Tag Archives: FICO

Closing unused credit cards lowers FICO: Correcting the Wall Street Journal

Closing unused credit cards lowers FICO: Correcting the Wall Street Journal I was once shocked to read in The Wall Street Journal’s column of July 10, 2011 a statement that was clearly wrong regarding unused credit cards.  I wrote an e-mail to columnist Tom Lauricella regarding his column entitled: “Mortgage Rates are Great if You

FICO Needs Credit Limit Reported!

 FICO needs credit limit reported! If your credit card does not have a set limit to report on each statement submitted to the credit reporting agencies you have a potential problem.  FICO needs a credit limit reported!  FICO’s computers will otherwise assume that the highest balance you ever had represents your limit. Call and ask

Cash only policy=Low FICO score

Cash Only Policy=Low FICO Score The title of this essay may be a little bit misleading because a strict cash only policy would mean no FICO score for someone who never used credit.  Use credit or lose it.  People who abide by a cash only policy are usually very proud.  They think they are beating

FICO needs at least 3 lines of credit

  FICO Needs at Least 3 Lines of Credit Starting a credit score is relatively easy.  In order for the FICO credit scoring system to know you exist and open a file on you there must be an account open for at least 6 months with some activity during that time.  There is more than

30 days late can equal 100 off FICO

  30 Days Late Can Equal 100 off FICO 30 days late can result in 100 points dropping off your FICO.  Why is the penalty so severe for one slip up?  That one late payment screams trouble to the computer.  You either can’t keep your promise of payment or it was not important enough to