When starting your credit history from scratch, rebuilding from a bad financial period in your life, or if you have long established credit history, I get this question all the time, “How much credit is too much”? Or “How many credit cards should I have to have the best credit?” This is often a difficult question to answer, due to the black box nature of Fair Isaac’s FICO credit scoring model.
Entries Tagged as 'Credit Score'
How Much Credit is Too Much?
November 5th, 2009 · No Comments · Consumer Info, Credit Cards, Credit Reports, Mortgages
Tags: Car Loans·Credit Cards·Credit Score·credit scoring·debt ratios·Fair Isaac·FICO score·Mortgages·number of accounts·Payment History·too much credit·total available credit
Should I Ditch My Credit Cards?
November 4th, 2009 · No Comments · Credit Cards
With the credit crunch going on, there doesn’t seem to be much good news regarding people and their credit cards. Many people burned by the credit markets are afraid to buy anything on credit. The savings rate by the American people is the highest in 20 years. Despite the alarming news, there [...]
Tags: credit account·Credit Cards·Credit Crunch·Credit Score·Economic Crisis·emergencies·FICO·FICO scoring model·home equity·Mortgages·savings rate
Getting a Credit Card With Bad Credit in a Tight Market
November 2nd, 2009 · No Comments · Credit Cards, Credit Repair
Getting a credit card in a good economy is a very easy task. In a good economy, companies will extend you credit even if you have a poor credit score. The credit these companies extend will not be good (i.e., the credit card will have numerous fees and an extremely high interest rate), but these [...]
Tags: bad credit·Banking·banking relationships·Credit card·Credit Score·credit union·economy·good deals·secured cards·shop·tight credit market
The Worst Credit Cards on the Market
October 23rd, 2009 · 1 Comment · Credit Cards
Many consumers would say that all credit cards do more harm than good, but that is not necessarily the case. While it is true that the credit card industry leaves a lot to be desired, there are consumers who can actually benefit from responsible credit card use. With that in mind, you should know that [...]
Tags: Annual Fees·consumers·Credit Cards·Credit Reporting Agencies·Credit Score·department store c·Department Store Cards·prepaid cards·rewards programs·secured cards
