Category Archives: FICO

Anatomy of Your Credit Score
For a number that can affect so many parts of our lives, most people know very little about how a credit score is calculated. More than 90% of businesses use the FICO system to make lending decisions. FICO (the company) does not actually calculate each credit score. They sell the software that calculates them to the “big three” credit reporting companies (Experian, TransUnion, and Equifax). Each credit...
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Need a Quick Credit Fix? Here are Three!
Your credit score is the key that unlocks the doors of opportunity. If your score is less than ideal, you can be turned down for a mortgage, get denied for a business loan, and miss out on a better job. What is a good score? Anything over 750 is considered "very good". Above 700 is "good" and scores below 650 are considered "poor". So... aim for 650...
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Why the credit reporting system is flawed
Sure, we all know that the better your credit score, the better interest rates you get on loans and credit cards. But did you know that the information on your credit report also affects your ability to get a job, qualify for a promotion, receive preferred utility rates, even get approved for an apartment lease? But... the entire credit reporting process can occur WITHOUT any input from, monitoring by, or...
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