http://www.mywellnesscredit.com Raise Your Credit Score and Save Thousands. Literally. Mon, 15 Feb 2010 15:49:43 +0000 http://backend.userland.com/rss092 en I think I’ve written about utilization, the relationship between the balances and credit limits on credit cards expressed as a percentage, for as long as I’ve owned a computer. But this topic has legs as everlasting as the Gobstopper which shares the adjective. So, for the first time in 2010 ... http://www.mywellnesscredit.com/2010/02/calculating-utilization-let-me-count-the-ways/ For consumers, 2009 will always be known as the year of the ‘credit crunch’.  One of the biggest things consumers will remember is how poorly their credit card companies treated them.  Almost everyone received letters in the mail about their credit limits decreasing, interest rates rising, and the like.  Of ... http://www.mywellnesscredit.com/2010/01/new-credit-card-act-card-act-and-credit-in-2010/ On November 29th, Liz Weston from MSN published the following article on how FICO Score Damage Points are calculated: http://articles.moneycentral.msn.com/Banking/YourCreditRating/weston-5-ways-to-kill-your-credit-scores.aspx?page=1 Essentially what happened was FICO simulated the impact of a variety of credit behaviors on FICO scores of both 680 and 780.  This is layed out in the below chart:  Unfortunately, this information is ... http://www.mywellnesscredit.com/2009/12/fico-score-damage-points-revealed-incorrectly/ Last week we talked about 4 of 7 strategies to help raise your credit scores with the credit cards tightening their grips every day.  Here are three more strategies to keep your FICO scores high and minimize the abuse from creditors! 5. Go Small and Go Local – As consumers, we ... http://www.mywellnesscredit.com/2009/11/7-solid-strategies-to-avoid-credit-card-smackdown-part-2-of-2/ We’re officially four months away from the Credit Card Holder’s Bill of Rights going into effect. And, if certain Democrats have their way, we’re only thirty days away. The mainstream card issuers have a shrinking window of time to remold their cardholder base to their liking. This means consumers will continue ... http://www.mywellnesscredit.com/2009/11/7-solid-strategies-to-avoid-credit-card-smackdown-part-1-of-2/ Here are just 2 examples of the cost of bad credit: a mortgage loan and an auto loan: 30 Yr. Fixed Mortgage FICO® score APR Monthly payment * 760-850 4.688% $1,554 700-759 4.910% $1,594 680-699 5.087% $1,626 660-679 5.301% $1,666 640-659 5.731% $1,747 620-639 6.277% $1,852 *National Average, Loan Amount: $300,000 36 Month Auto Loan FICO® score APR Monthly payment * 720-850 6.129% $762 690-719 7.678% $780 660-689 9.668% $803 620-659 13.362% $847 590-619 18.141% $906 500-589 18.682% $912 *National Average, Loan Amount: $25,000 So, for someone with a 620 FICO score vs. someone with ... http://www.mywellnesscredit.com/2009/10/the-true-cost-of-credit/ Collection Companies are the big bad wolves of the Credit Repair Industry.  Many people are unsure where to start with settling debt or negotiating collections, but in actuality, collections are the easiest things to fix on your credit report.  Here’s how: 1.) Pay the debt in exchange for deletion This situation is ... http://www.mywellnesscredit.com/2009/10/5-techniques-to-negotiate-collections-on-your-credit-report/ No. FICO scores are created to be as objective as possible.  According to the Equal Credit Opportunity Act, lenders cannot use this type of information when issuing credit.  The scores do not consider your race, color, religion, national origin, sex or marital status. Other factors not considered are your age, your ... http://www.mywellnesscredit.com/2009/10/are-fico%c2%ae-scores-unfair-to-minorities/ It’s late 2009 and the consumer credit world is still in turmoil!  You have MANY new changes:  1)   You have a new credit law, The Credit Card Accountability Responsibility and Disclosure Act of 2009, which partially became law in August 2009 and will completely become law in either February of 2010 ... http://www.mywellnesscredit.com/2009/10/how-consumers-can-win-the-credit-game/ I frequently get asked the questions, "How does a Short Sale affect my credit score?", or "What's the difference between a short sale and foreclosure with my credit?".  These are great questions and the answers are often convoluted.  Here's the real skinny. While a short sale may be a good move ... http://www.mywellnesscredit.com/2009/09/how-does-a-short-sale-vs-foreclosure-affect-your-credit-score/