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Does a Short Sale Hurt My Credit?

This might have been the question of the year in both 2009 and 2010. Prior to 2009 nobody outside the mortgage industry had ever heard of a short sale. But with the mortgage crisis still in full swing, everyone has heard the term. A short sale occurs when your mortgage lender agrees to accept less than you owe on your mortgage loan and ..


FICO 101, Basic Credit Scoring Questions

Our FICO credit scores are calculated over 10 billion times each year and used for lending and insurance decisions. In fact, except when you’re applying for a job, it’s difficult to NOT have important decisions influenced by our FICO scores. In this article I’m going to answer some very basic questions about the ub ..


The ABCs of FICO

A credit bureau based credit risk scoring model, more commonly known as a credit score, is a numeric representation of your credit risk based on a review of the information in your credit file. The score is generated by a sophisticated credit scoring model, which is made up a series of complex algorithms. The most common credit scoring  ..


Why Closing Credit Card Accounts is a Bad Idea

One of the great myths of credit scoring is that closing unused credit card accounts will help to improve your scores. The assumption is that having too many unused credit cards hurts your credit scores. And, while that might make common sense, the opposite is actually what’s true. Having many unused credit cards actually helps your s ..


How Does Information Make it to My Credit Files?

We’ve all requested and reviewed our credit reports and we’re all generally familiar with what type of information is contained. But, have you ever given any thought as to how that information gets on your credit files? There are three primary sections of information on your credit reports; personal information, public r ..


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