Last week I posted about a leaked Fico document containing a list of all the Fico reason codes. I promised to analyze the document and report back to my readers about the insights we can gain from it about the Fico scoring model. Before I do that, I would like to first let you know
Which Factors Does Fico Use To Calculate Your Score? In this day in age, where transparency is at a very high level, it may sound very shocking to you, but the formula for the Fico scoring model (a scoring model which is used in 90% of mortgage lending decisions) is still 100% confidential. Consumers have very little
The purpose of a balance transfer is to transfer your balance from a credit card with a high APR to a credit card with a lower APR. There are a lot of credit cards which have 0% APR balance transfer offers for as many as 20 months. For savvy consumers, taking advantage of these offers
If you ever reviewed your credit report using Credit Karma, Wallet Hub, Nerd Wallet, etc., you may have noticed that they all break down your credit history based on an average age of credit history from all your trade lines together. For example, if you have a credit card that is 10 years old, another credit