Have you ever received a denial of credit letter with reason codes you did not quite understand? If so, you are not alone. FICO, the most widely used credit scoring formula, does not offer a comprehensive insight into exactly what affects your credit … [Read more...]
Question: After three years (late 2008) I have a conditional job offer, but the position is on hold to give me some time to address my credit since I've been out of work. Is there a credit counseling or repair service that can work with me and the … [Read more...]
A Charge-Off on a credit report can spell disaster for your credit score. Consumers may experience a decrease in credit scores by as much as 100 points or more. Additionally, most creditors’ transfer or sale old debt to collection agencies, the … [Read more...]
Most consumers believe paying bills on time means you will have a good credit score and under certain conditions that is true. Paying bills on time is 35 percent of your overall credit score but there could be red flags in your credit history that … [Read more...]
In a joint press release two of the biggest names in credit reporting and scoring, Experian and FICO, announced they are coming together once again. The new partnership will give FICO more access to the wealth of consumer data held by Experian and … [Read more...]
There may be multiple credit scoring systems but there is only one FICO score. The FICO score is the score most widely used by banks, lenders and creditors to approve your credit card and loan applications. When you check your credit score, … [Read more...]
Late payments wreak havoc on credit scores. Payment history is the largest factor of a credit score. The first thing any lender wants to know is whether you’ve paid past credit accounts on time. Payment history is 35 percent of your credit … [Read more...]
Late payments, especially in the current economy, cannot be always be avoided. But a late payment is very damaging to your credit score and should be avoided if at all possible. Your credit score is calculated using several major factors. One of … [Read more...]
Knowing what errors hurt your credit score and what errors do not can give you peace of mind as your credit score plays a significant part in your daily life. Nearly every financial and business aspect of your life is affected by your credit … [Read more...]
Many consumers are unaware just how much they are affected by their credit score. Your everyday actions can have lasting negative ramifications on your credit history. Paying a bill late, maxing out your credit card and even paying a debt … [Read more...]
