Archive for May, 2009
Is Your Credit Mix Hurting Your Credit Score
Friday, May 8th, 2009
A lesser talked about portion of the FICO score calculation is your credit mix. A weight of 10% is put on what types of credit you use. There is really no hard information about what types of credit are best to use only some general guidelines. And if you don’t follow them your credit mix […]
Tags: credit mix
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Late Payment Effects on Your Credit Score
Friday, May 8th, 2009
The fact is there is nothing you could do to hurt your credit score more than pay your accounts late. The largest part of your credit score is your payment history to your accounts and the negative entries in this section carries the largest weight. Also, late payments effects on your credit score are lasting. […]
Tags: Late Payments
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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 […]
Tags: debt consolidation
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FICO Score Range
Sunday, May 3rd, 2009
If you didn’t know there are several different ways to score credit and one of the most popular is by Fair Isaac. The actual FICO score calculation is extremely complicated and knowing it could work to your benefit. The reason is because where you fall on the FICO score range could save you thousands in […]
Tags: FICO formula, FICO score range
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