We always hated the Vantage Score. Not anymore.
The original Vantage score, introduced in 2006, ranged from 501 to 990, way out of line with FICO’s 300 to 850. Consumers often celebrated these inflated scores, only to be crushed when they discovered that their FICO Scores, used by most lenders, were much lower.… Read More
If you have been through a rough patch and your credit was hurt, there is good news. Some recent changes in the FICO scoring model make it easier than ever to get your credit back in awesome shape. Here are a few of the highlights, and some may take you by surprise.… Read More
On April 2nd, FICO announced the creation of a new credit score designed for people without enough credit to have a regular FICO score. The new score (yet unnamed) is based on data provided by Equifax and LexisNexis Risk Solutions and includes: pay history on utility bills, cable bills, cell phone bills, and address history.… Read More
FICO has changed their formula, and this time it looks like consumers will come out ahead. Improvements include the exclusion of paid collections from the score calculation, a reduction in the weight of medical collections, and more.
FICO Score 9, which will begin a roll-out in the fall (which starts September 22nd), will include a couple of inspiring changes.… Read More
There is an unprecedented opportunity to restore your credit score and minimize the impact of the errors of the past. FICO, the creator of the credit score used by the vast majority of lenders, seems to have revised their formula to put less emphasis on the past and more on the present.… Read More
So there you are, right in the middle of an otherwise wonderfully effective credit repair program and your credit score vanishes. Up and gone. Your first reaction is that something must be wrong. The whole point was to improve your scores, not make them vanish.… Read More
We have been seeing a new and remarkable level of responsiveness from FICO; little positive changes that once yielded 20 point increases are now yielding 30 or 40 points. Conversely, older derogatory information is hurting less, especially in cases where the old derogatory event is isolated.… Read More
The hardest part of the credit repair process is the decision to get started. We know that credit issues can evoke emotional discomfort, and even fear. It may seem easier to ignore the problem in the hope that time will bury the events of the past.… Read More
When it comes to credit repair, the best results come from simultaneously cleaning up your reports and rebuilding your credit. Both are equally important, but the current formulation of the FICO model presents a special opportunity to get a big credit score boost from rebuilding – and it is not just for people without open accounts.… Read More
Everyone spends during the holidays. And with spending can come stress, but with a little thoughtful financial planning you can stay worry-free. Here are a few handy hints to add to your glad tidings!
There is no long term credit score damage from running up your credit card balances.… Read More