Category Archives: Credit

The Credit Scoring Mystery

How your credit score is calculated is like the secret formula for Coke –  the average consumer doesn’t really know! However, FICO has provided five categories that are considered when determining a credit score. Payment History: 35% Length of Credit … Continue reading

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All Credit Scores are Not the Same

Credit scores are one of those things that has consumers (and sometimes lenders) scratching their heads and saying “How did they come up with THAT credit score?” The one you hear about the most are FICO scores (acronym for the … Continue reading

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How to Read those Confusing Credit Score Codes

As part of virtually every credit report that we’ve seen, credit bureaus include a list of “reason codes” with numbers and a short (very short) explanation of what the number means. So if you’ve read a copy of your credit … Continue reading

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Interest Rate Shopping & Credit Scores

Perhaps the most frequent question I get about credit scores pertains to multiple inquiries. Those shopping for a mortgage are often hesitant to apply at multiple banks for fear of seeing their credit score fall.  This article – straight from … Continue reading

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The Mystery of Credit Scores

I’ll admit it.  After more than a thousand mortgage loans in 10 years, I’m often perplexed by the formulas used by the major credit agencies that provide mortgage lenders – and other credit issuers – with consumer scores.  Though I’m … Continue reading

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