Posted 12/29/2009
What Doesn’t Help Your Credit Score
Your FICO score is not a report card grade
By Deborah Hoskins, JD, CFP
One cardinal rule for financial health is to avoid accumulating credit card debt in the first place—it’s a clear sign that you’re not living within your means. Compounding matters, interest is not tax deductible, and rates are outrageous. So if you never carry a balance from month to month—but pay off your account balance diligently—you should have a great credit score, right? Wrong! Read More >>
Posted 12/22/2009
How to Boost Your FICO Score, Part 2
Watch those car dealerships!
By Deborah Hoskins, JD, CFP
Last week, I described the three major components of your credit score. Two minor ones are left. Next week, I’ll share the biggest misconception about FICO scores. Read More >>
Posted 12/18/2009
How to Boost Your FICO Score, Part 1
Knowledge truly is power
By Deborah Hoskins, JD, CFP
Fair Isaac Corporation uses a trade secret algorithm to construct your FICO score. However, the broad parameters of credit score construction are now known and consist of five components, with their approximate percentage contribution to the final FICO number. Read More >>
Posted 12/11/2009
How Your Credit Score Is Derived
The national median FICO score is about 720
By Deborah Hoskins, JD, CFP
Credit reports contain information on how much you owe, what kind of loans you have, your payment habits, and serious matters such as court judgments, collection agency efforts, and bankruptcies. Read More >>
