Tom Quinn

Which Credit Score is the Right One?

June 4, 2013 By Tom Quinn Leave a Comment

As with just about any other product you can name, you have freedom of choice when it comes to buying your credit score. In fact, you have so much choice it can be baffling. There are all kinds of credit scores being promoted to consumers, each with three digits, and each with its claims of unique benefits. Some are free, while others cost a few bucks. How should you choose the right credit score? Here’s my advice: Get a credit score based on the model that lenders actually use to make credit decisions. That’s the best way of knowing how lenders will rate you when determining whether to grant you credit, and on what terms. The FICO Score, which is used each and every day by thousands of lenders making millions of credit decisions, is the one you need to know. … [Read more...]

Filed Under: FICO Score Trends, Personal Finance

4 Spring Cleaning Tips for Your Credit

May 23, 2013 By Tom Quinn 16 Comments

It’s that time of year where the days are getting longer, birds are chirping and the sweet smell of spring is in the air. As we come out of winter’s hibernation, we also take notice of those areas and items so easy to brush aside in the winter months that now need attention – painting the fence, trimming the hedges, cleaning the windows, washing the salt and soot off the car, etc. A thorough spring cleaning is an annual ritual for many people as spring time signals a new beginning and fresh start. It is also an ideal time to check on your credit, clean up any potential reporting errors and present the most attractive view of creditworthiness should you plan on applying for credit in the next couple of months. Several credit related “spring … [Read more...]

Filed Under: Budget Tips, Personal Finance

How to Protect Your Credit After Disaster Strikes

May 21, 2013 By Tom Quinn Leave a Comment

The images of destruction coming out of the communities in Oklahoma impacted by the recent tornado are downright scary and our thoughts and prayers go out to the people who have been affected by this terrible storm. It seems like no matter where you live in the U.S. there is always some level of risk associated with random acts of mother-nature. Tornadoes in the mid-west and south, snow blizzards in northern states, hurricanes in the south and along the eastern seaboard and earthquakes on the west coast! While the impacts of such events are often devastating, advances in technologies to predict them in advance and education on how to prepare in advance likely saves hundreds of lives each year. So what should you do to protect yourself and monitor … [Read more...]

Filed Under: Money and Family, Personal Finance

Be Prepared – A Motto for Prospective Refinancers or Home Buyers

May 17, 2013 By Tom Quinn Leave a Comment

Thinking of refinancing or buying a house this spring to take advantage of record low interest rates? If so, you are not alone. In particular, home buying activity has reportedly picked up in most U.S. markets at a time when the inventory of homes for sale is very low. This is creating a competitive environment in many communities. In turn, home prices are increasing and bidding wars are again becoming commonplace. The more qualified you are as a buyer, the better chance you will have of getting the house you want. By qualified, I mean that you are pre-approved with excellent credit ratings, and you have the ability to make a sizable down payment. Don’t make the mistake of getting so caught up in house hunting, you wait until the last minute to do your … [Read more...]

Filed Under: Mortgages Tagged With: home loan, mortgage, refinance

Will My Score Ever Go Up?

May 16, 2013 By Tom Quinn 5 Comments

At myFICO.com we interact with thousands of people every month who have questions about credit scores, credit bureau reports, how lenders evaluate applications for credit, and lots more. One question we hear often from people with challenging credit situations who score low in the 300-850 FICO score range is: “…seriously, will my credit score ever increase?” The answer is a resounding yes. But it requires that you set and stick to a focused plan of action to: Pay your credit obligations on time Reduce your debt exposure Avoid seeking any new credit in the near term Raising your score also requires patience- a virtue that unfortunately is rare in our fast-paced and instant-gratification world. Are you still a doubter? … [Read more...]

Filed Under: Budget Tips, FICO Score Trends

Could stiffing “Uncle Sam” impact your FICO Score?

April 1, 2013 By Tom Quinn 6 Comments

If you expect to get a tax refund this year chances are you have already filed your 2012 taxes. But what if you owe money to Uncle Sam? You likely have procrastinated and will be scrambling to meet the April 15th deadline. Most people know that missing a mortgage or car payment can definitely lower their FICO Score. But what if you don't pay your taxes? Not paying your taxes can result in a tax lien which becomes a matter of public record. The FICO Score takes into account any derogatory public records listed on your credit bureau report. One or more tax liens on your credit report can have a significant negative impact to your score. The exact impact depends on what other information is on your credit report and on the details of the tax … [Read more...]

Filed Under: Money and Family, Personal Finance Tagged With: FICO Score, tax, tax lien, tax return, taxes

You Don’t Need Luck for a Great FICO Score

March 12, 2013 By Tom Quinn Leave a Comment

As St. Patrick’s Day approaches, I see more and more green merchandise in the stores with sayings that tout the “luck of the Irish”. Personally -- and I am part Irish-- I find this reference confusing as history (including the recent financial meltdown) would indicate a race on the lower end of the “lucky scale.” There is one school of thought that these phrases originated in America during the period of large scale Irish immigration where the likelihood of being a successful citizen of Irish nationality was thought more the result of luck versus hard work and intelligence. Thankfully, that stereotype has gone away and everyone regardless of heritage can be Irish on St. Patrick’s Day. But the good news is you don’t need a leprechaun … [Read more...]

Filed Under: Students Tagged With: FICO Score

Common Myths About Marriage & Credit

February 8, 2013 By Tom Quinn 11 Comments

We’ve all heard the adage that “opposites attract” and most of us know some couples who fit this description. The good news: there are many happy and functional couples who fall into this category, but it can take extra effort to maintain a successful relationship when there are serious differences in attitudes and behaviors between two people. This is especially true when it comes to managing finances and credit, and doubly so when you enter the legally binding contract of marriage In fact, financial incompatibility is frequently identified as a top reason for divorce by relationship experts. Valentine’s Day is traditionally a time for celebrating love and romance through gifts of flowers or chocolate. While the offer to obtain and discuss each … [Read more...]

Filed Under: Money and Family Tagged With: family finance, FICO Score, marriage and credit

The Super Bowl of Credit Scores

January 28, 2013 By Tom Quinn Leave a Comment

Super Bowl XLVII is almost here! As the much anticipated Harbaugh-bowl approaches, there’s non-stop talk and big predictions about who will win and the final score. Will it be the Baltimore Ravens or the San Francisco 49ers? We all have to wait for the game itself to know for sure, but experts have used lots of statistical models to predict who will win and even to forecast the spread of the final score. Some approaches are unorthodox to say the least; a camel named Princess in a New Jersey zoo reportedly has an uncanny ability to predict the winning team correctly, using graham crackers as her medium. Other approaches are more traditional and data driven, an approach we appreciate at FICO. Most use mathematics to evaluate hundreds of … [Read more...]

Filed Under: FICO Score Trends Tagged With: FICO Score, score by city

Cures for a Holiday Credit Hangover

January 15, 2013 By Tom Quinn 2 Comments

The shopping, eating, parties and gift-giving of the holiday season are now behind us as we get back to a more normal routine. That also means we can expect credit card bills in the coming weeks that will reflect the realities of our holiday celebrations. According to the American Research Group, shoppers indicated they planned to spend an average of $845 for gifts this past holiday season and a large percent of that was likely charged on retail and bank credit cards. In a perfect world, we’d pay the balances in full and start 2013 with zero credit card debt – reducing the amount of interest paid to the lenders and helping to increase or maintain your FICO Score. The reality is that many of us simply don’t have the cash on hand to do just … [Read more...]