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February 12,2009

  • Improve Your CC Score w/New FICO Rules, Pt.4
      Finishing up...


    Large loans coming up: If you anticipate needing a large loan of any kind soon, it may be advisable to hold off on new credit card applications. The small difference the ‘hard inquiries' makes in your credit card score can translate in a slightly higher interest rate with a large home loan, car loan, etc. Small interest differences in large loans can cost you thousands of dollars more over the life of the loan. Unless you plan to use the credit card toward the loan, better to hold off.

    Families: Although the ‘piggy-back' affect was so abused in the past by unscrupulous financial businesses, it's coming back in ‘limited form' with the new FICO '08. This time, the only qualified beneficiaries will be immediate family. ‘Piggy-backing' is adding an ‘authorized user' to a credit card account for the purpose of raising someone's FICO Score. It became so corrupt that businesses were selling this advantage to people off the street. Soon, this advantage will be given back by FICO but, only to immediate family of the original credit card holder.

    Order your credit report on-line: If you find you must ‘go-the-distance' and obtain your credit report, be consoled of some good news. The government has mandated your right to obtain a free credit card report from each of the three bureaus every 12 months. Since there are three, it's usually good to space each four months apart for a never-ending flow. You can get them on-line at: You can also order them by phone at (877) 322-8228. Be sure to specify you're after the freebee (there are many links in your path that offer ‘free trials'. You probably don't want these).

    Scan credit card report for errors: Decide if the errors you find are causing you problems or are inconsequential. While still connected to the site where you downloaded your report, you can immediately dispute any ‘derogatory' you find. It's good to get this process moving as, it can take considerable time to get things done. You're free to file your dispute immediately while you're still connected. The Bureau is mandated to investigate your claims within 30 days from that time.

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