Comments on: The FICO Battle: Ten Common Tactical Mistakes When Dealing With The Credit Score Blues http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/ Simple, applicable personal finance advice for the modern world Fri, 10 Feb 2012 11:47:21 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Jones http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-915774 Jones Fri, 25 Jun 2010 06:34:39 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-915774 Thanks man for sharing this important stuff with us. Keep rocking. Thanks man for sharing this important stuff with us. Keep rocking.

]]> By: Brantley Oakey http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-438359 Brantley Oakey Sun, 14 Dec 2008 09:03:43 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-438359 Good Post. Another mistake is doing nothing about your credit when it's bad. So many people just think it will go away or that it cannot be repaired. Not true. Thanks for the post. Good Post. Another mistake is doing nothing about your credit when it’s bad. So many people just think it will go away or that it cannot be repaired. Not true. Thanks for the post.

]]> By: Valeria | TimelessLessons http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-413726 Valeria | TimelessLessons Mon, 10 Nov 2008 12:58:07 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-413726 It is unfortunate to see people try to rebuild their credit score and commit these mistakes as they think it will help. Thank you for the reminders. It is unfortunate to see people try to rebuild their credit score and commit these mistakes as they think it will help. Thank you for the reminders.

]]> By: Mark http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-336580 Mark Thu, 24 Jul 2008 20:05:39 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-336580 I currently have two credit cards from stores and one from AMEX (3 total). One of the store credit cards has a $4,000 limit but has very little use to me. Is keeping a $0 balance on this card more beneficial to alleviating the 30% debt ratio than canceling it to help the 10% obtained credit portion of determining my FICO score? Also, I was thinking of getting a fourth credit card from Chase, but I'm worried it will hurt my FICO score since I recently applied for and received my AMEX card. Is getting the Chase card a bad idea? I currently have two credit cards from stores and one from AMEX (3 total). One of the store credit cards has a $4,000 limit but has very little use to me. Is keeping a $0 balance on this card more beneficial to alleviating the 30% debt ratio than canceling it to help the 10% obtained credit portion of determining my FICO score?

Also, I was thinking of getting a fourth credit card from Chase, but I’m worried it will hurt my FICO score since I recently applied for and received my AMEX card. Is getting the Chase card a bad idea?

]]> By: Logan http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-334295 Logan Tue, 22 Jul 2008 14:23:04 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-334295 Kim - TransUnion and Experian still use the FICO scoring algorithm, they just have additional (proprietary) calculations that factor into their individual scores, so the advice in this article still holds true. It might be not as exact, but avoiding those mistakes will still improve all 3 of your scores. Kim – TransUnion and Experian still use the FICO scoring algorithm, they just have additional (proprietary) calculations that factor into their individual scores, so the advice in this article still holds true. It might be not as exact, but avoiding those mistakes will still improve all 3 of your scores.

]]> By: Kim http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-305891 Kim Tue, 17 Jun 2008 18:51:02 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-305891 It is true that Equifax is the only one that actually uses the actual Fair Isaac Score. you can go to myfico.com to get your three scores, but only Equifax is an actual FICO. the other two are proprietary formulas. It is true that Equifax is the only one that actually uses the actual Fair Isaac Score. you can go to myfico.com to get your three scores, but only Equifax is an actual FICO. the other two are proprietary formulas.

]]> By: Kim http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-305890 Kim Tue, 17 Jun 2008 18:46:42 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-305890 We just did ch 7 bankruptcy and our credit scores went up. Plus, we had enough positive accounts with no balances that helped as well. We were able to rent an apartment with no extra deposit (a nice one at that), get utilities with no deposits, get a car from a reputable dealer without being gouged for interest, and are getting decent credit card offers (which we do not take) pouring in. The truth of the matter is that how much you suffer post bankruptcy has much to do with the state of your credit BEFORE the act. If you have paid off several cars, have plenty of empty credit cards in good standing, have never had a repo, etc... it doesn't hurt as much as you might think. At this point, our issue would be buying a house. We aren't interested in that right now though. But as soon as we save our 20%, I am sure that there will be a reputable mortgage company willing to come to the table. Especially since we owned before and never had a late pay. As I said, your experience after BK depends much on your pre-BK credit. We just did ch 7 bankruptcy and our credit scores went up. Plus, we had enough positive accounts with no balances that helped as well. We were able to rent an apartment with no extra deposit (a nice one at that), get utilities with no deposits, get a car from a reputable dealer without being gouged for interest, and are getting decent credit card offers (which we do not take) pouring in. The truth of the matter is that how much you suffer post bankruptcy has much to do with the state of your credit BEFORE the act. If you have paid off several cars, have plenty of empty credit cards in good standing, have never had a repo, etc… it doesn’t hurt as much as you might think. At this point, our issue would be buying a house. We aren’t interested in that right now though. But as soon as we save our 20%, I am sure that there will be a reputable mortgage company willing to come to the table. Especially since we owned before and never had a late pay. As I said, your experience after BK depends much on your pre-BK credit.

]]> By: Jake http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-296195 Jake Thu, 05 Jun 2008 20:00:23 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-296195 Equifax gives your FICO score, but not from all 3 bureaus just from Equifax. As far as I know the only place you can get your FICO from each of the big 3 is from myfico.com. Equifax just released a free trial of their credit watch gold product that features a free 30 day trial (FICO included) that is worth checking out. Equifax gives your FICO score, but not from all 3 bureaus just from Equifax. As far as I know the only place you can get your FICO from each of the big 3 is from myfico.com. Equifax just released a free trial of their credit watch gold product that features a free 30 day trial (FICO included) that is worth checking out.

]]> By: troy http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-291303 troy Sat, 31 May 2008 02:41:12 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-291303 I go along with the Dave Ramsey credit score view, in that those that have their finances together shouldn't care about their credit score unless that score is needed to EARN INCOME. For most people, that is not the case, therefore quit worring about your score, and the components that make it up,and focus on the components that make up you wallet and it's contents. In fact, Trent, I know you are actively trying to get out of debt which is wise and you also know a credit score is an indicator only of debt management, not income, or assets, or frugality, or any type of financial competence. Remember, a credit score has rarely made anyone rich because it is virtually impossible to borrow your way to wealth. Love your site,though, and your tenacity toward your financial future. cheers I go along with the Dave Ramsey credit score view, in that those that have their finances together shouldn’t care about their credit score unless that score is needed to EARN INCOME.

For most people, that is not the case, therefore quit worring about your score, and the components that make it up,and focus on the components that make up you wallet and it’s contents.

In fact, Trent, I know you are actively trying to get out of debt which is wise and you also know a credit score is an indicator only of debt management, not income, or assets, or frugality, or any type of financial competence.

Remember, a credit score has rarely made anyone rich because it is virtually impossible to borrow your way to wealth.

Love your site,though, and your tenacity toward your financial future. cheers

]]> By: citi http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-266011 citi Mon, 05 May 2008 02:26:47 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-266011 comment#13 in Canada we use the same system but a bankruptcy goes away after 7 and i also recommend doing customer proposals as they only stay on for 6 years... also if going bankrupt i advise paying of one lender in full as they will do business with you in the near future ... reference that you payed them off in full comment#13
in Canada we use the same system but a bankruptcy goes away after 7 and i also recommend doing customer proposals as they only stay on for 6 years… also if going bankrupt i advise paying of one lender in full as they will do business with you in the near future … reference that you payed them off in full

]]> By: patti http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-261714 patti Fri, 02 May 2008 16:20:42 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-261714 seems like #1 and #3 are contradictory. I have several old cards, 20+ years with no balance...most never even used at all. When I purhcased my home, these cards went against me, as in #3. However, #1 says not to cancel your older cards. Which one is it? seems like #1 and #3 are contradictory. I have several old cards, 20+ years with no balance…most never even used at all. When I purhcased my home, these cards went against me, as in #3. However, #1 says not to cancel your older cards. Which one is it?

]]> By: Kai http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-142083 Kai Thu, 27 Dec 2007 00:22:47 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-142083 I have recently applied for a credit card and would like to cancel it in 1~2 month. Would that be bad for the credit score? Thanks! I have recently applied for a credit card and would like to cancel it in 1~2 month. Would that be bad for the credit score? Thanks!

]]> By: SWG Credits http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-136510 SWG Credits Thu, 20 Dec 2007 13:33:35 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-136510 #11 Avoid Credit. I don't see why people need to live outside their means. #11 Avoid Credit.

I don’t see why people need to live outside their means.

]]> By: Jeremy http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-130893 Jeremy Wed, 12 Dec 2007 17:52:18 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-130893 People also need to check their credit score from multiple sources. I think only the Fico site gives out the Fico score. I think all of the agency sites give out their own branded score which can differ greatly from the Fico. People also need to check their credit score from multiple sources. I think only the Fico site gives out the Fico score. I think all of the agency sites give out their own branded score which can differ greatly from the Fico.

]]> By: Nicola http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-89662 Nicola Fri, 19 Oct 2007 17:22:56 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-89662 I have a line of credit with Empire today for $3500. I have never used their credit and I really don't plan in using it in the future. Should I keep the line of credit open? Please let me know. Thanks I have a line of credit with Empire today for $3500. I have never used their credit and I really don’t plan in using it in the future. Should I keep the line of credit open? Please let me know.

Thanks

]]> By: Technical Related Notes » Blog Archive » links for 2007-05-14 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-58789 Technical Related Notes » Blog Archive » links for 2007-05-14 Sat, 18 Aug 2007 17:03:55 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-58789 [...] The Simple Dollar » The FICO Battle: Ten Common Tactical Mistakes When Dealing With The Credit Scor... (tags: finance) [...] [...] The Simple Dollar » The FICO Battle: Ten Common Tactical Mistakes When Dealing With The Credit Scor… (tags: finance) [...]

]]> By: Matt http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-34888 Matt Thu, 14 Jun 2007 16:09:20 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-34888 For Canadians, equifax.ca will send you your score for free via mail For Canadians, equifax.ca will send you your score for free via mail

]]> By: Matt http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-27628 Matt Mon, 21 May 2007 18:05:36 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-27628 briana - I agree with you. I am considering obtaining a lower interest personal loan to immediately pay off some lingering revolving debt, and then turning around and applying for a mortgage as a first time homebuyer. On the surface it 'feels' as if have $0 revolving debt will be cleaner... but I am worried that having the installment debt will actually adversely effect my credit score. The problem is that I am getting conflicting recommendations on that very point. Does anyone have any solid advice on this? briana – I agree with you. I am considering obtaining a lower interest personal loan to immediately pay off some lingering revolving debt, and then turning around and applying for a mortgage as a first time homebuyer. On the surface it ‘feels’ as if have $0 revolving debt will be cleaner… but I am worried that having the installment debt will actually adversely effect my credit score. The problem is that I am getting conflicting recommendations on that very point. Does anyone have any solid advice on this?

]]> By: briana http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-25391 briana Mon, 14 May 2007 02:32:20 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-25391 It's very confusing when you try to fix your credit score. I went to my credit union recently to try to get a lower-interest loan to consolidate my remaining credit card debt, and they would only arrange it if I canceled my two oldest credit cards with the best payment history (as these are also the ones with the highest limit) OR asked for a credit limit reduction on both of them and canceled my newer cards. When I mentioned my concerns about closing out these accounts, they told me it wouldn't hurt my credit score, because we would still have some credit activity with the loan, our mortgage and so on ... but I'm not so sure. I'm also confused about what to do about paid-off financing from an electronics store (I bought a computer on store credit a while back). I'm not sure how this type of loan is looked at, and if it's better to leave the line of credit open (even though I'm not using it) or whether I should close it. It seems like there's a lot of conflicting information about the things that can affect your FICO score ... while everyone agrees you should pay your bills on time, it's not as clear what to do about old unwanted accounts. As someone else found, we also discovered that using a mortgage broker had a negative effect on the score as well, because there were so many inquiries from lending agencies in such a short time period. I don't think it was a big dip, but we had no idea that would happen ahead of time. It’s very confusing when you try to fix your credit score. I went to my credit union recently to try to get a lower-interest loan to consolidate my remaining credit card debt, and they would only arrange it if I canceled my two oldest credit cards with the best payment history (as these are also the ones with the highest limit) OR asked for a credit limit reduction on both of them and canceled my newer cards. When I mentioned my concerns about closing out these accounts, they told me it wouldn’t hurt my credit score, because we would still have some credit activity with the loan, our mortgage and so on … but I’m not so sure.

I’m also confused about what to do about paid-off financing from an electronics store (I bought a computer on store credit a while back). I’m not sure how this type of loan is looked at, and if it’s better to leave the line of credit open (even though I’m not using it) or whether I should close it.

It seems like there’s a lot of conflicting information about the things that can affect your FICO score … while everyone agrees you should pay your bills on time, it’s not as clear what to do about old unwanted accounts. As someone else found, we also discovered that using a mortgage broker had a negative effect on the score as well, because there were so many inquiries from lending agencies in such a short time period. I don’t think it was a big dip, but we had no idea that would happen ahead of time.

]]> By: Mola Sadra » Blog Archive » Great Links in Finance http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/comment-page-1/#comment-24974 Mola Sadra » Blog Archive » Great Links in Finance Sat, 12 May 2007 13:47:58 +0000 http://www.thesimpledollar.com/2007/01/22/the-fico-battle-ten-common-tactical-mistakes-when-dealing-with-the-credit-score-blues/#comment-24974 [...] 3. 10 big mistakes people make when trying to improve their credit score [...] [...] 3. 10 big mistakes people make when trying to improve their credit score [...]

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