Thursday, September 24, 2009

New Credit Scoring System Could Give us a Break!

Finally, something that may actually help us! Have you ever made a little financial blunder that you did not think were very important, but your credit score was negatively impacted by that little mistake? I know that I have.

A long time ago, before cell phones, we used to use phone cards. I had one just in case of emergency. Well, my girl friend's parents did not like her boyfriend and she used to use my calling card to call him. There was a small balance left on the card and it impacted my credit score for years. Not sure why I didn't just pay it off. Young and stupid I guess!

Now those little mistakes may be forgiven. With the new math of FICO 08 credit scoring, those with small blemishes on their credit reports should benefit. With the updated scoring method, the credit scores of those with small miss payments, under $100, will not decline. For more information, click here.

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