Credit Repair

If your goal is to improve your credit score, don’t close any of your current accounts. Closing credit cards and other revolving accounts can never help your score, and it might actually hurt it. Shutting down accounts reduces your total available credit, and that makes your balances loom larger. That narrowing of the gap between [...]

This one is a variation on the idea that reducing your available credit somehow helps your score by making you seem less risky to lenders. Once again, it’s off the mark. Narrowing the gap between the credit you use and the credit you have available to you can have a negative effect on your score. [...]

It is difficult to judge exactly how much an action is going to affect your FICO score and it will vary among different people with different credit profiles. Not one piece of information or factor alone in your credit report will determine your score. Your FICO score only looks at information in your credit report. [...]

In simpler terms, a FICO score is simply your credit score.  FICO stands for Fair Isaac Corporation which was founded in 1956. They developed the FICO score, which is a measure of credit risk. The Fico score is calculated statistically with information within a consumer’s credit file.  FICO scores are used primarily in credit decisions [...]