Understanding your credit score is important if you are looking to repair your credit score or improve your credit score. If you understand how your credit score is calculated you can position yourself to have a high credit score, even with the upcoming FICO 10 and FICO 10T model rolling out later this year.
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17 comments
great video!! lots of people dont know this, and it is crazy!!
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New credit cards affects age of credit also!
They already get the max history when they pull your file so I don't know about this. Besides my fico 9 is up there and I get no respect. 10 won't be any better. You know Chase ain't tryna change.
Been having withdrawls from Wallers Wallet videos lately! Great video Dustin. There are a lot of people that disagree with the way your credit score actually works and it is hurting their scores. Unfortunately, some don't care. Keep up the great work and Take care!
I've heard from a few different sources now that the 24 month "lookback" ability starts and begins building from the point in time at which the model subscription is adopted by the lender. In other words, the ability to review any individual history will become available and begin to age from day 1 out to 24 months and then progressively move forward in time as time goes on. Does this agree with your sources? I think it unlikely that FICO will swing open the information doors to lenders and all of the sudden give them access to information and activity dated 2018's… Your thought's?
I finally managed to crack Bank of America, without being a customer.
I got two of the 3% rewards cards, one World MasterCard, the other the Visa Signature version.
Excellent video extremely informative I agree with all your points. Well done.
Great video thanks.
Have you ever done a video on Alaska Air – BofA, how many times can you get the card and so on.
D, u already know what Im bout to say about u in that shirt. Lol <3
Well, Im ready for this fico 10 transition. I’ve been doing so well rebuilding my credit, so yeah, Im ready. Nothing to hide here 🙂
On the Myfico forums, the consesnus is that AZEO (All Zero Except One) strategy maximizes your credit score. Under AZEO, have all your credit balances report as zero except one card with a small balance under 8.9% utilization but don't use a Chase card for the small balance since Chase automatically reports to the bureaus as soon as you pay it off.
Dustin. if possible try this method and compare to having every card report as zero. Would make a goold video to show the results
I think banks will be much quicker to switch to FICO 10 since it's a radically different approach. Most FICO updates are minor tweaks so banks reluctant to switch but FICO 10 could be a game changer. Honestly, I am shocked tracking debt levels hasn't been done much earlier as it is a big part of identifying potential credit issues down the line.
One question I don't understand. When I pay off a debt, like a credit card, my credit score drops. Why is this? I would think paying down debt reliably would be a positive.
I just can't get 850. No debt for 25 years so I get penalized for lack of installment debt. I'm such a deadbeat!
Opening new credit cards is only 10% but it also affects your "age of credit" and thats 15%… so in theory opening a new credit card can affect your score upwards of 25%. Am I wrong here?