Archive for December 31st, 2011
Understand & Improve Your FICO Score
creditrepairnow.net Usually when people are talking about credit scores they are referring to the FICO score. FICO is an abbreviation for Fair Isaac Corporation. They created a formula to determine the credit score of individuals. Payment history makes up the majority of your FICO score, while the amount of new credit and the types of credit you use make up the remainder. Understanding your FICO score is an important step in improving your credit because, unless you know what impacts your score, you cannot know how to change it. Unfortunately, there really is no quick fix to improving your credit score. If someone offers you a quick fix solution that sounds too good to be true — it most probably is. The best way to improve your credit score is to work on it day after day, month after month, payment after payment. One of the best ways to improve your FICO score is to pay all your bills on time and not have any kind of impending collections or over-due payments. Any missed payments should be paid as soon as possible to keep your FICO score high. Unfortunately, missed payments may remain in your FICO score for up to seven years. If you think that you cannot make your payment schedule, you should seek help from credit counsellors. Here are a few strategies you may want to consider (view the full list): 1) In the long-term you can improve your FICO score by opening new credit accounts. If you pay them off on time, it shows that you can be relied on and that any past missed …
Fernando Quintania