By Liz Weston

ISBN-10: 0131856987

ISBN-13: 9780131856981

ISBN-10: 0132254581

ISBN-13: 9780132254588

ISBN-10: 0132271907

ISBN-13: 9780132271905

A superb credit may also help end wealthy! Liz Pulliam Weston provides stable, easy-to-understand suggestion approximately tips on how to enhance your credits quickly. learn this ebook and prosper.

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Read Online or Download Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future PDF

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Additional resources for Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future

Example text

2 percent of his score. 2 percent drop. John would suffer a 176-point drop, losing nearly 20 percent of his once-admirable score. Likewise, paying down debt, particularly credit cards and other revolving accounts like home equity lines of credit, tends to help everybody’s score. But the better your score, the more you may have to pay to boost your numbers. To increase his score by 10 points, John would need to pay down his $5,498 bankcard balance by $1,300. To achieve a similar 10-point improvement, Sally would need to reduce her $450 retail card balance by just $190.

Conclusion Given all the problems with credit scoring, it’s understandable that some people think the system is fatally flawed. Some of my readers tell me they’re so angry about scoring and the behavior of lenders in general that they’ve cut up their credit cards and are determined to live a credit-free life. The rest of us, though, live in a world where credit is all but a necessity. Few of us can pay cash for a home, and many need loans to buy cars. Credit can help launch a new business or pay for an education.

Scorecards allow the FICO formula to segment borrowers into one of 10 different groups, based on information in their credit reports. If the credit history shows only positive information, the model takes into account the following: • The number of accounts • The age of the accounts • The age of the youngest account CHAPTER 2 HOW CREDIT SCORING WORKS 23 If the history shows a serious delinquency, the model looks for these: • The presence of any public record, such as a bankruptcy or tax lien • The worst delinquency, if there’s more than one on the file After the model has this information, it decides which of the 10 scorecards to assign.

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Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future by Liz Weston


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