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February 12,2009

  • Improve Your CC Score w/New FICO Rules, Pt.2
      Get FICO Score and follow advice.

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    Order your score online: One good way to start on improving one's credit card score is to know where to start. Knowing what score is now will indicate how much needs to be done. It may be necessary to also obtain a credit report if problems are big. Credit reports are lengthy and involved, though and if a score just needs a little tweaking, it may be possible to forgo the credit report. As far as the FICO Score, however, it can be obtained directly from the Fair Isaac Corp for $16.95 from their website: myfico.com. You can order your credit card score for two of the three major credit bureaus: Trans-Union, Equifax or Experion. Experion is bailing out in two days from releasing FICO Scores any more. On Feb 14 they will no longer release this information to the credit card consumer. A lawsuit has already been filed concerning this but, it may take some time to resolve.

    Follow the advice: When ordering your score online, you will also be provided with personalized advice on how to improve your credit card score. One very common problem (80%) is the presence of errors in credit reports. These can make a big difference or none at all. Follow the advice from FICO on what needs to be done. If you suspect information hurting you is untrue, you should order your credit report. If, however, the advice you are given to improve your credit card score is listed below, you may be able to jump right to the fix.

    Late payments: You probably know if you've made a late credit card payment. You may not know the damage yet, however. Right now, your score can drop 100 FICO points for one infraction. That will change soon when FICO '08 is implemented by all three bureaus. Trans-Union are the first brave souls to convert over but, the others may linger a while. If you find that you have a late payment against you, you may be able to reverse the damage in time. Call the offended lender and beg them to forgive you just this one time. If they are amenable, they may withdraw the charge and erase it from the books. Otherwise, you're stuck with that one. The severity may relax after FICO '08 is fully implemented.

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