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 'FICO 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
How Do Short Sales, Loan Modifications and Foreclosures Impact Your Credit Score?
September 10th, 2009 · 3 Comments · Credit Bureaus and Scores, Mortgages, Real Estate
I attended a class at my real estate brokerage last week dealing with short sales and other types of “distressed” properties. With the market (at least in the Phoenix area) now comprised of over half short sales and/or bank-owned properties, it is imperative for real estate professionals to be well trained and knowledgeable in order [...]
Tags: credit·Credit Score·deed-in-lieu of foreclosure·FICO score·foreclosure·housing market·loan modifications·Real Estate·Short Sale
Experian Cutting off Consumer Access to FICO Scores
February 6th, 2009 · 4 Comments · Credit Bureaus and Scores, Credit Reports
Yesterday, I was surprised by an announcement from Experian, who announced that after February 14, 2009, it will no longer offer the FICO score based on its credit database. I consider this a move to force lenders and consumers to abandon the FICO credit score model developed by Fair Isaac and use instead the its [...]
Tags: Credit Bureaus·Experian·FACT Act·FICO score·myfico.com·PLUS Score·VantageScore
What Good Is a FICO Score, Anyway?
January 7th, 2009 · No Comments · Credit Bureaus and Scores
This seems to be the question that many in the banking industry are mulling over as defaults and deficiencies mount in all branches of financing world. The FICO credit score has been the industry standard for years, utilized for almost every lending decision, and these have been based substantially on the applicant having what is [...]
Tags: credit·Credit Score·FICO·FICO score·lending practices·low credit score·Mortgages



