Term: FICO
21 found

How Many FICO Scores Are There?

By Steven Shaw on 4/21/2015

How Many FICO Scores Are There?

There are hundreds of algorithms companies use to score consumers, and even the most common credit scoring company has dozens of models. Fair Isaac Corp., more commonly known as FICO, has about 50 scores (a 2012 report from the Consumer Financial Protection Bureau puts that number at 49).

credit score
FICO
FICO credit score
FICO Score

New FICO Score Factors in Utilities & How Often You Move

By Steven Shaw on 4/8/2015

New FICO Score Factors in Utilities & How Often You Move

FICO, creator of some of the most widely used credit scores in the U.S., will reportedly announce a new scoring formula designed to help high-risk consumers access credit, the Wall Street Journal reported Wednesday. The model will incorporate consumers’ payment history on things like utility, cellphone and cable bills, in addition to how often a consumer changes addresses.

alternative credit
alternative data
FICO
FICO credit score
FICO Score
Utility Bills

Help! My Credit Score Disappeared

By Steven Shaw on 11/5/2014

Help! My Credit Score Disappeared

 Have you lived overseas for a few years? Gotten married and gotten by on your spouse’s credit accounts? Have you cut up your credit cards and just paid with cash or your debit card for a good number of years?

If this is you, your credit record may have gone “poof!” and your credit score may have disappeared. Here’s how.

credit score
FICO
FICO credit score
FICO Score
VantageScore
VantageScore 3.0
VantageScore credit score

Are Credit Scores Just a Scam?

By Steven Shaw on 10/2/2014

credit scores scam

It sounds like something straight out of the conspiracy theorist’s playbook: a secret system that enslaves average citizens who don’t even know what’s really happening.

credit score
credit scores
FICO
FICO credit score
FICO Score

How Much Will One Late Payment Hurt Your Credit Scores?

By Steven Shaw on 8/22/2014

How Much Will One Late Payment Hurt Your Credit Scores?

You open your credit card statement and discover you forgot to make last month’s payment. Or you get a call from a collection agency about a medical bill you didn’t realize hadn’t been paid. Or you check your credit reports and discover a late payment is marring your otherwise perfect payment history.

credit score
credit scores
FICO
FICO credit score
FICO Score

Why You Shouldn’t Get Too Excited About the New FICO Score… Yet

By Steven Shaw on 8/18/2014

Why You Shouldn't Get Too Excited About the New FICO Score... Yet

For consumers with collection accounts on their credit reports, FICO Score 9 — the new version of FICO scores that will be available to lenders in the fall of 2014 — can’t come fast enough.

FICO
FICO credit score
FICO Score

The New FICO Score: Better for Debtors?

By Steven Shaw on 8/10/2014

new FICO Score 9

If you’ve ever had a debt collector call you, Thursday’s announcement from credit scoring company FICO may be good news for you.

FICO just released the newest edition of its general credit scoring model, FICO Score 9. The big changes come in the area of debt collection: The score will not include paid collection accounts, and it differentiates medical collection accounts from non-medical debt.

credit score
FICO
FICO credit score
FICO Score

Why Isn’t Income Part of My Credit Score?

By Steven Shaw on 5/5/2014

Why Isn't Income Part of My Credit Score?  

After a series of financial setbacks, Eddie’s income is on the upswing. But that doesn’t seem to be helping his credit scores one bit. He wrote in an email asking why it didn’t:

I bring home $650 a month MORE than when I worked, and my monthly outlay is $700 less, so I have $1,350 more disposable income every month than I had when I had all that debt. Yet I can’t get a freakin’ credit card?

Why doesn’t income affect your credit scores?

credit score
credit scores
FICO
FICO credit score
Income

Can You Live Without a Credit Score?

By Steven Shaw on 3/7/2014
living without credit

Let’s get straight to the point — of course you can live without a credit score. Many people make the lifestyle choice to engage with society without using credit. It’s sort of like choosing to be a vegetarian. Do you need to eat meat to be healthy? Nope. Some people would really rather not eat meat, even though it may make eating out at a restaurant or meal planning less complicated. Just as some people oppose eating meat on moral grounds, some people prefer to live without credit, and that’s fine.

credit score
credit scores
FICO
FICO credit score

A Roadmap to Better Credit Scores

By Steven Shaw on 2/5/2014

Reason Codes: The Roadmap to Better Credit Scores 

I’m often asked about the best ways to improve a consumer’s credit scores. Is it by paying bills on time or is it better to pay off credit card debt? Or, is it by avoiding any new, unnecessary credit?  The answer, of course, is that all of those factors are important to achieving and maintaining a good credit score.  But, apart from the basics, how to improve a credit score is going to vary from consumer to consumer. There is no single universal path from your current credit score to a high credit score because few consumers’ credit reports are identical. There is, however, a tool that will best identify your path: the reason code.

Better Credit
Credit Card Debt
credit score
credit scores
FICO
FICO credit score
VantageScore credit score