Spouse average FICO credit score is higher?
Fri Sep 16, 2011 10:09AM
Having drastically higher average credit score than that of your spouse sometimes presents a problem. Especially if your incomes are quite different, and you and the spouse are applying for a mortgage together to use both incomes in order to...Why average credit score?
Wed Sep 14, 2011 11:09PM
The one thing I could never understand is the people fixation with average credit scores. Why would you care to know what is the average credit score in your state, in any other or in the entire country? It does...Debt settlement and how it affects credit score
Sun Jul 31, 2011 03:07PM
Q: My credit scores were around 780, but that was before I had two 30 day late payments in 5 months on the credit card with Chase which I am currently settling. I had to take a much lower...Credit card limit lowered, credit score goes down
Wed Jun 29, 2011 06:06PM
If you have several credit cards and carry balances on more than one, it is important to stay proactive and pay attention to each card limit. Lowered credit limit on a card with balance increases the credit utilization rate...Experian PLUS Score does not complete FICO
Sat Apr 2, 2011 03:04PM
Q: I got my Experian PLUS Score and it is 795. I understand that Experian is no longer offers its score through FICO, but was told that PLUS Score is the one the lenders look at when they pull...Free FICO score
Sat Apr 2, 2011 12:04PM
There is no free lunch as they say, but at the very least, you can get your free FICO score and from a reputable place. Needless to say, there is a caveat, but you can get around it. By...Paid judgement and credit score
Tue Mar 29, 2011 11:03PM
So you have a judgement and decided to pay it off. Good idea if you can afford it, because an unpaid judgement can stay on your credit report for a long time. But once you paid a judgment in full,...Credit rating scale and chart
Sun Mar 27, 2011 06:03PM
Credit rating is likely the most confusing term in consumer credit industry. The best way to look at the credit rating is to visualize a scale or chart where letters A, B, C and so on can be assigned...VantageScore conversion to FICO is a bad joke
Thu Mar 24, 2011 09:03PM
Q: I have VantageScore of 749 and want to convert it to FICO, in order to get a better idea of my real credit score. I found two formulas on the web, 1. Multiply VantageScore by 0.86 to get a...FAKO credit score is nothing to care about but ...
Thu Mar 17, 2011 10:03AM
What is FAKO? It is a derogatory name for all types of credit score algorithms out there other than FICO. The FAKO term stands for a fake and is widely used by credit gurus on virtually every credit forum....New FICO site - Risk-Based Pricing Rule and credit education
Wed Mar 2, 2011 09:03AM
FICO launched ScoreInfo.org in response to the Fair Credit Reporting Act most recent amendments, which now require lenders to send a Risk-Based Pricing Disclosure Notice if a lending decision based on a your credit, results in less favorable credit terms...Experian adds rental history to credit score helping you to build credit
Thu Feb 17, 2011 12:02PM
Funny how the things work. Now that Experian is adding your rental history to calculate the credit score, I can't help but remember that sub prime lenders were way ahead of their time in this respect. If you had none...Her credit score is 700s, his is in 500s
Thu Feb 10, 2011 10:02PM
My friend just shared a concern of his. The 24-year old daughter is dating some 30-year old guy. They have been going out for nine months and lived together close to four. They are talking about buying a house together...Repossession drops off, what will happen to credit score
Fri Jan 7, 2011 11:01AM
Q: I had voluntary repossession in March 2005. The date of the first delinquency was October 2004. Then a collection agency bought the charged off unpaid balance and I have its record on my credit report from August 2005....Carrying small balance on credit card improves FICO ... really?
Thu Dec 16, 2010 11:12AM
There is a rather persistent notion that carrying a small balance on credit card or two helps increase FICO score. The rumor goes along these lines, - carrying something like $20 on credit card with $1,000 credit limit gives you...Late payments and credit rating
Mon Oct 18, 2010 09:10AM
There are so many misconceptions with late payments and how they affect your credit rating, we have decided to put together this post to confuse you even more. So to start with, any late payment, be it a 30 day...90 day late payment and bankruptcy - which is worse for your credit and bottom line
Mon Oct 11, 2010 03:10PM
Q: Here is my situation, I owe $110,000 in unsecured debt. The year-old business went south and I don't have expected cash flow. Have not for the last 5 months. Now I have 90 day late payments on several...120 days late payment, credit score and credit report
Mon Oct 11, 2010 11:10AM
What will happen to your credit score if you have 120 days late payment on the credit report? Do not try to get one to find out. But believe it or not, many people forget to pay their bills. Especially...Maxing out credit cards and credit score
Mon Sep 27, 2010 04:09PM
Amazing what opening several credit card accounts and aggressively loading them up can do to the credit scores. As I wrote back in July in Credit score change for the worse, I opened 4 new credit cards and also...Lowest credit score to buy house
Sat Sep 25, 2010 08:09AM
Here we are, end of third quarter of 2010. Things are not looking too good. The absolutely lowest credit score to buy house in 2011 will likely stay at 620. I know many of you, especially realtors and lenders, are...Individual FICO scores after marriage stay that way
Mon Sep 6, 2010 02:09PM
Joint credit score misconception is something I have been finding really hard to grasp. Bunch of people I know, some considered somewhat intelligent, think quite adamantly that once married, a couple has a joint FICO score. Last Friday finally, I...Spouse bankruptcy, authorized user vs joint account holder
Fri Sep 3, 2010 01:09PM
Q: Here is the problem, I have been rebuilding my credit history for the last 4 years and have 690 score with Equifax. My wife lost her job 11 months ago and has been unemployed since then. By now...Debt collection payment and credit score
Fri Sep 3, 2010 11:09AM
Q: I have $530 outstanding with debt collection agency from my old Discover card account. They offer me to settle for one time payment of $447 or instead, I can make 6 monthly payments $104 each. What is better...Credit score drops by 75 points because of American Express untimely reporting
Thu Sep 2, 2010 06:09PM
Don't go above the credit limit on your credit cards. It may really throw your plans in disarray. But things like this one happen quite frequently, believe me. Friend of mine was prequalified for a mortgage few months. He had...Credit score change for the worse
Wed Jul 14, 2010 12:07PM
Just a slight one, but still a change. My credit score decreased by 20 points, from 866 to 846, likely because of the HELOC sitting very close to maxed out for a few months. Can think of nothing else....Too many open accounts
Sat Jul 3, 2010 02:07PM
Q: I currently have 45 total accounts reported on my Equifax credit report with FICO score of 763 and "too many open revolving accounts" or something in that regard. That begs a question - how many is too many?...Credit utilization rate considers installment loans
Thu May 6, 2010 12:05PM
Q: I understand that credit utilization rate takes revolving credit lines into account, but does it consider installment loans. If my car or student loan is at 90% utilization rate, will my credit score take a hit? If I...Bad credit score estimator
Fri Mar 26, 2010 10:03AM
That would be me, on my own credit score, or am I? When I posted Increase credit score 100 points, I predicted my score going down by the end of March, because I maxed out the equity line of credit....Does credit check lower your credit score?
Fri Mar 12, 2010 09:03AM
Q: My husband and I are shopping for the best mortgage rate to buy a house. We went to a local bank and fill several applications online, with Quicken Loans, Wells Fargo, Chase and few credit unions we belong...Increase credit score 100 points
Mon Feb 22, 2010 11:02PM
That is my credit score which I can get from Alliant Credit Union on quarterly basis. As you can see I managed to increase credit score by 100 points ... almost. The actual number is 70 but this is...Missed credit card payment, credit score
Fri Feb 12, 2010 11:02AM
Q: I am afraid I just missed credit card payment by one day, may be two, on Capital One. Will that hurt my credit score? The due date was February 10th and I mailed it on the 8th, was...Late mortgage payment, credit report, FICO score
Tue Feb 9, 2010 10:02AM
There is some confusion with late mortgage payments and how they affect credit report and FICO score. You have to understand that if a payment has not been received by the due date, mortgage is technically considered delinquent, but a...What affects credit score, according to FICO
Wed Feb 3, 2010 10:02PM
FICO recently revealed for the very first time some more or less concrete numbers on how negative activity affects your credit scores. While we have known for many years what affects credit score negatively, the exact number of points the...Hard inquiries, credit report, credit score
Fri Dec 4, 2009 11:12AM
How to remove hard inquiries from credit report is the often-asked question. Also called hard pull. Many of you think that removing a hard inquiry or several, will greatly improve your credit score. While having many hard inquiries on your...Raise credit score fast 50 points
Thu Oct 22, 2009 10:10AM
You found a house you always dreamed of and you can even afford it today. The only problem is, you need to raise credit score fast by 50 points or 100 points. Otherwise someone else will get it and that...Experian Advanced Risk Score 2.0 range
Fri Oct 16, 2009 10:10AM
Since Experian FICO is no longer available, several financial institutions are offering Experian Advanced Risk Score 2.0, which belongs to the FICO NextGen scores. The Advanced Risk Score 2.0 range is from 150 to 950 points, leading to further confusion...30 day and 60 day late payments
Thu Oct 15, 2009 10:10AM
Q: I am told that 30 day lates do not count after 2 years. What about 60 day lates? A: 30 day late payments count until they drop of your credit report, and that is after 7 years. They...What is FICO bucketing
Tue Oct 13, 2009 09:10AM
Q: My credit score went down 35 points on average with all three credit bureaus. My credit union rep said that I got few late payments and probably got dropped into negative credit bucket. What are the credit buckets?...Paying less than minimum on credit card and 30 day late
Fri Oct 9, 2009 08:10PM
If I pay less than the monthly minimum payment by the due date, will it be reported as 30 days late on my credit report? Citibank has just raised minimum monthly payment to 4 percent from 2, and to say...30 day late payment, credit score
Thu Oct 8, 2009 10:10AM
Q: I am under impression that 30 day late payment does not affect credit score after 24 months. I have had one 30 day late credit card payment for 21 months. Initially, it did affect my credit score - it...Highest credit score possible - best FICO scores
Sun Oct 4, 2009 08:10PM
Not sure what with this idea some people got in their heads - how to achieve highest credit score possible, which would be 850 on most commonly used credit score scale today. For many I guess, it is just...Does balance transfer affect credit score? - Yes, it can hurt your credit score
Tue Sep 1, 2009 08:09PM
Q: Does balance transfer affect credit score? I want to make a balance transfer from my Capital One to Discover. I am paying 15% interest with Capital One whereas Discover is offering 0% balance transfer for 6 months with...Delinquent medical bills affect credit score and mortgage
Fri Aug 21, 2009 11:08PM
There are several misconceptions about medical bills in general and delinquent medical bills in particular, with respect to your credit report, credit score and mortgage. With the summer housing market getting more active, low interest rates and all the recent...Prefect credit score and rating
Tue Jun 30, 2009 11:06PM
Perfect credit score based on the FICO credit scoring system, is in 840 to 850 range. How really perfect your score and credit rating should be to get the best deal in town these days? Anything over 760 middle credit...Paid collection on credit report affects credit scores
Tue Jun 23, 2009 12:06PM
Q: A judgment was filed last February and I just paid it in full yesterday. Does a paid judgment affect credit scores? Can I remove a paid judgement from my credit report? I would like to buy a house...Credit score of 663, 3 late payments 6 years ago, credit counseling place
Sat Jun 13, 2009 01:06PM
Q: I just had a quick question. I went through a divorce from June 2005 to December 2006 that quite messy. I refinanced the house into my name back in July 2007, but had to get a home equity...How credit score affects interest rate?
Thu Jun 4, 2009 09:06PM
Obviously, the higher your FICO credit score, the lower your payments. It is not a rocket science. The following charts are borrowed from myFICO and the rates are as of of June 4, 2009. You can get such charts anywhere....Credit score for mortgage - new BEACON Mortgage Score
Mon Jun 1, 2009 02:06PM
In effort to help mortgage lenders, FICO introduced BEACON Mortgage Score, an all new credit score specifically designed for mortgage industry. According to FICO, Equifax BEACON Mortgage Score, which is not to be confused with your traditional BEACON Score offers...Credit score scale range and guide
Sat May 16, 2009 04:05PM
As strange as it may sound to some of you, there is a whole range of credit score scales, and with that, many questions arise. So I decided to put a small guide with no pretending that it will be...Minimum credit score for mortgage
Sat May 16, 2009 01:05AM
Q: What is the minimum credit score for mortgage? I am a first time buyer and want to get a home loan, but worry that I won't qualify. My scores are 591, 612 and 637. Someone told me I...Banks cut your credit card limit and your credit score as well
Tue May 12, 2009 12:05AM
I just got an issue with JP Morgan Chase. It lowered the credit limit on my business Visa from $17,000 to $6,900. As Chase put it, to meet my business needs better. Very touching, but well, they are right,...TransUnion FICO score
Wed May 6, 2009 03:05PM
Q: On advise of my coworker, I ordered TransUnion credit report and what I hoped would be FICO score. Instead, I received the report and something called Vantage Score? A: You can read on Vantage Score and see how...R9 credit rating - how it impacts your credit score?
Sat May 2, 2009 02:05AM
Q: I have R9 credit rating on my credit report. It is a $571 MasterCard charge off. Does it make sense for me to pay it? If I do, will it make any difference on calculating my credit score?...Experian credit report and score will not be part of FICO from February 14, 2009
Wed Feb 11, 2009 01:02AM
Comes Saturday, there won't be Experian FICO Scores any more. Experian credit report will no longer be available with FICO as the 6 year relationship between Experian and Fair Isaac will end. Fair Isaac said that Experian decided to...Fix credit score fast - quick ways to increase credit scores
Wed Jan 21, 2009 09:01PM
in 30 days or so to get best credit card offers and best mortgage deals that are likely coming very soon. To take advantage of best credit deals that will come with new administration, you must hurry up and fix...Excellent credit score is higher than you may think
Mon Dec 15, 2008 11:12PM
Updated 02/16/2012 And having one is not enough these days to obtain a loan. What is an excellent credit score in today's credit mess? The short answer is a middle score of 740 and above should do it. The...What is the good credit score today? Toyota Financial denies loan
Mon Oct 27, 2008 12:10AM
Q: I was denied a car loan yesterday. My credit scores are 662, 664 and 689, which I knew before applying, and thought were fine, but Toyota Financial turned me down. Finance manager at the dealership told me, what...Vantage credit score - modern credit scoring system
Mon Oct 20, 2008 12:10PM
Developed in 2005 jointly by TransUnion, Equifax and Experian to improve risk assessment and provide consistency of scoring across these three credit reporting companies, the Vantage credit score or VantageScore is still fighting against resilient FICO scoring system, and while...Improve credit score fast - how to boost your credit scores
Mon Sep 22, 2008 02:09PM
Assuming that your report don't show some nasty credit problems like unpaid tax lien, bankruptcy, foreclosure, recent late payments, unpaid charge-offs or collections over $400, you should be able to improve credit score fast. Do a quick mental check if...Credit scores and what they mean
Fri Aug 29, 2008 02:08PM
I politely disagree with Anya Kamenetz of Generation Debt, at least with some content of her article - What You Need to Know About Credit Scores. I am going to digest it for you step by step. This is...Increase your credit score by lowering revolving balances
Thu Jun 26, 2008 12:06AM
Those include credit cards, department store/gas station cards and home equity lines of credit. Keep each balance below the 35% of credit limit for each revolving line. And if possible, open an additional credit card and don't use it....Two 30 day Lates with one 60 day Late
Fri Jun 20, 2008 04:06PM
Q: What is worse for the credit score - two 30 day late payments four months apart or one 60 day late payment? A: I would say the 60 day Late is worse....Does student loan in deferment affect credit score?
Wed Jun 18, 2008 04:06PM
Once student loan in deferment appears on your credit report, it becomes a part of your credit history and is a part of credit scoring formula. It takes into account hard inquiry, loan amount, etc....How much credit scores can very among the three credit bureaus?
Thu May 22, 2008 11:05PM
A lot. The report I recently ran had the following scores, Experian - 796, Equifax - 760 and TransUnion - 698. That is 98 point difference between Experian and TransUnion. The only thing that affected TransUnion was an old...Old 30 and even 60 day 'Lates' will not affect credit scores too much
Sat Apr 26, 2008 09:04AM
Q: I have one 60 day late from 02/02 and two 30 day lates on paid off and closed Honda Financial credit account from 06/05 and 09/06. I have tried everything to remove them, but credit agencies always get...Paying down credit card balances will increase credit scores
Fri Apr 25, 2008 12:04PM
If you want to increase your credit score and have few dollars to spare, paying down credit card balances may be the shortest way to do it, provided you don't have late payments, collections and other derogatory records. Basically,...Piggyback credit score is practically over
Thu Mar 27, 2008 11:03AM
Q: Can I still piggyback my credit scores? I heard that it has become illegal? Two of my friends can add me as an authorised user to their credit cards. A: While I don't think piggybacking credit scores is...High credit scores are more important than ever
Sat Mar 8, 2008 02:03PM
Times have never been better for home buyers and likely to get even better. The prices are steadily eroding and unsold homes are mounting. But to qualify for a home loan, especially if you are the first time home...MedFICO credit score is coming
Sun Feb 10, 2008 01:02AM
A little Massachusetts startup got 10 million dollars from Fair Issac Corporation. Healthcare Analytics is developing a credit scoring system for health care, which should aid hospitals in assessing a patient’s ability to pay their medical bills. Another investor...Vantage Score and FICO Score is
Mon Feb 4, 2008 11:02PM
on Superbowl of personal finance - under Tight Ends....FICO 08 revisited - your FICO score may increase in 2008
Tue Jan 29, 2008 02:01PM
Recently, an 'improved' version of FICO was introduced, the FICO 08. The new FICO 08 is already being implemented by Experian, and TransUnion expects to have the 08 scoring model available for lenders to test during the second quarter of...VantageScore vs. FICO Score confusion explained
Mon Jan 28, 2008 05:01PM
There is some confusion going on lately about the credit score range and about the credit scoring in general. We believe this is caused by the recent introduction of the VantageScore in addition to the FICO score that we...Debt consolidation program doesn't affect credit scores as bad as a bankruptcy
Wed Jan 23, 2008 11:01PM
Q: I've been informed that a debt consolidation program will ruin my credit report the same as a bankruptcy. Is this true? A: No, the effect of bankruptcy, Chapter 7 in particular is much worse than that of debt...VantageScore Credit Score vs. FICO Score
Sun Jan 20, 2008 10:01AM
What is VantageScore? The VantageScore which we first wrote about in March, has been sent to consumers. It does create some confusion, but the idea is to simplify credit score system and show a potential borrower where he or...FICO 08 redefines bad credit score & good credit score - new credit scoring system
Fri Jan 4, 2008 03:01PM
Credit repair can be redefined with arrival of FICO 08 credit scoring system. FICO 08 is the newest credit score model being developed by Fair Isaac Corp., maker of the popular FICO credit score used by most lenders. By...Repairing your credit score - go for a higher FICO score
Mon Oct 1, 2007 01:10PM
With all the ongoing credit mess lenders have raised the credit score ranges you need to qualify for the best rates and deals, and simply to be able to get a loan. Before the subprime mess, a FICO credit...How soon credit score is restored
Thu Aug 9, 2007 11:08AM
Q: How soon after I pay off all my debts is my credit score restored? Is it immediately? A: No, it will take anywhere from few to several months, depending upon factors like how old is your credit history,...Closing credit cards and credit scores
Wed Aug 8, 2007 10:08PM
Q: I have four open credit cards but I only use one. Would my credit score increase if I close two of these accounts or will it hurt my credit score? A: This is not a Yes or No...Ex wife ruined credit, am I liable and how to fix my credit score?
Wed Jun 20, 2007 10:06PM
Q: I divorced several years ago. A few years after the divorce I found out my ex wife had two credit cards, one with me as the primary card holder, the other with me as an authorised user. Our...With established credit, will the credit score increase or decrease if credit cards are closed
Fri Jun 1, 2007 01:06AM
Q: I established my credit a while back, and I have several lines of credit - mortgage, car lease, student loans and four credit cards. I only use two credit cards with better rates and higher limits. So it...Experian, Equifax, TransUnion adapt uniform credit score
Tue Mar 14, 2006 09:03AM
Experian, Equifax, TransUnion, three main credit bureaus just announced they will use new uniform credit scoring system to make life easier for lenders and consumers. The new credit scoring system is called VantageScore. VantageScore is developed by VantageScore Solutions LLC....Helpful Links
Recent Entries
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