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FICO, the major credit scoring company in the US, recently made changes to the way they calculate credit scores. These changes might improve some people's credit scores, making it easier to obtain loans and lines of credit, an especially good thing for Americans still feeling the impact of the economic decline. Your FICO score is important because it comprises much of the credit report that lenders see when they evaluate you for a loan application. Generally, your score will fall between 300 and 850—the higher the number the better. Could the recent changes improve your credit? Read on to find…

Most of us know that our credit score can affect our ability to rent property and take out loans for cars, houses and education. However, did you know that your credit score can also affect your ability to get the job you want? Here are a few reasons that companies might look into the credit scores of potential employees, and what you can do to improve your score and land the job of your dreams. Applying to Work in Finance? If you are applying for a position where you will be handling finances or other confidential information for a company,…

Your credit score is a quantifying measure that tells creditors and lenders how likely you are to responsibly handle money lent to you. While scores can fall anywhere between 300 and 850, the higher the score is, the better for your finances. A low score can financially handcuff you and take away your ability to buy a house, a car, or rent an apartment. But fear not! A low score can be remedied: there are several ways to improve your score and open the doors poor credit has slammed shut. Read on for four services that will make your credit…

Whether you're a college student just wading into the financial waters or have just moved to this country and have no US-based credit history, you may be wondering if credit cards are a smart option for building and improving credit. The answer is more complicated than you might expect. Keep reading to find out how—and whether—credit cards can help you improve your credit score. Double-Edged Sword If you're like most Americans, you likely hold at least one—and possibly several—credit cards. Many people turn to credit cards to augment their purchasing power, which can be a good thing. But it can…

Understanding credit is one of the most important components of being financially responsible as an adult. There are three types of credit that can affect your credit score, and understanding what each one is and how each one works is very important. For a review of the 3 types of credit, as well as how they can help improve your credit score, read on. Installment Credit Installment credit accounts are one of the most basic forms of credit. Installment credit is any credit that is paid off over a period of time in the form of installments or small portions…

You're probably aware of your individual credit score, but did you know your business has a score too? Even if you, as an individual and business owner, have poor personal credit, there are methods to build and improve business credit scores separate from your own personal credit. Read on for some insight into what business credit is, how it works and how business credit scores can be improved. Manage Your Business Credit First off, you should determine whether you have a business credit file or not, especially for small businesses. If you don't already have a DUNS number through Dun…

Building credit is one of the first steps to becoming financially independent and fiscally responsible. Additionally, building credit and boosting your credit score will help you with future financial endeavors, such as being approved for an auto loan or a homeowner's loan. If you're looking for some ways to improve your credit score, read on for some tips for fixing bad credit. Understand the Difference Between Debit and Credit First and foremost, you need to understand the difference between debit and credit, and how that difference will affect your credit score. Unlike with credit, making purchases with your debit card won't…

Your credit score is what potential lenders check to see how often you have made your payments on time, how much credit you use, how much credit you still have left to use, and whether or not a debt collector is collecting on bills you still owe. These credit scores help potential lenders or landlords make predictions about whether or not you will be able to make payments and whether or not you will make them on time. Your credit score also plays a role in what interest rates you will be offered when taking out a loan. Since your credit report…

Credit: it's one of the modern economy's biggest driving forces, allowing people to buy cars, start businesses, and acquire homes without having to supply the cash out of pocket. Since credit is so important to the way people do business with one another, it's essential to have a standardized way to gauge a person's creditworthiness. That's where a credit score comes in. A person's credit score is a measure of how long and how responsibly they've used the credit available to them, as judged by the three major credit-rating agencies. The score, which typically falls between the 300 and 800,…

How your FICO score is calculated is only partially known, but what is known can certainly be the armor you use to protect yourself against a plummeting number. So, the breakdown is as below, these five categories: 35% -- Payment History 30% -- Amounts Owed 15% -- Length of Credit History 10% -- New Credit 10% -- Types of Credit Used Importance of categories varies per person For some groups, the importance of these categories may vary; for example, people who have not been using credit long will be factored differently than those with a longer credit history. WHAT IS…