My Credit Plan Blog

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My Credit Plan is the nation's leading FICO® Score improvement program with an average score improvement of 73 points! If you want to increase your FICO scores, set up an account today and start your credit score journey to higher levels! There is a minimal charge for services. My Credit Plan and its blog is operated by Family Financial Education Foundation, a 501 (c) (3) non-profit credit counseling agency. This blog offers many unique insights from direct research. My Credit Plan's blog and website are designed to help you find the correct answers to many of your questions, explain why, correct misinformation, and identify solutions to improve your FICO scores. Let’s go! (Information referenced on this blog must be sourced.)

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“We are doing what?” was the surprised response from a vice-president of a major credit card company. She had just discovered that her employer was providing a "consumer" credit score to their clients, while using a different "lender’s" FICO® score to approve the same company's credit cards. This vice-president wasn't even in the know. These two scores are always different. This "consumer score" creates mass confusion for all consumers when lenders use an entirely different (FICO) credit score for their credit card approvals.

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Do you know when a lender's inquiry lowers your FICO scores? Or how your interest rate is determined on your mortgage? And the best loan to take out when trying to reestablish and build your FICO scores the fastest?

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There are four separate home buyers purchasing the same exact home with the same sales price of $300,000, same seller concessions and down payment. Everything is the same for the four buyers except how much they eventually pay. You would think since the sales price is the same for the four buyers, they will all pay the same. They don’t. They all will pay different amounts. This unfamiliar oversight is the most costly mistake most prospective homebuyers make!

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A frantic mother called me after she discovered her daughter’s FICO® scores had dropped 30 points within a few weeks and she wanted to know why. She was told her daughter’s mortgage interest rate would be almost 1/2% higher on a $325,000 loan because of her lower scores. What happen next is beyond criminal.

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Credit Karma tells everyone to get their free Credit Karma "Vantage" credit scores. You think that is good. Actually, it is not. All mortgage lenders require Classic FICO® credit scores for their loan approvals, which also determine your interest rates and loan fees. Vantage Scores do not give the same precise scores mortgage lenders require from the Classic FICO Scores. That is where the problem with Credit Karma starts.

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Most every homebuyer is unaware of the potential savings / she is bypassing by not knowing this critical information. This blog pulls the curtain back for homebuyers - your loan officer is not going to tell you this information. We will - this is critical to know!

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Understand how your purchasing power is impacted from your credit scores - even one point. Once you know the insights to how lenders use credit scores, you can maximize your purchasing power. This is for everyone to know.

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There are many credit score models available to consumers that provide different credit assessments (or numbers) based on the same credit information. How does that happen?

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John failed to follow, let alone improve his FICO® scores. When unforeseen expenses came, he refinance his mortgage and paid off some debts. However, he paid a really high cost for not taking the time to improve his mid-600 credit scores.

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Know what is the best credit account to open for a 18 year old? Know how the balance is determined on the utilization ratio? How long does a hard inquiry impact a credit score? Find expanded explanations to these questions and more.