Could stiffing “Uncle Sam” impact your FICO Score?

April 1, 2013 By 6 Comments
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 … [Read more...]

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You Don’t Need Luck for a Great FICO Score

March 12, 2013 By Leave a Comment
four-leaf-clover

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...]

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5 Ways to Start Getting Out of Debt

March 6, 2013 By 8 Comments

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

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Common Myths About Marriage & Credit

February 8, 2013 By 11 Comments
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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...]

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The Super Bowl of Credit Scores

January 28, 2013 By Leave a Comment
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  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...]

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10 Steps to Achieve Your FICO Score Resolutions

January 2, 2013 By Leave a Comment
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Many of us are preparing to make New Year resolutions – such as eating healthier, exercising more, being more productive and improving financial health. All of these are lofty goals, but in terms of enhancing your wallet, there are a few simple things you can do in regards to your FICO Score that can reap long-term financial benefits.   So after you pack up the holiday decorations, finish that last piece of fruit cake and send off 2012 with a bang, follow these 10 steps to help increase your financial fitness – in 2013 and beyond.   1. Get your credit report. Your credit report is a snapshot of how lenders see you. There are three national credit reporting agencies in the U.S. (Equifax, Experian and TransUnion) and you should get a copy of your report from … [Read more...]

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Good Credit Habits: The Gift that Keeps Giving

December 13, 2012 By Leave a Comment
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It's everyone's favorite season! The holidays are filled with cheer, goodwill and generosity — and so much candy! You've probably spent plenty of time thinking about what to get your children, spouse, family and friends …but have you considered what to get yourself?   I'm not talking about splurging on a big-screen TV, or cute new designer shoes. It can be tempting to treat yourself to something exciting since you're already out shopping for everyone else. However, there’s one gift you can give yourself now that you’ll enjoy for years to come: the gift of developing good credit habits that will lead to a strong FICO score.   Here are just a few reasons why you should give yourself the gift of good credit habits:   -Life often throws us unexpected … [Read more...]

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8 Tips for Smart Holiday Spending

December 10, 2012 By 2 Comments
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As the economy continues to sluggishly recover, each year around Black Friday retailers fret that shoppers will forgo holiday gift shopping, or drastically cut back on spending. However, a recent myFICO survey  indicated that while folks plan to flex their credit cards this holiday season, most are planning a modest budget — 65% of respondents said they’d expect to charge less than $500 on their credit cards this year. That’s good news for retailers and for shoppers’ credit health. But it’s one thing to plan not to overspend, and another thing to successfully execute said plan. How many of us plan not to overindulge on treats at holiday parties, but inadvertently wind up with a belly ache, a scattering of red & green crumbs around our shirt, wondering how we managed to pack … [Read more...]

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Don’t Let Black Friday Darken Your FICO Score

November 21, 2012 By 1 Comment
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Rev up your wallet! The holiday shopping season kicks off this Friday after Thanksgiving, and retailers hope to attract us with big sales events and special operating hours so we’ll buy, buy, buy.   In addition, many retailers will work hard to persuade you to open new credit card accounts. They may offer sweet enticements such as an extra 10% discount on all purchases you make that day - or they might give you a special gift just for applying.   It's easy to get caught up, as retailers make applying for store credit so convenient and easy.  Just give the sales clerk your name and address, and within seconds you’ll know if you've been approved for instant credit at your fingertips.   Unfortunately, many of us don’t understand that applying for … [Read more...]

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Secrets of FICO High Achievers

October 25, 2012 By 2 Comments
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More than 50 million people have the bragging rights of being FICO "High Achiever" (a FICO Score of 785 and above) which can save them thousands of dollars over the lifetime of a loan. A recent myFICO study reveals that these "High Achievers" exhibit strikingly similar credit habits.     … [Read more...]

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