always pays […]

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Good Debt to Credit Ratio

Thursday, June 4th, 2009

Your debt to credit ratio is a clear indicator of your overall financial well-being. The calculation is simple but sometimes misunderstood. Your overall debt to credit ratio is found by dividing the total of amount debt by the total of your credit limits for your revolving lines of credit. This might be the most common […]

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6 Common Debt Consolidation Pitfalls

Thursday, May 7th, 2009

Before you consider debt consolidation you should know what you are getting into and the common pitfalls that individuals fall in. Debt Consolidation Pitfall 1: Thinking you are actually making progress.  Many individuals will have the feeling of accomplishment after debt consolidation.  They think that they are in a better financial place, but the truth […]

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What is considered a good credit score

Saturday, April 18th, 2009

What is considered a good credit score?  To be good at anything you should be better than average.  The same is true of your credit score so at what level on the credit score scale would be considered good? The average score is somewhere around the 680 mark, but since credit scores are pooled together […]

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Excellent Credit Score Range

Wednesday, March 11th, 2009

Where do you have to be better than a good credit score?  How about in the excellent credit score range. To start the average American consumer is somewhere around a 680 credit score.  A good credit score is usually above this level.  This will get you a nice rate on a loan and will help […]

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Is It Right For Insurance Companies To Your Credit Score

Thursday, February 26th, 2009

If you were unaware your credit score can be used it determining your insurance premiums. Furthermore, it can be used by insurance companies to determine if they will even insure you.  What is your opinion of this? Congress gave insurance companies the right to do this with the Fair Credit Reporting Act.  Also, it really […]

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Cobra And The Economic Stimulus

Wednesday, February 25th, 2009

A nice benefit on the Oboma Stimulus bill is the help from the Federal Gov with the cost of COBRA.  For those that don’t know COBRA is a form of temporary health insurance for people that are unemployed. What they are paying is 65% of the COBRA premium up to nine months.  This is a […]

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A Credit Score is Not a FICO Score

Sunday, February 22nd, 2009

How many times have you heard the term credit score?  How many times have you heard FICO score?  They seem to be used interchangeably, but they really are not. The truth is a FICO score is a type of credit score.  A credit score is a general term.  There is a reported thousand plus different […]

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What is considered a good FICO score

Wednesday, February 18th, 2009

Today, having a good FICO score could be one of the best things you could have.  That is because of the current credit crunch that is happening in the country.  Defaults and foreclosures are causing lenders to tighten down their lender practices.  And for those individuals with less than perfect credit, it could be difficult […]

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