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FICO

Tuesday’s need-to-know money news

April 21, 2015 By Liz Weston

FICO-score-calculation-300x281Today’s top story: Unraveling the mysteries of the FICO score. Also in the news: What you shouldn’t buy with your tax refund, teaching your kids good money habits, and 11 common money mistakes to avoid.

How Many FICO Scores Are There?
More than you’d think.

5 things not to buy with your tax refund
Put down that solid gold Apple watch.

How to Use Allowances to Teach Kids About Money
Instilling good money habits early.

Don’t Make These 11 Common Money Mistakes
Avoid getting caught in a spending trap.

5 Vital Questions To Ask Before Retirement
Remember, this isn’t a permanent vacation.

Filed Under: Liz's Blog Tagged With: allowances, Credit Scores, FICO, kids and money, money mistakes, Retirement, retirement questions, tax refund

Tuesday’s need-to-know money news

April 7, 2015 By Liz Weston

credit-cardsToday’s top story: The pros and cons of paying your taxes with a credit card. Also in the news: Discharging private student loans, financial rules for 40 year-olds, and what FICO’s new credit score means for you.

Should You Pay Your Taxes With a Credit Card?
The pros and cons.

Can You Discharge Private Student Loans in Bankruptcy?
It won’t be easy.

40 Financial Rules For 40 Year-Olds
It’s time to get serious.

FICO Will Use a New Credit Score That Includes Your Bill Payments
What this means for your score.

Smart Ways to Trim Your Water Bill This Spring
Gardening season is nearly upon us.

Filed Under: Liz's Blog Tagged With: Credit, Credit Cards, Credit Score, FICO, Taxes, tips, water bills

Thursday’s need-to-know money news

April 2, 2015 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Big changes are coming to your FICO score. Also in the news: Lessons learned from selling a house, building a financial dashboard, and how much you should really set aside for retirement.

New FICO Score Factors in Utilities & How Often You Move
Changes are coming to your credit score.

Lessons Learned from Selling My First House
How to get through the selling process unscathed.

How to Build a Financial Dashboard
Putting all of your financial goals in one place.

How Much Should You Really Set Aside for Retirement?
Finding your magic number.

Filed Under: Liz's Blog Tagged With: Credit Score, FICO, financial dashboard, Retirement, selling your home, tips

Q&A: Will having no debt affect our FICO score?

September 22, 2014 By Liz Weston

Dear Liz: My wife and I have paid off our mortgage, we have no car loans, and we pay our credit card balances completely each month, which means that we basically pay no interest. We have four credit cards that are active and a couple more that are rarely used. My FICO score is currently just above 800. At some point we will need to replace our cars and will need car loans, so our FICO scores will be important. Since we currently have no mortgage, no car loans or any other loans, will our FICO score slowly drop, and will that affect our car loans?

Answer: Paid-off loans typically don’t disappear from your credit reports, at least not immediately. Many lenders continue to report these closed accounts for years, which contributes positively to your scores.

Even if none of these paid obligations show up on your reports, though, your responsible use of credit cards should support your high scores. Just continue to use your cards lightly but regularly and pay off all balances in full.

Since you have time before you plan to replace your cars, consider paying cash for them, or at least making a substantial down payment. It’s typically best to use loans only for assets that appreciate — and cars certainly don’t do that.

Filed Under: Credit & Debt, Credit Scoring, Q&A Tagged With: Credit Score, debt-free, FICO, q&a

Tuesday’s need-to-know money news

August 12, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: How the way you think about money could be hurting your finances. Also in the news: Determining the right time to buy a home, six secrets to getting a good deal on that home, and why your FICO score is about to look very different.

3 Money Maxims that Hurt Your Finances
Changing the way we think about money.

When Should You Wait to Buy a Home?
How to determine when the time is right.

6 secrets to getting a good deal on a house
Tips for when the time is right.

How credit scores are about to change: a Q&A
Your FICO score is about to get a makeover.

Why it’s easier to rob bitcoins than banks
Not that you should do either one, of course.

Filed Under: Liz's Blog Tagged With: Bitcoins, Credit Scores, digital currency, FICO, home buying, money maxims, real estate

Friday’s need-to-know money news

August 8, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Introducing the new FICO score. Also in the news: What you need to know before car shopping, the best credit cards for earning rewards, and tips on how to supercharge your savings.

The New FICO Score: Better for Debtors?
Medical collection debt will no longer count against your score.

3 Tricks Car Salesmen Use that Everyone Should Know How to Handle
Don’t be caught off guard while car shopping.

The Best Credit Cards for Earning Rewards
Getting the most bang for your buck.

10 Tips To Supercharge Your Savings
Giving your savings a much needed boost.

Filed Under: Liz's Blog Tagged With: car shopping, credit card rewards, Credit Score, FICO, Savings, tips

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