FICO score Archives

Book cover titled "Perfect Credit: 7 Steps to a Great Credit Rating" by Lynnette Khalfani-Cox, featuring a smiling photo of the author in a purple dress, embodying the confidence that comes with achieving perfect credit.

What Exactly Is Perfect Credit?

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / FICO, FICO score, Perfect Credit

If your FICO credit score falls between 760 and 850 points, you rate among the top tier of all consumers and have the cornerstone for what I call Perfect Credit. Getting a great FICO score, however, is just part of the achievement. Fair Isaac reports that, among consumers with credit scores of 760 or higher, only 1% risk defaulting on a debt. So having Perfect Credit also means being able to access a whole host of products and services—mortgages, automobiles, credit cards, business lines of credit, and personal loans—at the most favorable terms available in the marketplace. Once you snag that impressive credit score, and all the benefits it entails, does having Perfect Credit today mean you’ll have Perfect Credit tomorrow? Unfortunately the answer is “no.”

What Exactly Is Perfect Credit? Read More »

Should I Do a Short Sale, Deed In Lieu of Foreclosure, or File Bankruptcy?

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / deed in lieu of foreclosure, FICO score, short sale

Question: I live in las vegas. I owe $300,000 on a house that is valued at $150,000 and dropping. What would be the best alternative for me? Should I do a short sale, deed in lieu of foreclosure, or file bankruptcy? At present I am unemployed and can not afford the payments and HOA fees.

Should I Do a Short Sale, Deed In Lieu of Foreclosure, or File Bankruptcy? Read More »

Which Credit Report is More Important: Equifax, Experian or TransUnion?

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / credit bureaus, Equifax, Experian, FICO score, TransUnion

Q: Hi Lynnette, I have noticed a difference between my credit reports from Experian, TransUnion, and Equifax. Can you tell me which credit report is the best or more critical to a lender? A: Generally, no credit bureau report is “more important” than the others. In today’s economic environment, they are all vitally critical to

Which Credit Report is More Important: Equifax, Experian or TransUnion? Read More »

A round wall clock with all its numbers appearing blurred as if in motion, while the black hour and minute hands remain clear and centered—remarkably similar to how credit bureaus focus on key details amidst a flood of information.

What’s The Fastest Way to Get the Credit Bureaus to Fix Mistakes In My Credit Reports?

Credit Reports / Lynnette Khalfani-Cox, The Money Coach / credit bureaus, Equifax, Experian, FICO score, TransUnion

You can dispute mistakes with the credit bureaus by mail or telephone, but you’ll get the fastest results if you initiate a dispute online. Here are the websites and phone numbers you should use for the credit bureaus when you contact them to dispute errors: http://www.investigate.equifax.com or 888-800-8859 http://www.Experian.com/disputes or 866-200-6020 http://www.Transunion.com/investigate or 800-916-8800 It’s

What’s The Fastest Way to Get the Credit Bureaus to Fix Mistakes In My Credit Reports? Read More »

What Is Considered a Good Credit Score?

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / FICO score

FICO credit scores range from 300 to 850 points. Banks and other lenders now want to see 700 credit scores and higher, which is all the more reason to strive for perfect credit. You can certainly still obtain credit and loans even if your credit scores fall below 700. But you should know that it’s

What Is Considered a Good Credit Score? Read More »

Does the Type of Debt I Have Impact My Credit Rating?

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / FICO score, Perfect Credit

From a credit standpoint, the type of debt you’re carrying matters tremendously when it comes to your credit score and your overall credit rating. What precisely counts as “bad” debt? Nearly 100% of the time, it’s credit card debt. Yes, if the balances on your Visa, MasterCard, American Express or Discover cards have gotten out

Does the Type of Debt I Have Impact My Credit Rating? Read More »

How is My Credit Score Calculated and What Are Some Tips to Improve It?

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / FICO score

There is a lot of misinformation about what goes into your credit score. However, officials from Fair Isaac Corporation (the company that created FICO scores) have said many times that this is the heart of what happens: Your credit files – currently those from Equifax and TransUnion – are reviewed. Certain information (roughly 22 items)

How is My Credit Score Calculated and What Are Some Tips to Improve It? Read More »

How Credit Rating Can Affect Your Ability to Get a Job

1 Comment / Credit Scores / Lynnette Khalfani-Cox, The Money Coach / Employment, FICO score

A Facebook fan had heard that a bad credit rating could keep him from getting a job. He wanted to verify whether this is true and wanted to know where he find out about his credit rating. It is true that having a bad credit rating can impact a person’s ability to get a job.

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A person in a suit holds a tablet displaying a question mark beside the large text "WHAT'S YOUR NUMBER?" on a light gray background, emphasizing the importance of knowing your credit score.

Your Credit Score Explained

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / FICO score

You probably already know that not paying a bill can adversely affect your credit score, but do you know by about how much? Do you know what effect opening up a retailer charge card just to get 10% off on your purchase can have on your credit score? These are some things you should be

Your Credit Score Explained Read More »

A pie chart depicting fico score factors: Payment History (35%), Amounts Owed (30%), Length of Credit History (15%), New Credit (10%), and Types of Credit (10%).

5 Factors that Determine Your FICO Score

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / FICO score

You hear a lot about your credit score being a strong factor behind your eligibility for credit cards, car loans or mortgages, but do you know how the Fair Isaac Corp., the company that calculates your FICO credit score, determines this number? Here are the basics: Your FICO credit score ranges from 300 to 850

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4 Tips for Tackling Credit Card Debt and Raising Your FICO Score

Credit Cards / Lynnette Khalfani-Cox, The Money Coach / FICO score

The average American family owes $8,000 in credit card debt, according to the American Bankers Association. All together American consumers were carrying $2.564 trillion in total debt in January 2009, up 1.2% from December, reports the Federal Reserve. We are a nation in deep debt, but there are some strategies you can take to help

4 Tips for Tackling Credit Card Debt and Raising Your FICO Score Read More »

FICO score

What Exactly Is Perfect Credit?

Should I Do a Short Sale, Deed In Lieu of Foreclosure, or File Bankruptcy?

Which Credit Report is More Important: Equifax, Experian or TransUnion?

What’s The Fastest Way to Get the Credit Bureaus to Fix Mistakes In My Credit Reports?

What Is Considered a Good Credit Score?

Does the Type of Debt I Have Impact My Credit Rating?

How is My Credit Score Calculated and What Are Some Tips to Improve It?

How Credit Rating Can Affect Your Ability to Get a Job

Your Credit Score Explained

5 Factors that Determine Your FICO Score

4 Tips for Tackling Credit Card Debt and Raising Your FICO Score

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