Do you need some serious help communicating with your lender? We’re all in luck, a new MY FICO FORUMS website provides people in debt a very safe COST-FREE way to review their debt, talk with legitimate agency and eventually make arrangements with creditors and work things out to a cheaper resolution.

MY FICO, AKA Fair Isaac & Co., first designed the credit score formula currently used by credit card companies and banks rely on to decide whether you or I are a safe credit risk. FICO is now using the same metrics to aid homeowners in addressing issues they face when dealing with lenders of all walks.

“Now that the government has established guidelines for mortgage remediation, we’re able to provide comprehensive solutions that address everyone’s concerns,” said Mark Greene, FICO chief executive.

While statistics prove millions of borrowers have had the terms of their loans modified to avoid bank foreclosure, the fact is that all mortgage recovery plans just don’t work well.

People are registering complaints in record numbers. Consumers are saying that credit consulant are impossible to reach by phone because of their endless automated systems and lack of staff, and when they are lucky enough to speak to an operator, they often provide little or no help. Some say they are kept on the phone for 60 minutes and never get help.

That’s not even the worst part, some statistics show that more than 50% of people who DO end up communicating with their debtor and working out a lower payment arrangement fall behind on the new plan within 2 months time.

These are called “refaults” and they happen because they don’t take enough factors into a customers financial situation when making the new payment schedule.

FICO’s new Mortgage Recovery Initiative hopes to change all that. As does the FICO score, the MRI considers all your bills and financial scope,they look at the sum of all your outstanding debt and how you’re currently dealing with it. It takes a measure of all those factors to come up with your accurate MRI score.
About Your FICO Score and Why it’s so Important

Your FICO score is a scoring system developed by Experian along with the other credit bureaus to give you an accurate 360 degree scope of your reliable credit picture. This score is an important number in your financial life and everyone should be well aware of theirs at all times, and especially before planning any major purchases. Your FICO can effect everything from whether you’ll be accepted for a home loan or a simple store credit card.

Essentially FICO scores are designed to illustrate through credit history the likelihood that you’ll pay back a loan. Used in determining a highest credit score is also your BNI, which uses a formula, also based on your care credit history, to figure out the odds that you’ll file for bankruptcy. It’s hard to believe banks consider something as dramatic as a bankruptcy possibility before offering a loan, but they do. The FICO system, designed by the Fair Isaac Corporation, uses it’s own internally designed alogorithms much different than Equifax or Experian in calculating your score, however it’s recommended you know how you stand within each credit bureau as scores can differ up to 50 points. The best way to get all your scores in one place for free is It’s a free service offering your ‘triple score’ which is different than FICO, but equally as important.

If your FICO score is low, don’t worry. There’s alot of avenues in the way of credit repair that can directly impact your FICO in a postive way. The best thing to do is research, find out how you got so low in the first place. If you’re aware of payments missed or loans defaulted, pay them off if possible or at least try to restructure the payments with your lender. If you can arrange something to gradually make smaller payments, your highest credit score possible will consistently rise as the reporting agencies see you’re on the path to financial stability.

Start tracking your what is the highest credit score? and actively monitor your progress. Start by getting your free FICO score here and your three-bureau credit report at

Many of have been there. Have you ever been downright refused a car credit? Chances are if you have less a less than stellar credit
history, then you have. These days you have to be smart, real smart. You need to know exactly what’s involved and what you can do to build or rebuild good, no, AMAZING credit.

We all know a credit score is a an elaborate calculation of your credit worthiness, which basically means the higher the number, the better chance you’ll pay off your debt. It’s used everywhere you need money,from leasing agents to loan agents, to the girl at Macy’s asking if you want to save 10% by opening a store credit card.
Car dealerships use this to determine whether you are going to lease that BMW or not. Your credit score is
based on countless factors but primarily your past and present credit history and job income status. A score cna range from truly awful, which is around 350 (you are unloanable at this point), all the way up to 850 which means you’re walking off the lot with anything you want, no money down. Anything above 720 is regarded as a fantastic score, aka “Prime”, and will
award you with the very best rates. 640 or under will classify you as “sub-prime”,
and is generally considered really bad by most leasing agents. It can get really difficult to get a lease once you’re in this demographic. Don’t worry though, I used to score 440!

What you need to do is FIND OUT YOUR FICO WHAT’S A GOOD SCORE?. You can get it free on this site,, or you can ask for your FICO Credit Score from the car dealer. However it’s really recommended you are fully aware of your credit score before walking into the dealership. Knowledge is power, and in this case also money.

Go to Landmark credit union, get your scores and compare the 3 credit scores to figure out if
any one of the three has incorrect data.If so, the faster you correct it the faster your score will shoot up! I repeat, contact the agenci es is you see any discrepency and get it corrected.
If all looks OK and there are no major problem areas in your credit report, then you can get started in
improving your score and repairing historic problems to go above the magic number of. The best advice is the most obvious advice. Pay your
bills perfectly on time and work on downing any outstanding credit card debts you’re holding. Opening any new AT&T universal card accounts during the rebuilding process is the worst thing you can do, and it will greatly increase the likelihood of you further hindering your credit score. So Get prepared , know your scores, don’t be foolish, and you’ll walk off the lot with your lease and a better grip on your credit.
How can simply canceling your credit card hurt your overall credit score?

Common sense would tell you if you want to take some strain off your financial life and stop the run away debt train, you should cancel your credit cards right? Not so fast, sport. While it may seem ridiculous to keep all your accounts open and accumulating more and more debt, bear in mind that in many instances closing an account will actually decrease your credit score. Let me explain.

Basically, the less credit cards you have, the simpler it becomes to curtail unnecessary spending. And when you carry 7 pieces of plastic in your purse, it gets hard to keep track of which have balances, which have rewards, which your behind on, and which you can squeeze a few more dollars on to before you get a call from the collections office.

By thinning the herd and getting rid of some of these cards, you’re simplifying your money situation and you’ve got less to remember. With just one or two cards burning a hole in your pocky, your total debt will slowly creep down. By canceling some cards though, be prepared for your credit score to creep down too. It counts as a negative on your creditwise report because it appears, rightly so, that you’re running away from the debt and you can’t handle it. Unfortunately cancelations are a sign of financial weakness in the eyes of the credit lords.

The three credit bureaus take into consideration something called the Ratio of Utilization, which is the mathematical percent of the total debt you owe and the credit line still available. When your lower your credit line by canceling a card, but your total outstanding debt is the same, then bam, your ratio goes through the roof.

Did you know 15% of your personal FICO score is figured by your past? Your credit repair history is a huge role in this process. If you have a really old account, it carries a lot of swagger to the credit repair services. When you cancel a credit card, you lose some of your benefits of having an old account.

So BE extra careful if you’re going getting a auto loan or mortgage shortly after a cancelation, because you could get worse rates than if you have waited.

If you have no big financial changes upcoming in your life, you can easily cancel your cards without any worry. Sure, it may lower your score it a little, but you’re out of control debt will bend itself back into control shortly. One good rule to remember is keep the oldest cards and cancel the newest ones.

If you cancel a card before you’ve paid off the balance, look out nelly. The bank might very well increase your interest rates into the stratusphere as “punishment” for closing the account.

Just contact your lender and get all the details directly because terms and conditions change from bank to bank.

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