Category Archives: Credit Scores

How come paying off “old debt” makes my score go down?

I hear this statement at least once a month.  Usually, right after a client has attempted to purchase a “big ticket” item such as a home and realized that they had a pesky bill from 5 years ago that in all likelihood (let’s face it the big 3 don’t have great track records) is not

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Things that Impact Credit Scores

Things that Impact Credit Scores   Debt The more debt you have, the higher credit risk lenders you are and the lower your score goes. Simple as that!   High credit card balances One of the most important aspects of your credit score is level of credit card debt, measured by credit utilization. Having high

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Calculating FICO Credit Scores

Calculating FICO Credit Scores Credit ratings vary from scoring model to scoring model, but in general the FICO scoring system is the standard in the U.S., Canada and other global areas.   The factors are similar and may include:   Payment History (35% contribution on the FICO scale) – A record of negative information can

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Building Credit

Secured Loans – Go to any bank or credit union, preferably the bank you already have a checking and/or savings account with. Banks operate differently. The most common secured loan is you (the borrower); giving the bank, (the lender); money, or the title to one of your assets (vehicle, equity or claim to your possessions

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