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Is Adding Yourself to a Parent’s Mortgage Smart Credit Building?

One of the challenges that comes with youth is the process of building a credit reportworthy of solid credit scores. There are a variety of ways to build a credit report. Someare smart, and some are not so smart. One common myth about building credit is that ifyou can add yourself to a parent’s mortgage […]

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Credit Bureau Funded PERC Concludes Credit Report Errors Are Almost Non-Existent or Inconsequential

Today The Policy and Economic Research Council (PERC) released the findings ofa study that concluded that 95% of study participants are “satisfied” with the resultsof their credit bureau dispute investigation process and that less than 1% of credit,collections and public records were disputed. Further, they concluded that while 20% ofthe study participant’s credit reports were

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Do FICO® Scores Confuse HELOCs with Credit Cards?

Credit card utilization, aka “revolving utilization”, is one of the most predictive, andtherefore valuable, measurements in the FICO credit scoring system. In fact, it’s a majorcomponent of FICO’s “Debt Usage” category of characteristics, which is worth 30% ofthe points in your FICO score. The higher your utilization, the ratio of balances to creditlimits, the lower

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Why Closing Credit Card Accounts is a Bad Idea

One of the great myths of credit scoring is that closing unused credit card accounts willhelp to improve your scores. The assumption is that having too many unused creditcards hurts your credit scores. And, while that might make common sense, the oppositeis actually what’s true. Having many unused credit cards actually helps your scoresquite a

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FICO 101, Basic Credit Scoring Questions

Our FICO credit scores are calculated over 10 billion times each year and used forlending and insurance decisions. In fact, except when you’re applying for a job, it’sdifficult to NOT have important decisions influenced by our FICO scores. In this articleI’m going to answer some very basic questions about the ubiquitous FICO score. Why does

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