Is it 800? 850? 900? Many of us are simply trying to attain (or maintain) a “good” score of between 670 – 779. So why are we even bringing up the topic of a FICO® Score maximum? Two reasons, really….
Continue readingIn the wake of natural disasters such as Hurricane Florence, 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…
Continue readingA high-risk borrower is someone who a lender or creditor would consider more likely to default on his or her loan. High-risk borrowers have certain characteristics in common. But before we get into those, there’s something to consider regarding borrowing…
Continue readingThere’s a new victim of Internet and Identity Fraud every 2 seconds. Much of that fraud is committed by criminals who access consumer information and accounts from online sources. So how do we avoid becoming victims ourselves? It’s best to…
Continue readingAccording to the Cambridge Dictionary, the definition of “overspend” is “money that is spent on something above the amount that should have been spent.” That makes perfect sense, right? And it makes even more sense that in order not to…
Continue readingWhen credit scores came into existence and where they first appeared is a long story – one that actually starts in the mid-1800’s. Although there’s not enough space here to review every step leading to the FICO® Score, in particular,…
Continue readingKnowledge is power and the more you know before applying for a loan, the better. Having important information in your back pocket can help save you a lot of time, money and inconvenience down the road. The items that follow…
Continue readingIn this blog series, our credit scoring expert, Tom Quinn, answers common credit score and credit-related questions that you have. Post your questions on our Understanding FICO Scoring and General Credit Topics threads on the myFICO® Forums. What is a…
Continue readingThere’s no doubt about it: the word “bankruptcy” has a stigma attached to it – and not always for good reason. The 3 main reasons people file bankruptcy is medical debt from a catastrophic illness, an unexpected job loss, and…
Continue readingThere are 5 factors (categories of credit data), that make up your FICO® Score. These factors are: Payment History Amounts Owed Length of Credit History Credit Mix New Credit So… how much do you know about each of these factors?…
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