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Gulf Coast Financial Solutions
Gulf Coast Financial Solutions
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FICO 08's New Scoring May Affect Your Credit Scores
The Fair Isaac Corporation, which develops the most widely used formula for preparing a credit score, unveiled a new scoring system this year. It's called the FICO 08 due to the fact it was supposed to be out last year. This new scoring system will be doing a better job of distinguishing people who have stumbled once or twice with their credit repayment from people who have a real habit, a real paper trail of late payment with creditors.
Key Points To Remember:
* Don't max out on credit cards - This will hurt more than before. Stay below 30% of what you owe.
* Little mistakes won't hurt as much - Now, your total credit history counts more than late payments.
* Small debt collections hurt less - Anything under $100 in collection will be ignored completeley.
* Piggybacking (Authorized User) is back - Being an "authorized user" on someone else's account with better credit will only be available to spouses and children to prevent fraud.
Despite all of these changes, the basic rules for having a good credit score still applies or remains the same. Pay your bills on time, keep your credit card balances below 30% of what your credit limit is, build up your credit with simple steps such as having a master budget plan, savings and checking account, and small in store credit such as Fingerhut, Jewelry Store or clothing store and pay them on a timely manner.
Tip # 1 Prevent Credit Bureaus from Selling Your Name to Mailing Lists
Call this # to opt out of all three bureaus: 1-888-567-8688
or Fill out form online @ www.optoutprescreen.com
To Get Rid of Most other Junk mail, write a letter giving your complete name, name variations & mailing address to : Mail Preference Service
Direct Marketing Association
PO Box 9008
Farmingdale, NY 11735
Tip #2 Two Basic Categories of debt are Secured & Nonsecured
Unsecured Debt Includes: Secured Debt Includes:
* Medical bills * Home
* Credit Cards * Auto
* Dept. store cards
* Personal Loans
* Student Loans
* Bounced Checks
These are examples of information we send out to each of our clients on a weekly basis to have them become more aware of the credit industry as well as tips and advice on how to stay out of debt.
The Fair Isaac Corporation, which develops the most widely used formula for preparing a credit score, unveiled a new scoring system this year. It's called the FICO 08 due to the fact it was supposed to be out last year. This new scoring system will be doing a better job of distinguishing people who have stumbled once or twice with their credit repayment from people who have a real habit, a real paper trail of late payment with creditors.
Key Points To Remember:
* Don't max out on credit cards - This will hurt more than before. Stay below 30% of what you owe.
* Little mistakes won't hurt as much - Now, your total credit history counts more than late payments.
* Small debt collections hurt less - Anything under $100 in collection will be ignored completeley.
* Piggybacking (Authorized User) is back - Being an "authorized user" on someone else's account with better credit will only be available to spouses and children to prevent fraud.
Despite all of these changes, the basic rules for having a good credit score still applies or remains the same. Pay your bills on time, keep your credit card balances below 30% of what your credit limit is, build up your credit with simple steps such as having a master budget plan, savings and checking account, and small in store credit such as Fingerhut, Jewelry Store or clothing store and pay them on a timely manner.
Tip # 1 Prevent Credit Bureaus from Selling Your Name to Mailing Lists
Call this # to opt out of all three bureaus: 1-888-567-8688
or Fill out form online @ www.optoutprescreen.com
To Get Rid of Most other Junk mail, write a letter giving your complete name, name variations & mailing address to : Mail Preference Service
Direct Marketing Association
PO Box 9008
Farmingdale, NY 11735
Tip #2 Two Basic Categories of debt are Secured & Nonsecured
Unsecured Debt Includes: Secured Debt Includes:
* Medical bills * Home
* Credit Cards * Auto
* Dept. store cards
* Personal Loans
* Student Loans
* Bounced Checks
These are examples of information we send out to each of our clients on a weekly basis to have them become more aware of the credit industry as well as tips and advice on how to stay out of debt.
Our Commitment: We are committed to our clients 100% and guarantee our work. We want to see each of our clients, in an individual manner, succeed financially. We can help our clients repair their credit scores, analyze and consult on their credit, deleting information that is inaccurate, incomplete, or unverified by the Credit Consumer Agencies and Merchant Furnishers, help you bring your credit scores up and become financially stable once again. We also have a bank that can help you get established if you cannot get one anywhere else, We have a mortgage lender on hand and an attorney who once worked for the Florida Supreme Court.
