Why Do Different Credit Bureaus Have Different Credit Scores?

Credit score needed to buy a home

As if understanding the complex scoring model that generates our credit scores isn’t difficult enough, we then have to understand why, depending on the credit reporting agency, our credit score is different. As we discussed in a previous article, the three major credit reporting agencies, Equifax, Experian and TransUnion have different names for their credit […]

Published or Updated: April 4, 2013

Your Credit Score: When Good Enough Will Do

In life, some high numbers matter more than others. A higher SAT score may get you that scholarship or that coveted spot at your chosen university. A higher salary is very rarely a negative. And having ended the game with the highest number on the scoreboard makes your team the winner. Having a really high […]

Published or Updated: April 3, 2014

The History of the Credit Score

850 Credit Score

Credit scores became widely used in the 1980′s. Before the credit score was used, human judgment was the primary factor in deciding who received credit. Lenders relied on their past experience at observing consumer behavior as the basis for deciding which consumers warranted credit. This was not only a slow process, but also involved human […]

Published or Updated: April 20, 2013

Getting an Auto Loan? Check Your Credit Score First

Forgetting to check your credit report is one of the easiest and most costly mistakes you can make before shopping for a new auto loan or car refinance. Studies show that about 70 percent of consumer credit reports have errors on them. And when it comes to refinancing an auto loan, those errors can cost […]

Published or Updated: March 11, 2014

DIY Credit Help: The New Credit Score Standard Raises The Bar

Credit Karma

680 used to be the credit score consumers were told to aspire to. In this good credit range, a 680 was solid enough to access the great loan and mortgage rates, get you approval for most credit cards, and open up your financial options. With a 680, you could be confidant that you could borrow […]

Published or Updated: October 27, 2010

How Does Debt Consolidation Affect Your FICO Score?

In its most general definition, debt consolidation is when a company or individual takes out one larger debt in order to pay off several smaller ones. A company might do this if it took out several small loans to finance growth and now finds interest rates lower than they were for the original loans. Most […]

Published or Updated: April 5, 2013

How to Refinance a Car Loan Online in 5 Minutes Flat

Money Aisle

Photo: UggBoy UggGirl As I’ve written about many times, one of the best ways to save money is to refinance debt to a lower rate loan. When most people think of refinancing, the home mortgage is the first thing that comes to mind. But you can also refinance credit card debt by taking advantage of […]

Published or Updated: April 5, 2013

DIY Credit Help: What’s Holding Back My Credit Score?

Credit Karma

The question that pops up most often in the Credit Advice Center, Credit Karma’s forum for consumers to ask questions and post answers on credit-related topics, is, “How do I boost my credit score?” But a better question to ask first is, “What could be holding my credit score back?” You’ve probably heard cure-all advice […]

Published or Updated: June 6, 2013

9 Things You Won’t Find in Your FICO Credit Score

FICO Score Formula

Photo: LiewCF Although not the only credit score in use, the FICO score is the best-known and most widely used credit score in the United States.  Creditors use your FICO score (and other scores) to determine your eligibility for loans, credit cards and other types of credit.  Employers will often request your credit score to […]

Published or Updated: April 4, 2013