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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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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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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Nathan Grant from Credit Card Insider says that closing a credit card will lower FICO credit scores. Say What!?! This is actually a strategy I use quite often to raise a consumer's FICO scores. He points out that there is a lot of misinformation, but he fails to realize, he is the one generating the misinformation by telling people to not close a credit card account.

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There is a lot of misinformation about credit and finances. A story generated by a recent study from Lending Tree shows that consumer's scores drop when they purchase a home and take out a mortgage. This is absolutely incorrect! Have to call out this one.

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Follow those free online credit scores at your own financial peril. Such scores are different from the lender's FICO® scores and can cost you lots of money. Curtis found out the hard way.