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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Discover card advertises to check your FICO score and review their “Credit Scorecard” on the Discover Card website. They say it is for free – which is enticing for everyone. The ad says that FICO scores are used by over 90% of lenders. However, this is where Discover Card deceives consumers.

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Janet had to increase her mid-FICO® score three points to qualify for a mortgage. Her Equifax FICO score was 646, her Experian FICO score was 637, and her TransUnion FICO score was 631. She opened a new account that lowered her TransUnion FICO Score to 627, while also raising her Experian FICO Score to 643. (Her Equifax FICO Score stayed unchanged), She now qualified for a mortgage with her 643 mid-FICO Score. Why are your 3 FICO Scores different? This is a very good question.

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Several car dealerships are offering deferred car payments for up to six months. Sounds like an opportunity for many to buy a new car or truck – right? Purchase a new car and no payments for six months. How can anything go wrong or put anyone in a bad financial situation? Let’s take a look behind the scenes.

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The fallout for housing and for mortgage continues to change at a quick pace from the Coronavirus. Many are catching their breath from the rapid changes in last couple of weeks. The impact from these changes will be felt primarily for everyone, but especially for those with FICO® scores below 680. All prospective home buyers need to know this information.

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During the Financial Crisis of 2008 and beyond, many homeowners found themselves upside down in their primary residence: they owed more on their mortgage than the value of their home. Lenders came up with a possible solution to offer consumers a loan modification. How did a modification impact their FICO® scores and their finances? There is something critically important to know before anyone goes down this path of skipping mortgage payments.