Archive for the ‘FICO score’ Category
FICO Score Calculation
Tuesday, March 27th, 2012
FICO score is very useful for the lenders to check the applicant’s credit information or their financial history. The calculation of three digit FICO score is important to understand. The Fair Isaac Corporation checks your credit report to calculate your FICO score. Any incorrect or outdated information in your credit report would mean an incorrect […]
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What is considered a good FICO score?
Monday, March 19th, 2012
FICO score is one of the best credit score models widely used in the United States. This type of scores is used by lenders and creditors to check consumer’s credit information. With the help of FICO score, the creditors are able to decide the total credit risk of the consumer. FICO score can be obtained […]
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Store Credit Cards Are Ruining Your Credit Score
Tuesday, February 7th, 2012
How many times have you been at a store and you are just finishing checking out when you here the question. “So you have a” blank ” credit card?” The blank here is the store name. As you say No, you are met with the response would you like to sign up today and you […]
Tags: store credit cards
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The Credit Score you need to get a home
Thursday, February 2nd, 2012
There are several credit scores on the market. Actually, there is over 1000 different scoring models. But when you are buying a home there is one that you will need other all the rest. You need to get your FICO score. Why do you need a FICO score to get a home? The reason why […]
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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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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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Part 2 – Risks to Closing Accounts to Improve Your FICO score
Friday, March 11th, 2011
The second reason closing accounts could hurt your good FICO score or might not help you improve your FICO score is your credit history. Your Credit History makes up 15% of your FICO score. If you think you are going to improve your credit mix by closing mix you could hurt this. Your credit history […]
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Part 1 – Risks to Closing Accounts to Improve Your FICO score
Friday, March 11th, 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 […]
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Tip 4 – Improving a FICO Score – Apply for Credit
Thursday, March 10th, 2011
Applying for credit should be done carefully to maintain a good FICO score. This is because 10% of your FICO score is your applications for credit and is measured by how many times lenders view your credit report. A good FICO score usually means you aren’t going out and applying to every new credit offer […]
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Tip Three on How to Improve Your FICO score
Thursday, March 10th, 2011
How much you owe is taken heavily account when figuring a FICO score. It equates to 30% of your FICO score and you need to understand how it is figured. Utilization is the method of measuring how much you owe. This is debt divided by your credit limits. The lower the better is always the […]
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Tip Two on How to Improve a FICO score
Thursday, March 10th, 2011
This may seem as a simple way to improve your FICO score, paying your bills on time. In another post How Your FICO Score Works, you’ll find the large portion of your score is dedicated to your Payment History. That is why it is so important. Late payments are always an indication of a possible […]
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Step One on How to Improve Your FICO score
Tuesday, March 8th, 2011
Where to start? There are some many things that go into the FICO score calculation. If you remember from the previous post How your FICO score works, everything that goes into your FICO score is comes off your credit report. You should start by reviewing your credit reports and getting one from the three different […]
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Fico Score – Your Credit History and Applications
Monday, March 7th, 2011
Your credit history makes up 15% of your FICO score. Lenders can worry when you have a short history with good credit score. The longer the better is the rule here. Two factors are considered: the oldest account and its age, the average age of all your accounts. The smallest percent of your FICO score […]
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FICO Score, Utilization, and How Much is Owed
Monday, March 7th, 2011
How much you owe makes up 30% of your FICO score and is sums of many different accounts like credit cards, car loans, and Mortgages.Another factor that is taken into account in your FICO Score is utilization and is defined as percentage of your balances to credit limits and makes up 30% of your FICO […]
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Fico Score and Your Payment History
Sunday, March 6th, 2011
Your payment history is one of the most important factors in determining your FICO Score. The reason is based on the idea if you pay your bills on time,you are less likely to default. For this reason, payment history makes up 35% of your FICO score. There are three factors that your FICO score considers […]
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Paying Your Bills on Time to Get a Good FICO score
Thursday, January 13th, 2011
Just plan and simple, if you want to get a good FICO score you need to pay your bills on time. This can be a struggle for some. To ensure this happens, you need to either have a budget or a calendar setup with all your bills. This way you don’t forget when payments are […]
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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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How to protect a Good FICO Score In an Emergency
Wednesday, January 5th, 2011
The common belief of most American consumers is that credit cards are for emergencies. If you are the average American you also have over ten different credit accounts including credit cards, mortgage, and an auto loan. This belief is can put consumers into trouble and can really make for some tough times. There are several […]
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