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Your Credit Score Is Important

We help you understand what a “credit score” is, how scores are calculated, and how you can easily figure out how your personal credit score compares to other scores. 

A credit score is a number that lenders use to help decide whether you are a good or a bad credit risk.  Here’s a simple way to understand how credit scores are used.  Imagine a guy named Joe is asking a friend (Sue) to loan him $500.  Sue probably will say “no” if she has a poor view of Joe’s ability to repay her.  On the other hand, she may loan Joe the money if she is confident that Joe will repay when he says he will.  That is, Sue considers Joe’s “credit reputation” when making her decision.

That’s all your credit score is—an attempt to measure your credit reputation.  It is a number that is calculated based on your history of repaying other creditors (like credit card companies, mortgage lenders, utility services, etc.).  If you have a great credit reputation or history, you should have a great credit score.  If you have been unreliable in repaying your obligations, you will probably have a poor credit score. 

  • Fair Isaac Invented the FICO Score—They’ve Also Patented How to Explain a Credit Score

    Does anyone really understand what goes into your FICO score?  I would hope that someone at Fair Isaac Corporation (the company that invented the FICO score) would know.  You’d also think they would know how to explain your FICO score to you.  Well, we’ve found out that it isn’t that simple (in fact, it’s so complicated that they’ve patented an approach for explaining your credit score!).

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  • FICO Credit Score

    A credit score is a number that reflects your creditworthiness at a given point in time, and can change as information on the credit report changes. Many people have heard about credit scoring but do not understand the basic facts about what it is and how it works.  FICO credit scores are the most widely used credit scores in the United States.  Here’s what you need to know about them.

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  • Establishing Positive Credit (Part II of II)

    Yesterday, we presented part I of a two part series called “Establishing Positive Credit”.  We continue the series today, with a number of additional tips that can help you establish credit and improve your credit score.

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  • Establishing Positive Credit (Part I of II)

    Every one wants to have a good credit score; however this is easier said than done. For anyone to have good credit they will need to establish good credit accounts and maintain them in the way you and your creditors have agreed. Remember, a borrower with no credit is treated like one with poor credit! Credit scores work like the scales of justice, you need to have more positive accounts on your credit than negative accounts if you are going to be considered for credit on major purchases.

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  • The Right Way to Do a Credit Inquiry

    So you need to buy something on credit. What do you do? If you are like most people you walk in to someone’s business and tell them you need to buy something. You will both negotiate a price for the needed item; once this is settled you fill out a credit application so they can go run a credit inquiry to see if you will be approved. Sound familiar? This is the wrong way to do a credit inquiry, especially if you are credit challenged.

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Credit Success Stories

I didn't realize that there are other types of credit bureaus, including one that only deals with your checking account history. The credit bureau is "ChexSystems" and they need to comply with the same rules as regular credit bureaus. I was happy to find out that I could get my ChexSystems record cleared up! Read More