Credit Scoring
- Three new credit scores you should be aware of
FICO has announced three more new scores to be released some time this month. These new scores and details about those score are:
1. The FICO Mortgage Score – This score is actually a variation of the FICO score currently available at Equifax, which is called BEACON. This new score, which comes at the request of [...]
- A 90 day late payment has the same negative effect as a foreclosure!
What almost nobody knows is that a 90 day late payment by itself has the same exact effect on a credit score as a foreclosure. Fair Isaac’s classic fico model is designed to determine the liklihood of someone going 90 days late on a particular loan obligation over the next two years. Once someone goes [...]
- It’s Your Credit…You Have a Right to Know how it Looks!
Did you know that all residents of the US have the right to obtain one free credit report from each of the three credit bureaus per year? Now that we’re heading into a new year, it’s the perfect opportunity to take advantage of this benefit–especially now that your credit score is more important than ever [...]
- Save on your Credit Score this Holiday Season
With the economy slowing and holidays just around the corner, many consumers may be looking to credit cards to help them get through the heavy shopping season. While that may be a good short-term solution, you want to make sure you don’t overlook the long-term impact on your credit rating. After all, the actions you [...]
- 5 Common Credit Mistakes
Article originally published by Edward Jamison, Esq.
It’s surprising how many consumers make the same credit scoring mistakes over and over again. In an effort to educate consumers on credit and credit scoring, we’ve compiled 5 common credit scoring mistakes into a list that defines each mistake and explains why they are bad and how to avoid [...]
- FICO or FAKO? The lowdown on Free Credit Scores
We’ve all seen them – the never-ending television ads and radio commercials with the catchy jingle for free credit reports and scores.
Nowadays a number of similar companies are offering free credit reports and scores. With all of these ads for freebies, it’s no wonder that so many consumers believe that all credit scores are created [...]
- Minimizing the effect of a Bankruptcy on your Credit Report
A question I am often asked by people who have had a previous bankruptcy is how to minimize the effect on their credit report & scores. I have seen many clients who have been able to get their scores up to over 640 within 12-24 months of a bankruptcy being discharged, and others whose scores continue [...]
- Credit Alert: Banks Lowering Limits & Freezing Lines
Original Article written by Edward Jamison Esq. Edited by Robert Weinberg
Many people have never checked their credit score. They have always used credit wisely and have probably never been denied a loan. Long story short, they have never really had a good reason to worry about their credit score.
They do now.
Why? Because banks are systematically [...]
- Free Credit Monitoring from Trans Union
The service offered by TransUnion — the result of a class-action lawsuit — is open to an estimated 160 million Americans. The registration deadline is Sept. 24, 2008. The settlement will give each member of a household nine months of a free credit-monitoring service and/or a cash settlement. As an added benefit, you will be able [...]
- Rebuild Damaged Credit with a Secured Credit Card
If you have had past credit issues or are having trouble getting approved for financing, it is important to get on a path towards improving your credit history as soon as possible. One way to rebuild poor credit is by getting a secured credit card. A secured credit card is similar to a debit card but [...]
- Biggest Credit Mistakes, Myths, and Misconceptions
Good credit is well worth the effort it takes to both achieve and preserve it. If you have good credit, the following tips will help you keep it that way. If you are looking to improve your credit, however, now is the time to get started. If you plan on entering any type of new [...]
- 5 Steps to a Credit Makeover
A lot of homeowners have the mind set that making payments on time automatically equates to good credit and credit scores.
Unfortunately, this couldn’t be further from the truth.
While paying your bills on time accounts for a large portion of your credit score, there’s still a lot more to it. In fact, paying your bills on [...]
- Better Know the Score!
Originally Posted on February 4, 2008
It looks like lenders, landlords, insurance companies and employers aren’t the only ones interested in credit scores these days – now the health industry is getting in on the act.
Credit industry giant Fair Isaac is working with Healthcare Analytics and Tenet Healthcare to create a new “MedFICO” score. This new [...]
- The New Math of Credit Scores
Originally Posted December 28, 2007
Fair Isaac’s Revamped FICO Aims to Forgive Small Slips, Punish Repeat Offenders.
By JANE J. KIM
December 19, 2007; Page D1
The company that cooks up credit scores for millions of Americans is changing its recipe — and that could affect how easily you get credit in the future.Fair Isaac Corp., maker of the [...]
- Fair Isaac’s Pending Credit Scoring Change Will Affect MILLIONS
Originally Posted on July 15th 2007
I have been forecasting for quite some time that Fair Isaac would eliminate the loophole that allows people to quickly increase their credit score by being added as an authorized user on someone else’s established credit card…and sure enough, the time has come.
Marketers Made Loophole Too Prominent to Ignore
For the [...]
- The Credit Bureaus are selling your personal information!
It is time to slap the credit companies where it hurts! Did you know that the 3 major credit card bureaus are selling your personal credit information to other vendors without your permission?
Not only is this legal it is happening non-stop. Did you know when you apply for any credit that these credit card companies [...]
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