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There are several mysterious and vague aspects of the credit scoring formula, including its unconventional scoring range that starts at 300 - and ends at 850. So why the 550 point variable? --- Who knows and who cares! What you need to know and care about is your credit score and how to obtain the best credit score possible.
The optimal number ... By: CLSA2011. on 20 Dec 11, 19:49:18 The optimal number of? personal loan entries (not including home, auto and student loans) is six. We agree, that simply having multiple, or an unreasonable number of cards with a balance is unwise. However, the scoring model is based on how likely a person is to make timely payments. So if the balance is zero, the item is removed from the equation. The higher the score, the less likely it is that a person will miss their scheduled payment
CLSA2011,
... By: mlfazzino. on 20 Dec 11, 17:27:54 CLSA2011,
Wouldn't you say that the jury is still out with regards to spreading your debt out among several cards as opposed to just one or two. I find other sources who say - if you have five credit cards and all of them have a balance, your credit score is impacted negatively. ? The rationale, I guess, is that having three of your cards with a zero balance is good for Fair Isaac & Company's scoring model. What do you think?
Mike
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Learn how to repair your credit by www.creditrepair.org ? the free and definitive credit repair guide. If you've had some credit problems in the past or you're just wanting to improve your score overall, this guide is a great starting point. References www.creditkarma.com www.creditrepair.org www.annualcreditrepo rt.com www.creditrepair.org www.creditrepair.org
Latest comments made on this video:
By: CLSA2011. on 20 Dec 11, 19:49:18
The optimal number of? personal loan entries (not including home, auto and student loans) is six. We agree, that simply having multiple, or an unreasonable number of cards with a balance is unwise. However, the scoring model is based on how likely a person is to make timely payments. So if the balance is zero, the item is removed from the equation. The higher the score, the less likely it is that a person will miss their scheduled payment
By: mlfazzino. on 20 Dec 11, 17:27:54
CLSA2011, Wouldn't you say that the jury is still out with regards to spreading your debt out among several cards as opposed to just one or two. I find other sources who say - if you have five credit cards and all of them have a balance, your credit score is impacted negatively. ? The rationale, I guess, is that having three of your cards with a zero balance is good for Fair Isaac & Company's scoring model. What do you think? Mike