Understanding how lenders
use credit scores

BLOG-Understanding-How-Lenders-Use-Credit-Scores

You already know that most of the top lenders (90% of them) use FICO® Scores (the top name in credit scores) when making lending decisions (probably because we’re always telling you about it). But what does that actually mean? What really goes down when you apply for a loan? Whether it’s an automated approval process or a 60-day mortgage close, a lender is doing a lot to figure out if you’re going to pay them back on time or not. Here are a few things that might help you understand the approval process.   FICO Scores are designed to help evaluate your risk FICO® Scores aren’t just an arbitrary number provided on a whim. They are based on complex, mathematical algorithms that statistically evaluate a consumer’s credit risk with a point system. Points are assigned for … [Read more...]

The Home Depot Data Breach: 3 Things You Can Do Now to Protect Yourself

BLOG-Home-Depot-Data-Breach

As you have probably heard, Home Depot announced that their payment systems have been hacked, resulting in what might be one of the biggest data breaches yet. Between Target, Neiman Marcus, Goodwill and now this, it seems that hackers aren’t losing any speed nor audacity.   If the rise in breaches and identity theft hasn’t gotten your attention yet, it should. Every time you hear of a major data breach at a place where you shop, you should be taking steps to protect yourself. Here are three ways you can take action now.     1. Request a new credit card If you regularly use your credit card, it’s time to request another one. The service is usually free and this simple step can save you the pain of fraud resolution. Just make sure you have a backup payment method … [Read more...]

Strategically Researching + Planning
Your Next Car Purchase
Can Be the Ultimate Do Over

BLOG-Car-Buying-Tips

Are you in the market for a new or pre-owned car within the next twelve months?  Maybe your need is a little more urgent than twelve months-sometimes we can’t always plan major purchases like chess moves especially when our wheels may be sitting on the back of a tow truck.  When we are able to slow down and take a calculated look at the entire car buying process from model selections to financing we tend to have bigger success stories as consumers.  Remember what your mother always said about making hasty decisions and turning in sloppy homework?  The same thing holds true when you are about to embark on any major purchase—you tend to get out of the process what you put into it and in this case it’s all about the research!   Car Buying Tips For Every Consumer   Identify … [Read more...]

Introducing industry-first technology from myFICO

BLOG - Product Launch Announcement

We have a huge announcement to make. Actually, make that four huge announcements. When we introduce new technology and features, we really like to make a splash.   We’ve listened to your requests, complaints, suggestions and praise and developed three new products that we think you’re going to love. In fact, we’re leveraging technology that’s never before been available to consumers. So without further ado, allow me to introduce three new products and more from myFICO.   FICO® 3-Bureau Credit Monitoring For the first time ever and exclusively at myFICO, you can now monitor three FICO® Score — one from each credit bureau — and monitor all three of your credit reports. This intelligent new product will help you get a better understanding of your full credit picture. … [Read more...]

Are you the ideal target for identity theft?

BLOG-Are-You-The-Ideal-Identity-Theft-Target

  One of the biggest misconceptions about identity theft is that identity thieves only target rich people with high FICO® Scores who do careless things like lose a credit card. This mentality results in a lot of people thinking they would never be targeted by an identity thief. But the truth is, identity thieves have a variety of motives that ultimately result in a payout. What’s worse, they have a long list of ways they can steal your information.   In short, you don’t have to be rich and careless to be valuable to an identity thief. So who exactly is an identity thief targeting? Good question. Here are 5 types of identity theft victims.   The social butterfly How did we all survive before social media? You love logging in to your social channels, making … [Read more...]

Funding Your Child’s K-12 Education

BLOG-Funding-Your-Child's-K-12-Education

We hear a great deal about student loans—there are ample ways for eligible borrowers to secure loans for college tuition. What we hear very little about is how to pay for private school, boarding school, and other educational institutions for students who are still in grades K-12. That is an important financial concern for many parents, especially now with school right around the corner. Many parents want to ensure the best possible K-12 education either because the district school is facing budget cuts or other hardship or in order to prepare a child for college and improve their chances of acceptance into elite universities.   Your Tuition Solution is one viable option. For the past 10 years, Your Tuition Solution has been a provider of education loans with flexible payment … [Read more...]

4 Tips for a budget-friendly work week

BLOG - 4 Tips for a Budget Friendly Work Week

Saving a healthy budget is a lot different than actually sticking to a healthy budget. It’s a lot like dieting in that way. I know I shouldn’t eat that cookie, but it looks SO GOOD.  If you really want to stick to that 300-line spreadsheet you spent hours perfecting (or maybe you simply opted to spend 10 minutes in a budgeting app… still counts!), you’ve got to break unhealthy habits, make changes and start disciplining yourself. The cushy savings account you accumulate will be worth the hard work. I promise.     Although a challenging work week can often distract your from overspending, the stress can backfire and result in splurge decisions and breaking budget.  Don’t cave in. Take these three tips to make sure you stick to your budget—at least from Monday to … [Read more...]

Revolving vs. installment credit: Which type of credit is best for you?

BLOG - Revolving vs Installment credit - Which credit is right for you

  With the economy recovering, consumers are slowly starting to gain more confidence. Many people are beginning to think about expenditures they have been holding off on as they felt less confident about the economy.  You know … getting that roof repaired that has been on the “fix it” list for a while, trading in that 10-year-old car or finally taking a “real” vacation instead of the “stay-cations” you’ve had over the past several years.     While some people will leverage their savings to fund these expenditures, others may want access to new credit.  If you are in this position and plan on applying for credit, now is the time to think through options and determine which is the best fit for your profile and needs. Here’s a few things you should do … [Read more...]

Moving and Money: One Year Later

blog-moving-and-money

  When I first started at myFICO over a year ago, it required the largest change in my life— moving 3000 miles by myself to a state where I didn’t know anyone. I had to figure out how to get my first apartment by myself, change banks and a lot of other new financial issues. I recorded most of these in the first part of the series, Moving and Money – Getting Cash, and I hope some of you learned from my trials and were prepared for your own experiences.     Well here I am a year later. I am still in the same apartment, but I’m officially considering moving again. I have a fully furnished apartment, so I would definitely need to sell/donate a lot of items and compare mover expenses. I have a lot to consider, but now I know a bit more. For those of you like me, … [Read more...]

Helping Your Teen Build Credit

BLOG-Teaching-Your-Teen-How-to-Build-Credit

As a parent, there are many different lessons you teach your child as they progress through childhood until they make it to the age of 18. When your child becomes a teen, it’s time to start teaching them about the real world, such as how to make money, properly manage it and build credit.   Your teen should understand that borrowing money is a way of life with a few exceptions. They should also understand that borrowing money and building credit go hand-in-hand almost full-circle; one must have good credit in order to borrow, but they must first borrow in order to build credit. It’s sort of like the concept, “which came first: the chicken or the egg,” huh?   Introducing Your Teen to Plastic   While your child is in high school, it’s a great idea to set them … [Read more...]

Disclaimer: This content is not provided or commissioned by a credit card issuer. Opinions expressed here are the author's alone, not those of a credit card issuer, and have not been reviewed, approved or otherwise endorsed by a credit card issuer. This site may be compensated by credit card issuers mentioned on the site by such companies.