Comments on: FICO to Update Credit Scores in 2009 http://credit101.wordpress.com/2008/12/22/fico-to-update-credit-scores-in-2009/ Our goal is to educate people on credit and debt topics. Wed, 30 Sep 2009 13:48:37 +0000 http://wordpress.com/ hourly 1 By: Credit cards for people with poor credit http://credit101.wordpress.com/2008/12/22/fico-to-update-credit-scores-in-2009/#comment-673 Credit cards for people with poor credit Mon, 07 Sep 2009 03:14:48 +0000 http://credit101.wordpress.com/?p=84#comment-673 It is really dificult to get a credit card if you have poor credit. However, it is not imposible. You just need to plan very well what todo and look for help if needed. It is really dificult to get a credit card if you have poor credit. However, it is not imposible. You just need to plan very well what todo and look for help if needed.

]]> By: Robert Davis http://credit101.wordpress.com/2008/12/22/fico-to-update-credit-scores-in-2009/#comment-425 Robert Davis Thu, 04 Jun 2009 15:21:32 +0000 http://credit101.wordpress.com/?p=84#comment-425 This was a great help to me so thanks for the advice! This was a great help to me so thanks for the advice!

]]> By: Vickie Willams http://credit101.wordpress.com/2008/12/22/fico-to-update-credit-scores-in-2009/#comment-349 Vickie Willams Sun, 26 Apr 2009 14:59:58 +0000 http://credit101.wordpress.com/?p=84#comment-349 In my opinion, the FICO scores overall are not fair. The poor range for example is from 330-620 and fair is 620-660 which is a small range and good is from 660-720 even smaller range. My question would be why is the poor range so wide? I feel the ranges should be spread out a little more evenly for example, poor: 330-550 fair: 550-650 good 650-750 and so on. In my opinion, the FICO scores overall are not fair. The poor range for example is from 330-620 and fair is 620-660 which is a small range and good is from 660-720 even smaller range. My question would be why is the poor range so wide? I feel the ranges should be spread out a little more evenly for example, poor: 330-550 fair: 550-650 good 650-750 and so on.

]]> By: Sharon Marthers http://credit101.wordpress.com/2008/12/22/fico-to-update-credit-scores-in-2009/#comment-279 Sharon Marthers Mon, 16 Mar 2009 08:34:27 +0000 http://credit101.wordpress.com/?p=84#comment-279 These are excellent tips! Taking such measures are crucial in these times. As per the recent statistics anyone having a credit score of above 700 would be considered more worthy of credit but if it were less, then the credit report would reflect a trend towards high risk. A score of 350 is regarded as extremely high risk and that of 850 is regarded as extremely low risk. Agencies calculate the FICO score based on 5 areas namely,types of credit used,current level of indebtedness, payment history, length of credit history, and new credit. Nice post indeed! These are excellent tips! Taking such measures are crucial in these times. As per the recent statistics anyone having a credit score of above 700 would be considered more worthy of credit but if it were less, then the credit report would reflect a trend towards high risk. A score of 350 is regarded as extremely high risk and that of 850 is regarded as extremely low risk. Agencies calculate the FICO score based on 5 areas namely,types of credit used,current level of indebtedness, payment history, length of credit history, and new credit. Nice post indeed!

]]> By: Judi L http://credit101.wordpress.com/2008/12/22/fico-to-update-credit-scores-in-2009/#comment-129 Judi L Tue, 13 Jan 2009 20:17:59 +0000 http://credit101.wordpress.com/?p=84#comment-129 Here's an interesting article you may find useful: http://anewhorizonorg.blogspot.com/ Here’s an interesting article you may find useful:
http://anewhorizonorg.blogspot.com/

]]> By: Credit Card Companies Continue Closing Accounts « Credit Cards, Credit Reports, and Debt Topics http://credit101.wordpress.com/2008/12/22/fico-to-update-credit-scores-in-2009/#comment-113 Credit Card Companies Continue Closing Accounts « Credit Cards, Credit Reports, and Debt Topics Thu, 08 Jan 2009 13:44:28 +0000 http://credit101.wordpress.com/?p=84#comment-113 [...] January 8, 2009 Credit Card Companies Continue Closing Accounts Posted by mmarquit under Credit Cards, Money Tips, News, personal finance   The latest buzz right now in the world of personal finance is that credit card companies are closing accounts — without notice. The way card agreements are written, this is perfectly legal. However, it can have negative consequences when it comes to your FICO score (even with the new scoring formula). [...] [...] January 8, 2009 Credit Card Companies Continue Closing Accounts Posted by mmarquit under Credit Cards, Money Tips, News, personal finance   The latest buzz right now in the world of personal finance is that credit card companies are closing accounts — without notice. The way card agreements are written, this is perfectly legal. However, it can have negative consequences when it comes to your FICO score (even with the new scoring formula). [...]

]]> By: Mortgage Rates May Be Low, But That Doesn't Mean You'll Be Approved - Mortgage Rate News http://credit101.wordpress.com/2008/12/22/fico-to-update-credit-scores-in-2009/#comment-108 Mortgage Rates May Be Low, But That Doesn't Mean You'll Be Approved - Mortgage Rate News Mon, 05 Jan 2009 16:03:54 +0000 http://credit101.wordpress.com/?p=84#comment-108 [...] issue is credit score. You may be approved for a home mortgage loan or for refinancing, but you will not get the best [...] [...] issue is credit score. You may be approved for a home mortgage loan or for refinancing, but you will not get the best [...]

]]> By: mmarquit http://credit101.wordpress.com/2008/12/22/fico-to-update-credit-scores-in-2009/#comment-89 mmarquit Wed, 24 Dec 2008 13:12:12 +0000 http://credit101.wordpress.com/?p=84#comment-89 @Sarah: That's really harsh. I think that's too bad that things had to happen that way. It is important to understand that sometimes it takes 30-60 days for something to appear on your credit report, depending on when it is reported by your creditors. Also, the three have their own systems of credit scoring, as well as the VantageScore, which they came up with to compete with FICO. Find out from your lenders what they use to get your credit score, and go to a local lender who might be able to work with you. @Jennifer: I agree that it is too bad that we've reached a point where we need a certain level of debt to do anything, from getting a job to getting a good insurance premium to renting an apartment. Those who eschew credit and debt have the hardest time of all. And that's too bad. @Sarah: That’s really harsh. I think that’s too bad that things had to happen that way. It is important to understand that sometimes it takes 30-60 days for something to appear on your credit report, depending on when it is reported by your creditors. Also, the three have their own systems of credit scoring, as well as the VantageScore, which they came up with to compete with FICO. Find out from your lenders what they use to get your credit score, and go to a local lender who might be able to work with you.

@Jennifer: I agree that it is too bad that we’ve reached a point where we need a certain level of debt to do anything, from getting a job to getting a good insurance premium to renting an apartment. Those who eschew credit and debt have the hardest time of all. And that’s too bad.

]]> By: Jennifer http://credit101.wordpress.com/2008/12/22/fico-to-update-credit-scores-in-2009/#comment-87 Jennifer Tue, 23 Dec 2008 16:32:03 +0000 http://credit101.wordpress.com/?p=84#comment-87 This will be good news for many, but what about those people who manage and have the fiscal responsiblity not to use credit cards? It is disturbing to me that those people who spend within their means score lower than those who spend on "credit." I guess the point is you need to have credit to score.... This will be good news for many, but what about those people who manage and have the fiscal responsiblity not to use credit cards? It is disturbing to me that those people who spend within their means score lower than those who spend on “credit.” I guess the point is you need to have credit to score….

]]> By: Sarah http://credit101.wordpress.com/2008/12/22/fico-to-update-credit-scores-in-2009/#comment-86 Sarah Tue, 23 Dec 2008 13:25:53 +0000 http://credit101.wordpress.com/?p=84#comment-86 My score just changed last night (12/22)...dropped almost 30 points with Equifax and Transunion, but went up almost 20 with Experian. I made sure that nothing had changed on my end, so it looks like they're implementing this early. Really screwed me over - I was going to apply for a mortgage today, but now I don't qualify. My score just changed last night (12/22)…dropped almost 30 points with Equifax and Transunion, but went up almost 20 with Experian. I made sure that nothing had changed on my end, so it looks like they’re implementing this early. Really screwed me over – I was going to apply for a mortgage today, but now I don’t qualify.

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