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...]

Trouble in paradise: Quarrels over credit

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Ah, summer, the season of romantic adventures and lazy mornings. It’s the perfect time to take your special someone on a romantic getaway or relax together by the pool. Sounds blissful.     Now say you’ve been with this special someone for a while now. Say the honeymoon period is over and things are starting to get a bit serious. When you used to talk about dropping everything and traveling the world together, now those hopes and dreams have taken on more than a touch of reality: buying a car, owning a home, starting a family. And you know it won’t be long before that special question arises: “What is your credit score?”     Surprised? You shouldn’t be. Financial health has always been a consideration in relationships. But in recent years, credit has … [Read more...]

Announcing myFICO Feature Enhancements!

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  Great News! Enhanced FICO® Score Explanation Report (based on Experian credit report) now available.           Starting yesterday afternoon, all myFICO solutions based on Experian credit report data  (FICO Standard, FICO Score 3-Report View) will now include a newly designed FICO Score explanation report design to help you better understand and manage your FICO Score.       New explanation features include:   Incorporation of positive factors impacting your FICO® Score. Positive factors reinforce the good credit behaviors of high achievers, and encourage those people who may be working to manage their credit or improve their financial health. Personalized credit analysis and comparisons to … [Read more...]

myFICO Welcomes Financial Literacy Month

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While April is the official National Financial Literacy Month, we at myFICO like to think that sound financial literacy practices should be a 24/7 common practice for everyone.     And why shouldn’t it be when having a strong understanding of how to create/stick with a budget, the benefits of investing and saving, how the credit system works, how lenders evaluate applications for credit, how interest fees accrue and knowing your consumer rights can all save you thousands of dollars and loads of time.     At myFICO, we focus on that part of financial literacy related to consumer credit and encourage everyone to participate in this year’s National Financial Literacy month with the following activities:     Check your credit reports to … [Read more...]

5 Credit Spring Cleaning Tips

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After the holidays and long winter, it’s not just your house that needs a deep clean. Your credit reports, balances or savings might be looking a little dirty, too. While you’re making a checklist of things to throw out, clean or redo, we recommend adding a few credit items to the list. In the name of the season, we’ve got 5 spring cleaning tips for your credit!   1.       Check your credit reports for any errors   It’s extremely important to make sure there aren’t any errors on your credit report. An error is usually the result of a clerical typo made when processing an application, but it could also signify identity theft. Order all three of your credit reports and make sure you don’t see anything suspicious. Learn how to dispute an error on your credit reports, and … [Read more...]

The Who, Why and How Behind Your Credit Health

As a writer in the personal finance sector, I spend a lot of time reading blogs about how to improve or establish credit. The information out there is great. I’ve come across tons of articles that offer a variety of ways to improve your credit score. Reading between the lines, it’s become pretty clear to see that there is one thing that is most important above all when working on your credit. It’s not a credit card, it’s not a budget, and it’s not a plan. No, it’s a general understanding of how your credit works, and why you have a score in the first place.   Let’s Start With The Why   Credit scores didn’t just happen. There was a genuine need for a way to gauge the creditworthiness of consumers, businesses, and even entire countries. The reality is, before credit … [Read more...]

Infographic: FICO High Achievers Show You How to Get Your FICO Score Above 800

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Our studies consistently show that people with FICO® Scores over 800 have strikingly similar credit habits. We like to call these people FICO High Achievers, and you can learn from all 36 million of them. Check out this infographic and compare your credit habits to theirs. How do your credit habits measure up?   … [Read more...]

Could stiffing “Uncle Sam” impact your FICO Score?

April 15 calendar

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 lien(s). For … [Read more...]

You Don’t Need Luck for a Great FICO Score

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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 to help you get a … [Read more...]

5 Ways to Start Getting Out of Debt

Jeff Rose from Good Financial Cents shares five ways to start tackling your debt now:   … [Read more...]

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