Links ARCHIVE: FOOL.com - How To Get Better Credit

credit score, FICO, credit report, finance, money, consumer spending

Published on September 15, 2004 By joeKnowledge In Home & Family

3 Credit Report articles in a row!!! Believe it!! This is something J.Lo needs just as much as you or I. Well, maybe not as much, but it still effects her just like us so pay close attention.

Firstly, there is a site that gives you tips about your score and how to track your credit reports. Fair Isaac & Co. (FICO) has a website and it has the tips to help you out.

Now for the main event: How to be a perfect 10 (or 850) in credit score ranking.

Here are some of the tid-bits:
# Between four and six revolving accounts (meaning credit cards).
# At least one "installment" tradeline (e.g. a mortgage or auto loan) in good standing.
# A few accounts around 20 years old and a long history of positive use. (To get into the 800 FICO range, 10 years of positive account history.)
# Debt levels on credit accounts of less than 35% of their overall credit limit.

Now to me, some of those things are impossible considering that the 3 credit scoring companies can make mistakes on your credit report (and do). So one big way of getting to the 800 score is to get all 3 reports from all 3 credit agencies. Yes, three and don't be surprised that there are addresses, never opened accounts and other 'small' details in your report.

For more detailes, check out the link:
Does J.Lo Have Lousy Credit?

SOURCE: FOOL.com

Does J.Lo Have Lousy Credit?

There's one thing that's not a given to those with extreme wealth, fame, and rock-hard abs: Perfect credit.
By Dayana Yochim (TMF School)
September 3, 2004

She may have a perfect complexion, her pick of Hollywood hunks and homes in chic neighborhoods on each coast. But odds are, J.Lo's credit stinks.

Credit scoring is one of the few areas where Madonna, Mel, Snoop, and Demi can't hold a candle to my childhood baby sitter, Mrs. Hayes, in Lawrence, Kan.

Consumer credit scoring models -- developed by the likes of Equifax, Experian, TransUnion, and Fair Isaac & Co. (FICO) -- are simply not equipped to adequately judge the super-rich. These fiscally blessed souls have complicated financial lives that include multiple mortgages, even more cars, million-dollar paychecks and lines of credit that make Midas look like a cheapskate. Even if they balance their checkbooks to the penny and pay every bill the moment the butler delivers it to their bedside on a silver tray, their out-of-the-ordinary finances tend to make the credit scoring system scream tilt.

If there is a clearer sign of the existence of a higher being, I don't know what it is.

American idle
In the eyes of the lending industry's most...

For more, click the link provided...

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