Are you thinking of applying for a loan in the future? If so, you might want to know that there are some upcoming changes in how FICO calculates credit scores. This is important to be aware of since FICO is one of the most widely used credit scoring methods. The new FICO® Score 9 will incorporate three major changes. Continue reading “Will Changes to FICO Scoring Affect your Credit Score?”
One of the things that I believe is that one of the best ways to learn how to do something well is to learn from someone who is already doing that thing very well. It’s a long established tradition. When we want to improve our golf game, we get lessons from a pro. When we want to make progress in our fitness levels, we can work with a personal trainer. When we want to create a new dinner, we can turn on the Food Network and, after salivating because of the absolutely amazing way that some of the dishes are prepared, find a new dish to put on your dinner table. This concept can be translated directly into the financial world and recently it has. This article from FICO talks about the habits of those with credit scores over 785, which places them in the top 25% of all credit scores. Continue reading “What We Can Learn From the Top 25% of Credit Scorers”
Some of the most frequently asked questions that I hear in my individual financial coaching sessions deal with credit scores. How can I improve my score? If I mess up, how badly is my score hurt? How long does it take for my score to improve once I get my act together and start having great financial habits? These are all very good and very relevant questions for many people. But one of my longer term goals in life is to have no use for a credit score and to not care one little bit what my credit score is. Continue reading “Why I Hate Credit Scores”
I’m sure you’re quite familiar with those uber-annoying commercials with that band peddling “free” credit scores. By now, most of us have caught onto the trick behind these offers; they’re only free if you cancel your membership during the trial period. If you don’t cancel, your credit card will be charged a big fat fee – typically $15 to $30 per month. Worse yet, some of these services will charge you for 3 months at once when you forget to cancel… ouch! Continue reading “The 2nd Biggest Problem With Free Credit Score Websites”
