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Vital Things You Need To Know About Your FICO Score

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The Origins of FICOFirst of all, let’s briefly discuss the origins of FICO (Fair Isaac Corporation). Back in 1956 many were introduced to credit scoring by two pioneers in the field: engineer Bill Fair and mathematician Earl Isaac. Over the years, the pair convinced lenders that mathematical formulas could do a better job of predicting whether an applicant would default than even the most experienced loan officers. Thus, the birth of your FICO score.Understand that there are now many different … [Read more...]

Credit Cards And Your Credit Score

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 Can Cancelling a Credit Card Affect My Credit Score?Cancelling a credit card will affect your credit score, especially if you have had that card for several years. 15% of your FICO credit score is based on how long you have had that line of credit. The older the better. Once you cancel that card, you will lose that long history you had with the card and your score will go down.How Do Credit Cards Affect My Credit Score?Credit cards affect your credit score with two factors:The balance on … [Read more...]

Disputing a Credit Report

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FACT: Credit reporting is a voluntary and for-profit enterprise. FACT: The US government does not endorse, or promote the credit reporting industry. FACT: Credit reporting companies (also known as credit bureaus) are not part of the federal government. If the credit reporting agencies, (most notably Equifax, Experian, and TransUnion) are no more part of the federal government than say FedEx or Wal-Mart; why are we so intimidated by them? The main reason is because they wield so much power and … [Read more...]

Insurance Coverage You Need to Have

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Finding insurance policies that will protect your family and home for an affordable price can be very tricky. There are only a handful of policies that can actually be bundled together to save you money. Far too many people end up acquiring insurance policies that they do not need or they acquire a policy that is too large for their needs. This article will guide you through the types of insurance coverage you actually do need to have in order to be protected.Health InsuranceMost employers will … [Read more...]