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Category Archives: FICO score

Obama Says Check Your FICO Scores

To begin with, knowing your credit scores is important. If you doubt that’s true, just ask the President. Secondly, the FICO Score Open Access program, once it becomes more widely available, could certainly help all consumers – even those with poor credit, as this would allow borrowers to see the same credit score that lenders use to manage their accounts. Continue reading

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FICO Score 9 and Medical Collections

The newest FICO scoring model will penalize consumers with medical collections less than it has in the past. But it will take time to be implemented and, in any case, borrowers, especially those with credit issues, should continue to practice the fundamentals of good credit. Continue reading

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Limited Credit and FICO Score 09

By being able to better judge applicants with past due issues and insufficient information in their credit reports, FICO is taking steps to insure that these consumers will get a better opportunity to obtain credit – a situation that’s particularly relevant to car buyers with poor credit. Continue reading

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Collection Accounts and FICO Score 09

The newest FICO scoring model will now reward consumers that pay their collection accounts with a higher score. But while it may take time to be implemented; consumers with poor credit should get a head start by beginning the process of paying off their collection accounts, if for no other reason that it is one of the fundamentals of good credit. Continue reading

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FICO Score 9 to Narrow Credit Score Differences

Both discrepancies and differences in data can cause consumer’s credit scores to differ from credit bureau to credit bureau. According to FICO, FICO Score 9 should make the credit scores among bureaus more consistent. Continue reading

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New FICO Score Could Help Poor Credit Borrowers

The newest FICO score will help borrowers with problem credit in at least three ways. For one, it will lower the impact of

unpaid medical collection accounts. Secondly, it will ignore collection accounts that have been paid. Finally, it will more

accurately assess consumers with limited credit and checkered payment histories. Continue reading

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Automakers Finance Offer Free FICO Scores to Borrowers

The latest program from both Hyundai and Kia is certainly a step in the right direction by offering free, updated FICO scores to borrowers. Unfortunately for most credit-challenged car buyers, not only is its focus too narrow, what’s left unsaid is the minimum credit score or profile required to qualify for it. Continue reading

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TransUnion Reports a Rise on Quarterly and Yearly Basis for Auto Loan Delinquencies

The third quarter 2013 auto loan delinquency rate has officially been released by TransUnion, which shows an increase in balances and number of financing opportunities to subprime borrowers. Continue reading

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Common Mistakes that Ruin your Credit Score

Credit scores are a complicated but important part of our adult life, and it’s likely that there is more that goes into determining those scores than you think. If you’re not careful you could harm yourself in more ways than you’re aware of. Continue reading

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How Credit Report Inquiries Affect Your FICO Score

We all know that the best practice to taking out a loan is to compare multiple offers against each other, but will that many inquiries on your credit hurt your scores? Continue reading

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