15-things-that-wont-affect-your-credit-score

15 Things that WON’T affect your credit.

We spend a lot of time on this blog scrutinizing the factors and financial decisions that affect our credit scores, but we realize it’s important to educate consumers what WON’T hurt their credit scores. But as you go down this list, remember that there are different credit agencies and scoring models that treat things differently, and we always advocate paying all of your bills and debts on time. That being said, here are 15 things that WON’T hurt your credit ...

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FICO-credit-scoring-vs-VantageScore

​Taking the temperature of credit scoring: Vantage is hot, FICO is not.

For sixty years now, the name ‘FICO’ has been synonymous with credit scoring, as the Fair Isaac Corporation is the preeminent credit model in the field. But if we stop to take the credit scoring industry’s temperature now, we’ll find that FICO has been cooling of late – while a new competitor, VantageScore, is red hot.

Make no mistake about it; FICO is still dominates the credit scoring landscape. In fact, each year FICO sells 10 billion scores to lenders who ...

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10-surprising-things-that-can-hurt-your-credit-score

10 Surprising things that could hurt your credit score

Most of us understand the basics about credit reporting and what might hurt our score – missing a mortgage payment, maxing out a credit card, or shopping around for too many loans at the same time. But there are plenty of little known credit pitfalls, too, including these ten:

1. Overdue library books
Remember that book you checked out from the local library 3 ½ years ago that you never returned because it fell in between the seats of your car? ...

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young-people-are-struggling-mightily-with-credit-scores

Young Money; Why young people are struggling mightily with credit scores.

Do you remember when you first went to college or finished high school and entered the working world and got your first credit card? While you may have felt like an empowered, responsible adult and used it to charge some really important purchases, like CDs, new clothes at the mall, and a lot of late night pizza, chances are that you made a few mistakes with that card along the way, dinging your credit substantially.

Some things change, but some ...

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The latest Experian hack jeopardizes 15 million T-Mobile customers.

Up until now, hackers and cyber criminals compromised big corporations and stole their consumer databases, and then credit monitoring bureaus, like Experian, were counted on the clean up the ensuing mess to thwart identity theft and justify credit scoring. However, last week Thursday, the paradigm was turned upside down in an event that shocked the industry. Hacker actually tapped into Experian’s data, and once the fox was inside the hen house stole the sensitive financial information from 15 million people, ...

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realtor-safety

Is this my real score?

Many consumers are aware that they have a FICO score, a scoring model used by most banks and lenders to rate their use of credit and debt issued that’s been issued by the Fair Isaac Corporation since 1989. But far too few realize there are different versions of FICO scores, and not all banks and lenders use the latest versions, and in fact, most still use versions that are considered ancient considering that FICO 8 has now been rolled ...
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Fair Isaac’s FICO 8 Bankcard Score appears to be straight from the Department of Redundancy Department.

Many consumers are aware that they have a FICO score, a scoring model used by most banks and lenders to rate their use of credit and debt issued that’s been issued by the Fair Isaac Corp. since 1989. But far too few realize there are different versions of FICO scores, and not all banks and lenders use the latest versions, and in fact, most till use FICO 4 which is almost ancient considering that FICO 9 has now been rolled ...

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The A, B, C’s of teaching your kids about credit score.

For most young children, money is a foreign and strange concept, as they just assume their mom or dad are omnipotent and can summon any toy, video game, or sugary breakfast cereal from the ether. But all too soon they’ll realize that money makes the world go ‘round, and we actually need to work hard for little green paper that we then pass on to others when we want to obtain goods or services. Soon they’ll be faced with their ...

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7-habits-to-build-a-great-credit-score

7 Habits to build a great credit score.

Keeping a great credit score is the best way to save money on your mortgage, car loan, credit cards, and other interest rates, but it takes responsible financial choices with money, credit, and debt to achieve that. As FICO scores range from 300-850, with 680 considered good and above 720 excellent, it’s important to understand these seven habits that will increase your credit score and improve your finances over time.

1. Get your financial house in order.
The first step to ...

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Americans are still buried in credit card debt, but have plenty of options to start shoveling their way out.

Recent findings from the Federal Reserve revealed that Americans are still buried in debt even after the recession and financial recovery. In fact, as a nation we now have $884.8 billion of credit card debt, not to mention our rising student loan and medical debt. And while our credit card debt totals are down approximately 5% since last year, analysts point out that’s because so many people have defaulted on large amounts of debt, not that we’re paying it off. ...

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