Comments on: Difference Between Credit Score and Credit Report http://cashmoneylife.com/credit-score-credit-report-difference/ Money Management, Small Business, Career Thu, 09 Feb 2012 19:08:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ryan http://cashmoneylife.com/credit-score-credit-report-difference/#comment-20335 Ryan Mon, 09 Nov 2009 21:02:33 +0000 http://cashmoneylife.com/?p=1939#comment-20335 I think if your past is long enough out, then it's possible. The credit reports usually only have information from 7-10 years out. I believe your credit score is more heavily weighted toward the recent history, so the more good history you can put between the negative aspects (late or missed payments, defaults, etc.), the better. A good way to increase your credit score is to make all payments on time and reduce your credit utilization (percentage of credit used vs. amount of available credit). I think if your past is long enough out, then it’s possible. The credit reports usually only have information from 7-10 years out. I believe your credit score is more heavily weighted toward the recent history, so the more good history you can put between the negative aspects (late or missed payments, defaults, etc.), the better.

A good way to increase your credit score is to make all payments on time and reduce your credit utilization (percentage of credit used vs. amount of available credit).

]]> By: Craig http://cashmoneylife.com/credit-score-credit-report-difference/#comment-20334 Craig Mon, 09 Nov 2009 20:58:28 +0000 http://cashmoneylife.com/?p=1939#comment-20334 Good visualization. Is it possible to have a good short term credit score but maybe a bad long term credit history from the past? Good visualization. Is it possible to have a good short term credit score but maybe a bad long term credit history from the past?

]]> By: Ryan http://cashmoneylife.com/credit-score-credit-report-difference/#comment-20331 Ryan Mon, 09 Nov 2009 19:03:44 +0000 http://cashmoneylife.com/?p=1939#comment-20331 That is a great tool to help people visualize how they can improve their score and which actions to take first. thanks for the tip. :-) That is a great tool to help people visualize how they can improve their score and which actions to take first. thanks for the tip. :-)

]]> By: LeanLifeCoach http://cashmoneylife.com/credit-score-credit-report-difference/#comment-20330 LeanLifeCoach Mon, 09 Nov 2009 15:06:24 +0000 http://cashmoneylife.com/?p=1939#comment-20330 One of the great tools myFico.com provides is a credit score simulator. Once you have your score you can play with different scenarios to see how taking out more credit or paying off debt will affect your score. Recently I wrote a post on the experience of obtaining a credit score from myFico.com. While many advisors say to keep credit/debit ratio under 50%, by using the simulator I learned that my score was greatest between 1% -10% credit/debit ratio! One of the great tools myFico.com provides is a credit score simulator. Once you have your score you can play with different scenarios to see how taking out more credit or paying off debt will affect your score.

Recently I wrote a post on the experience of obtaining a credit score from myFico.com. While many advisors say to keep credit/debit ratio under 50%, by using the simulator I learned that my score was greatest between 1% -10% credit/debit ratio!

]]> By: Ryan http://cashmoneylife.com/credit-score-credit-report-difference/#comment-20326 Ryan Mon, 09 Nov 2009 13:45:22 +0000 http://cashmoneylife.com/?p=1939#comment-20326 A poor credit score can easily cost someone hundreds of thousands over a lifetime if they take out multiple loans and don't work to improve their credit score. A poor credit score can easily cost someone hundreds of thousands over a lifetime if they take out multiple loans and don’t work to improve their credit score.

]]> By: Megastar http://cashmoneylife.com/credit-score-credit-report-difference/#comment-20325 Megastar Mon, 09 Nov 2009 13:34:27 +0000 http://cashmoneylife.com/?p=1939#comment-20325 good information. A lot of people don't know the five factors that can help improve their credit score. A low credit score can definitely cost you money in terms of what you pay in finance charges for various credit products, like mortgages and credit cards. good information. A lot of people don’t know the five factors that can help improve their credit score. A low credit score can definitely cost you money in terms of what you pay in finance charges for various credit products, like mortgages and credit cards.

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