3 Ways of Thinking That Could Increase Your Wealth

When money is tight and worries set in our mindset changes. We start to think in the “why did I?”...

A Journey to Financial Literacy and Education

Do you consider yourself to be financially literate?  What about your family members, such as children or siblings?  Do...

Welcome to Financial Literacy Month – April 2017

Back in March of 2004, a Senate resolution was passed designating April 2004 as Financial Literacy Month. According to...

Quiz: Test Your Financial Literacy!

As part of Financial Literacy Month, we are testing your financial knowledge! Are you confident about your finances? Take...

Ask FICO: Is It a Good Idea to Close a Credit Card?

Ask FICO is a new Q & A column where our credit scoring expert, Tom Quinn, answers common credit...
Personal Finance
3 Ways of Thinking That Could Increase Your Wealth
Personal Finance
A Journey to Financial Literacy and Education
Personal Finance
Welcome to Financial Literacy Month – April 2017
Credit Cards, FICO Scores & Credit Reports, Personal Finance
Quiz: Test Your Financial Literacy!
FICO Scores & Credit Reports
Ask FICO: Is It a Good Idea to Close a Credit Card?
fico score category

FICO Scores & Credit Reports

Welcome to the myFICO Blog

We're your source of knowledge for all things credit (and a few other things too). Learn about your FICO Scores and credit reports, plus get expert credit card and loan tips, personal finance advice and more.

Credit card category

Credit Cards

 

Recent posts

Personal Finance

Can a home warranty save you money?

Before talking about the pros, cons and potential money savings a home warranty can offer, it’s a good idea to know what a home warranty actually is.

A home warranty is a contract (usually a one-year term) that helps cover the cost for the repair or replacement of many home systems and appliances. There’s quite a variety of home warranties available today, which is why researching different companies and learning about what they offer is an important part of the home warranty selection process.

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FICO Scores & Credit Reports, Identity Theft

The Fair Credit Reporting Act and Credit Reporting Agencies

The Fair Credit Reporting Act (FCRA) is a complex piece of legislation designed to promote the accuracy, fairness, and privacy of consumer information contained within the files of credit reporting agencies. You can see the FCRA on the Federal Trade Commission’s website, however, there are a lot of terms, definitions, and rules that can confuse those of us who are not experts in the field.

So let’s make the Fair Credit Reporting Act a little bit easier to understand…

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Credit News & Current Events

Protecting Your Credit When Disaster Strikes

In the wake of natural disasters such as Hurricane Matthew, you may be struggling to get your life back to normal. Among the many concerns you may be wondering:

  • How do I get access to money?
  • What will happen if I miss payments on my credit cards and loans?
  • And how might the decisions I make affect my credit rating and access to credit in the future?

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Personal Finance

Certificates of Deposit offer higher yields and greater safety. Is that a good thing?

Certificates of deposits (CDs) are investments, sold by banks that are typically bought with cash an investor won’t need for a long period of time. Why? The money must remain invested for the full investment period (referred to as the “term” of the CD) in order for the bank to pay a slightly higher interest rate than what would have been earned if the money was kept in a money market or checking account. This is the “higher yield” feature of a CD.

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Financing & Loans, Personal Finance

HARP Refinancing – What is it and can it help you?

HARP – Home Affordable Refinance Program.

The acronym helps us remember what the letters stand for, but what is HARP and why was it created? HARP was developed by the Federal Housing Finance Agency in an effort to help homeowners, with little or no equity in their homes, refinance their mortgage. That means, if you owe as much – or more – than your home is worth, you may be eligible for a HARP refinance.

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FICO Scores & Credit Reports

Free Credit Report vs. a Credit Report from FICO

Is one better than the other?

Free Credit Report… you’ve seen the commercials, the banner ads, the social media push and lots more. However, do you know what’s missing from that free credit report? Your FICO® Score – the credit score used by 90% of top lenders to decide whether or not to give you a loan and what interest rate they’ll charge.

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FICO Scores & Credit Reports

5 factors that determine a FICO® Score

Many people of “creditworthy” age know what a FICO® score is. For those who aren’t sure: a FICO Score is the number that represents a borrower’s creditworthiness. It is based on the data within his or her credit report(s). That number, in turn, is used by 90% of top lenders to determine how much credit they’ll offer a borrower and at what interest rate. In essence, it’s a “guide” for lenders to assess the risk of loaning money to individuals.

That’s it. We’re done. There’s nothing else you need to know about a FICO Score, right? Well, not exactly.

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FICO Scores & Credit Reports, Personal Finance

How difficult is it to improve your credit score? It might be easier than you think.

Yes, it’s true – improving your FICO Score might be easier than you think.

That’s not saying it will be faster, just easier, based on specific actions you can take over time. If your FICO® Score is lower than you’d like, you’re most likely aware that it took time to get it down to that number. Maybe you maxed out some credit cards… missed a few payments on a mortgage or auto loan… applied for too much credit in a very short timeframe. Whatever circumstances occurred to lower your FICO Score happened over a period of time and the same holds true when taking steps to improve your credit score. It will take awhile to get your FICO Score to where you want it to be, but the actions required to get it there are reasonably simple.

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Ask FICO: Is It a Good Idea to Close a Credit Card?

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What does the Costco transition from Amex to Citibank Visa mean to your FICO® Score?

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