Comments on: What’s A Good Credit Score?

By: Leonor

Leonor — Thu, 17 Nov 2011 01:20:26 +0000

I see so many credit score tv commercials on many channels. And each time I see a new one, it seems to get more and more elaborate. Business must be booming for companies that provide various services related to credit scores or credit consolidation. I would like to see an Easy button that you can press to reset all of your credit. I guess that is what consolidation or bankruptcy is for, but both are a lengthy process.

By: David

David — Wed, 16 Nov 2011 23:05:26 +0000

Thank you for explaining what a good credit score is or a credit score at all. I am just now twenty one and don’t really have any credit to speak of so what is the best way to build credit? I was told that I need to get a credit card but frankly they scare me because I have seen so many people in my family fall to credit card debt that they can’t get out of, do you have any better advice? Your article was a very informative one and even for someone who is new to the game I understood it, thank you for making it so simple.

By: Thurman

Thurman — Wed, 16 Nov 2011 00:05:27 +0000

The opinion of a good credit score changes every day so how are you supposed to know if you have a good score or not? I think if you haven’t missed any payments or paid anything late then your credit score should be fine, if you have credit cards that you pay off every month then your credit score is probably great because that is one way to build you credit up. The information you have provided in your blog is very educational and you have made some really good points to follow as you build your credit as a young person. As my son is getting ready to start his life as an adult I have book marked this page to show him later so he is fully aware of what takes place. Your expert advice will help him a great deal.

By: Thu

Thu — Tue, 15 Nov 2011 23:05:27 +0000

I was told that having a debt on the Banking system check systems is one of the worse types of debts you can have, not only for your credit rating, but also because it hinders you, as it has for me, from opening any bank accounts, even if you try to open an account with another bank unaffiliated with the bank you owe a debt to. I am feeling the burden of a relatively small debt I have from a checking account in which I over drafted many years ago and never paid the debt. I haven’t had an account since. I ve been using a family checking account just until I get around to paying my small debt.

By: Stan

Stan — Sun, 13 Nov 2011 17:05:27 +0000

What the article didn’t touch on was where does the fair Isaac Corporation originate from? What are its origins? Maybe they simply a corporation fortunate enough to land a government contract and thus, the seal of approval – the ringing endorsement from the Federal Trade Commission. If so, is that what distinguishes them from Equifax and / or other credit rating agencies? I know knowing won’t help mine or anyone else’s credit rating, but it sure would be nice to know. Where it may help though, could be in terms of overall awareness which could help those of us, like myself, who got a bad stain on the credit rating from a gym membership, before the class action lawsuit which changed the legislation which enabled gyms to coerce people into long term contracts. The laws no longer give gyms that sort of power, but that hasn’t changed the stain on my credit rating. And I want to know if it will help my case if I were to write to FICO directly.

By: Gloria

Gloria — Sat, 12 Nov 2011 18:05:27 +0000

With the holiday shopping season right around the corner, it has got to be agonizing for those persons who are feeling the financial pinch of the recession and the stagnating job market. Those who are in major debt must feel like they are drowning. I was struggling for the past few years as a freelance designer until recently when things somehow picked up for me despite the economy. I am shocked, however, to see my brother struggling financially. He’s been out of a job and his export business is barely keeping him afloat. That has never happened to my brother. He has been the model for responsibility and stability throughout my life. I never thought I would see the day when I would be the one earning a steady income and him falling behind on his mortgage and most recently, a credit card payment. He had to notify me by email that some funds I deposited into the family business checking account are now on hold because he is waiting for a check to come in to defray the cost of one of his transactions. Well, I can’t complain. At least he is expecting a check and not having to file for bankruptcy. Good luck to all of you this holiday season.

By: 2fiverrGigs

2fiverrGigs — Sat, 12 Nov 2011 09:35:28 +0000

Your credit score will typically fluctuate according to your financial transactions. Your FICO (credit) score is made up of the following:-

your credit score will typically fluctuate according to your financial transactions. Your FICO (credit) score is made up of the following:-

- Your payment history = 35% (on time, late, etc.)

- The amount of outstanding debt you carry = 30% (revolving credit, such as credit cards, carry far more weight than instalment loans)

- The length of your credit history = 15% (this is generally based on the length of time since a credit account was opened…this is why it is generally not advisable to close old credit accounts that you no longer use, as this may have a detrimental effect on your credit score)

- Your NEW lines of credit = 10% (this will include the number of credit accounts you have recently opened, the number of credit enquiries you have recently made, how long since your last credit enquiry, and also the length of time since you last opened a credit account)

- The different types of credit you have = 10% (The more variety of “debt” you have, the better this is considered. i.e. it proves that you have the ability to handle numerous forms of credit)

In effect your credit score can change from day to day, however, the 3 different credit reporting agency can each carry a completely different score for you (although they are all likely to be fairly comparable to each other).

So, yes Experian, Equifax and TransUnion will know exactly when to change your credit score based on the above criteria.

By: 2FiverrGigs

2FiverrGigs — Sat, 12 Nov 2011 09:35:28 +0000

Your credit score will typically fluctuate according to your financial transactions. Your FICO (credit) score is made up of the following:-

- Your payment history = 35% (on time, late, etc.)

- The amount of outstanding debt you carry = 30% (revolving credit, such as credit cards, carry far more weight than instalment loans)

- The different types of credit you have = 10% (The more variety of “debt” you have, the better this is considered. i.e. it proves that you have the ability to handle numerous forms of credit)

So, yes Experian, Equifax and TransUnion will know exactly when to change your credit score based on the above criteria.

By: Sandra

Sandra — Sat, 12 Nov 2011 01:05:30 +0000

Steven, in response to your comment about raising your credit score, my husband and I found that the best way to do that was sign up for some low balance credit cards and you take the money you were going to use to buy groceries and put it away charge just that amount on the credit card then at the end of the month pay the credit card off with the money you set back. I realize that this takes discipline because you can’t go out and spend the money you set back but if you are serious about building your credit score it should prove easier than you think.

By: Steven Paris

Steven Paris — Wed, 09 Nov 2011 05:50:36 +0000

I wasn’t aware that you could increase your credit score. This is definitely an area that I need to become more knowledgeable about. I know I have a low credit score and it is stopping me from being able to move ahead in various financial aspects, so I have to get this sorted out quick smart.

Thanks for the enlightening and interesting article. I stumbled on this just at the right time.