Vision Credit Education, Inc.

You may have struggled with bad credit in the past. You likely already know that your past credit challenges will increase your borrowing costs as you try to move forward with your life. Read the rest of this entry »

If you’re looking to improve your credit, you first need to understand how credit scores are calculated. You may know that the scores range from 300 to 850 and you may be aiming for a score above 700, but how do you get there? Read the rest of this entry »

Mortgage brokers say that having too many open accounts can hurt your credit. Fair Isaac Corp, the force behind FICO credit scoring says that closing accounts can lower your score. Yet, a recent FICO study suggests that lowering credit limits can actually increase FICO scores. It makes you wonder who is right! Here is the truth. Read the rest of this entry »

The biggest update to FICO-based credit scoring in years faced opposition from credit bureaus that had hoped to push their own jointly developed scoring model. However, lenders and consumers pushed for the newest and most accurate FICO based products rather than risk relying on the unproven VantageScore products. Experian has finally agreed to adopt FICO 08 changes even though it is still involved in a bitter dispute with Fair Isaac. Read the rest of this entry »

FICO scores have faced a lot of criticism from consumers that have had their credit limits slashed recently. Most argue that it is unfair that their credit scores drop due to arbitrary credit limit reductions by creditors. However, the higher risk caused by market conditions does justifiably affect your scores, even if the lower score is caused by your creditors dropping your credit limits. While the cause is not necessarily fair to you, here is how it is justified. Read the rest of this entry »