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December 29,2008

  • Make 2009 Your Year of Stout Credit, Pt.1 –
     – Choose happiness.

    There are many good resolutions a person could make on Thursday but some may be more beneficial than others. In the hostile economic arena of anemic liquidity, many will fail for lack of essential resources. When the job disappears and the cash dries up, what choices remain? Back in 1929 there were few, if any. The one major difference today is the use of credit card liquidity. Used responsibly, credit cards make all the difference. Of course credit cards will never replace cash and carry prudent restrictions but, used responsibly, they fill in nicely during dry spells.

    With that in mind, a very wise and rewarding resolution for 2009 is to provide for the avoidance of unnecessary pain. Certainly, providing a stout credit rating with robust credit card accounts this coming year will prevent a large amount of pain, the kind of pain that keeps you awake at night with worry. More than anytime in the average American's lifetime, this will be true in 2009. Credit card accounts are being slashed by the tens-of-billions every year and now, more so then ever.

    Credit card availability, low APRs and high credit limits are on the chopping block. 2009 will reflect a year of wanton for many who have never faced these kinds of problems before. The winners will be those with the best FICO Scores. These scores range from 300 up to 850 and are derived from information stored in each person's credit reports. There are three main national credit reporting bureaus today who are entrusted by the industry in evaluating each person's credit worthiness. Those are: TransUnion, Experion and EquaFax. Individually, each of these bureaus will apply the information in you credit report according to their ‘weighting rules' and come up with a credit score, based on Fair Isaac Credit Organization's (FICO) guidelines. Until recently, FICO 620 was considered to be a reasonably good score. But even now, that bar has been raised up to FICO 700 and will continue to be raised through 2009.

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