tag:blogger.com,1999:blog-14162253.post3004100495854510204..comments2024-03-27T08:39:28.807-06:00Comments on Wash Park Prophet: Chasing A Higher FICO ScoreAndrew Oh-Willekehttp://www.blogger.com/profile/02537151821869153861noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-14162253.post-11003217762955506992008-11-24T21:56:00.000-07:002008-11-24T21:56:00.000-07:00I will start it with an example as in you may be o...I will start it with an example as in you may be out of school, but that doesn’t mean you’re free from report cards. In fact, if you want to buy a house, or any other big-ticket item, a lender will look up your “grade” as soon as you come knocking. That grade is your credit score.<BR/>There are many varieties of credit scores available to lenders. But the most widely used for large loans are <A HREF="http://www.creditmagic.org/knowledgebank/credit-scoring.html" REL="nofollow">Credit Scores</A>, which are based on a scoring system developed by Fair, Isaac & Co. Following are five things you can do to boost your creditworthiness, plus more information on obtaining your personal score.<BR/>1.) Review your reports from all three credit bureaus for accuracy once a year as well as several months before applying for a loan.<BR/>2.) Paying your bills on time is always a good practice, and it’s especially critical that you make prompt payments close to the time you need a loan.<BR/>3.) A heavily weighted factor in your FICO score is how much money you owe on your credit cards relative to your total credit limit. Generally, it’s good to keep your balances at or below 25 percent of your credit card limit<BR/>4.) Pay off debt rather than moving it around i.e. since the ratio of your credit card balance to your credit limit is key, closing out an account and transferring the balance simply means you increase that ratio, which is likely to lower your score.<BR/>5.) Don’t close unused credit card accounts near loan time.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14162253.post-33198389952420175342008-01-28T16:27:00.000-07:002008-01-28T16:27:00.000-07:00Thanks for Reading!One thing of clarity: the Big 3...Thanks for Reading!<BR/>One thing of clarity: the Big 3 reporting agencies will provide you their proprietary credit scores from their own formulae, not the FICO score unless you specifically request it.<BR/><BR/>You might have better luck at www.MyFICO.com for a copy of your FICO score.<BR/><BR/>Good going on the annual credit report! Everyone should!David Migoya -- Denver Posthttps://www.blogger.com/profile/08706293446885625049noreply@blogger.comtag:blogger.com,1999:blog-14162253.post-76966164354209571802008-01-23T14:01:00.000-07:002008-01-23T14:01:00.000-07:00Not only should you hold onto your extra credit ca...Not only should you hold onto your extra credit card, you should use it every two or three months, so that it continues to be classified as an active line of credit that is largely unused. I agree this is counter-intuitive, although there may be some wisdom to it (available unused credit is a nice thing to have if you hit a bump in the road and people rarely increase your credit limits when you are in financial trouble).<BR/><BR/>Some worry about the economy is justified. I think we're in for a recession, although I don't think it will be terribly long or terribly deep.Andrew Oh-Willekehttps://www.blogger.com/profile/02537151821869153861noreply@blogger.comtag:blogger.com,1999:blog-14162253.post-3202170323584150092008-01-23T13:04:00.000-07:002008-01-23T13:04:00.000-07:00I had always thought that, although it's good to h...I had always thought that, although it's good to have available credit, it's not good to have too much, so your observation about use-to-limit ratio is surprising.<BR/><BR/>I have two credit cards that I regularly use. I also have a card I never use, but that I haven't closed, in part because it has the oldest "member since" date on it. You're saying that I may as well hang onto it?<BR/><BR/>With home prices stagnating and the stock market practically in free fall, I'm actually worried about the economy, which is kind of a first for me.Anonymousnoreply@blogger.com