2010 - Your FICO Score

Your FICO score is a numerical measure of your creditworthiness that ranges from 300 to 850. While there are a few different credit-scoring systems available, it's the FICO score, created by the Fair Isaac Corporation, that most lenders look at when they check your credit. FICO takes into consideration on five areas when calculating your score:

1. How much debt you have

2. Your payment history

3. Your debt utilization ratio (how much you owe in relation to your credit limits)

4. How far back your credit history goes

5. Your mix of various types of credit.

After the crash of the housing market and the recession banks are shying away from making risky loans and have raised their standards by 20 – 40 points. So in 2007 a credit score of 720 to 740 used to get you the best rates but today you need a score of 760 to receive the best rates. If you do not have a FICO score in the 760 + range, studies have shown that you can pay an extra $200,000 in interest in your lifetime if you take into account the interest premium you are paying on your student loans, auto loans, and home mortgages. If you don’t what to pay thousands of dollars of extra interest every year the first step if to find out what your FICO score is today. Here are two places we can recommend you find out what your score is:

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Now that you know your credit score, you will either want to keep it where it is now or work on improving it.

Five things to avoid damaging your credit score.

1. Don’t make late payments A single late payment on a credit card or other loan could ding your score by as much as 110 points if you already had a great score and 80 points for someone with an average score. So the best thing you can do to improve your score is make payments on time. You can arrange with most banks and credit card companies to auto-deduct a minimum payment from your bank account. This is a sure-fire way to avoid a late payment. If you do miss a payment, it's going to continue to appear on your credit report for about seven years. If you've made mistakes in the past, you can't change them, but you can outlive them. The longer it's been since you were late on a payment, the less of an impact it will have on your score, but your history does follow you. Payment history accounts for about 35% of your total score, it's really important to start paying on time.

2. Don’t carry a big balance Your debt utilization ratio accounts for almost 30% of your score. So carrying too much debt will not only cost you a fortune in interest, it can also destroy your credit rating. To keep your debt utilization ratio down you should only spend 10% of your credit limit, so if you have a credit card with a $5,000 limit you should not carry more than a $500 balance.

3. Don’t close your credit line Credit card rates and inactivity fees are going up to compensate for lost revenues due to the new rules enacted in 2010 so it might be tempting to just close your accounts, but closing a line of credit could impact your debt to utilization ratio, but the negative effect varies greatly depending on how many credit cards you have and what your limit is. Closing one card could have a very small impact if you have lots of other high-limit cards.

4. Don’t opening a new credit line People who open a new account tend to be a higher risk immediately after opening a new account because they usually immediately use the new account. In order to open a new account, a credit card company will need to check your credit, and a typical "hard" inquiry like this will lower your score by about five points, plus it will typically lower your score an additional five to fifteen points when the new account is opened. This is only a temporary reduction lasting about six months, so if you're in a stable financial situation, the score reduction could be worth it because in the long run you might be better off because you'll have more credit available, which helps your debt utilization ratio.

5. Don’t Default Defaulting on a loan is the single worst thing you can do for your credit. Unfortunately given the down economy, more people are damaging their credit scores through foreclosures, credit card charge offs and bankruptcies than ever before. A home foreclosure, for example, might dock about 200 points off your score and a short sale could cost you around 80 to 90 points. Declaring bankruptcy could lower your score by up to 250 points so if you have options you might want to keep this in mind. Most negative information stays on your report for seven years and bankruptcies can stay on for 10 years. Even though that is a long time, it is never too early to start working on repairing your credit.

Repairing your credit

The recession affected millions of Americans. If you were one of the unfortunate hard working individuals whose credit was damaged during the recession, here are some things you can do to repair your credit. Legal Credit Repair consists of removing the negative items on a credit report. There are a few different methods of going about this, the most common and effective are:

"Goodwill" Negotiation Negotiating directly with creditors and asking them to "please" remove negative items from your credit reports is a viable method of credit repair for mild late-pay accounts. There are no laws that require that negative items stay on your reports for any amount of time, and creditors have the ability to simply remove these items if they see that it could somehow work to their benefit, even if that simply means a pleased customer.

Credit Disputation The Fair Credit Reporting Act gives you the right to contact credit bureaus directly and dispute items on your credit reports. Just as in a court of law, you have the right to plead "not guilty" to negative information on your credit reports, and leave the burden of proof to the credit bureaus. You can dispute any and all items on your credit reports that you feel classify as inaccurate, unverifiable, or misleading. If the bureaus cannot verify that the information on your reports is indeed correct, then those items must be deleted.

Learn More about Repairing Your Credit Score.

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The Fair Credit Reporting Act gives you the right to have inaccurate, untimely, misleading, or unverified information deleted from your credit report!

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