Tag

fico scores

Credit News & Current Events

Will FICO® Scores Determine the Super Bowl?

Super Bowl fever is starting to build as Super Bowl Sunday approaches.  As part of the lead-up to the game, there is a great deal of speculation and analysis (and non-stop media coverage!) on which team will take the title — the Atlanta Falcons or the New England Patriots.

Of course, people are studying stats with obvious relevance to a victory: team performance during the season, comparison of team member “big game” experience and physical strengths/weaknesses, injuries, projected game-day weather conditions, etc. Other much less intuitive data points include the conference in which the team resides, distance travel to Super Bowl host city location, the intensity of the fan base, team colors, local food specialties, even team mascot.

But what about FICO® Scores? Could they offer clues to the final score that determines next Sunday’s winner?

Continue reading

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.

Continue reading

FICO Scores & Credit Reports

The 5 factors that determine a FICO® Score

Many people of “creditworthy” age know what a FICO® score is. For those who aren’t sure or need a brush up: a FICO® Score is the number that represents a borrower’s creditworthiness 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 a particular individual.

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

Continue reading

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 credit score might be easier than you think. That’s not saying it will be faster than you think, 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.

Continue reading

FICO Scores & Credit Reports

Here’s The Surprising Reason You Should Work On Your Credit

I write a lot about credit. I’ve built my entire career around it, and I’m passionate about helping people create healthy credit.

Is it because I love great credit scores and low credit card balances? Not really. Those are important to have and they’re the ideal goal when working on your credit, but they’re not the REAL reason I do this.

Instead, I’m so focused on credit for one surprising reason…

Continue reading