credit score

How To Improve Your Credit Score

improve your credit score

Improve your credit score

Credit scores measure your credit worthiness, meaning how reliable you are as a borrower.  Credit scores are simply a measure of how good your are at managing debt.

This is an unfortunate system because in essence you have to get into debt to have a good credit score, but this is the reality we live in and we have to deal with the cards that we have been dealt.

Having a good credit score is essential in order to be able to get a home loan or a car loan, and also to be able to get the lowest possible interest rates.

If you have a low credit score, here are some ways you can improve your credit score.

Your Credit Score Might Go Up Soon

credit score

Your Credit Score May Improve

A couple of weeks ago, we read about how one-third of Americans have had debt in collections negatively affecting their credit score.  Well, there’s some good news.  FICO, formerly known as Fair Issac Corp., just announced changes on how they calculate consumers’ credit scores.

On Thursday, FICO announced its new credit scoring model, FICO Score 9.  The new model will bypass collection agency accounts that have been paid and it will make a clear distinction on the impact of medical and non-medical collection agency accounts.