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Old 11-30-2009, 12:37 AM   #1
peaceandlove
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Join Date: Sep 2008
Location: Turtle Island
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Post FICO Reveals How Common Credit Mistakes Affect Scores

Valuable information...

FICO Reveals How Common Credit Mistakes Affect Scores

by Jeremy M. Simon
Sunday, November 29, 2009
provided by CreditCards.com


Disclosed for the 1st time, 'damage points' taken off for late payments

Borrowers already knew that late payments hurt their credit scores, but for the first time, they now know the extent of that damage.

Did you max out your credit card? Expect a credit score drop of 10 to 45 points. Declare bankruptcy? Your score will plummet by up to 240 points, and your odds of getting credit will nosedive with it.

The "damage points" data, unveiled recently by FICO, are part of the most revealing glimpse into the firm's once-secret -- and still mysterious -- credit scoring model. The new information discloses how many points borrowers' scores will drop when they make the most-common mistakes.

[B']Help People Understand' Scores[/B]

"I hope this information will help people to better understand FICO scores and the value for them of avoiding credit missteps. It illustrates key points such as the higher your score, the farther it can fall if you stumble," says FICO spokesman Craig Watts. "Getting and maintaining a good score isn't complicated. We all just need to pay our bills on time, keep credit card balances low and take on new debt sparingly. "

Continues and Damage Points Chart: http://finance.yahoo.com/banking-bud...-creditreports
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