fico: Short sale can be a headache this big - 04/21/08 09:33 PM
Mortgage foreclosure is something that isn't advantageous to have glaring at you from a credit report. It has a large negative impact on FICO's computations and can make future credit very costly to obtain, if it's available at all. Before a distressed homeowner resorts to that route, another option has increasingly … (14 comments)
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fico: Mortgage walkaways face unkind future - 04/20/08 10:42 PM
The tough real estate market gripping large sections of the country has incubated multiple trends and one of the more noteworthy of them is the mortgage walkaway. This is where a distressed homeowner or an out-of-luck investor decides to cease loan payments and at some point later on hands in the house … (2 comments)
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fico: FICO 08 credit scoring model still unavailable - 11/08/07 10:29 PM
The mortgage industry could really use the new and improved FICO scoring system, but it unfortunately continues to be under development and there currently is no firm time frame when it's going to be ready. Back in June FICO announced that it would go live this fall first at Experian, one … (4 comments)
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fico: Your FICO score may get a lift - 08/06/07 07:29 PM
Wouldn't that be nice? When you apply for, say, a mortgage loan to refinance, instead of having a FICO score of 690, you could jump all of a sudden to 725. That difference would help lower the interest rate you get and subsequently the long-term borrowing costs. And you don't have … (0 comments)
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fico: FICO score repair under critical scrutiny - 07/09/07 11:46 PM
As was reported here a few weeks ago, FICO will upgrade the software model of its credit scoring system in the fall to better keep fraudulent activity at bay. What they want to do is stop the practice of piggybacking.
Piggybacking involves firms mostly operating on the Internet that offer to pay people … (4 comments)
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fico: FICO to purge scoring scam - 06/21/07 11:22 PM
If your FICO score comes in too low you can go online and look up a specialty company there that will help you boost it by up to 300 points. Go from, say, 500 to 750 in a matter of weeks. That improvement will make a large difference when you apply for a … (8 comments)
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fico: Mortgage lending practices under scrutiny - 06/14/07 06:50 PM
The Federal Reserve Board, or what many just call the Fed, has the rule-making authority under HOEPA, Home Ownership and Equity Protection Act, to look into and amend national mortgage lending practices. It's a big responsibility and now it is conducting hearings on how to adjust some of the current procedures that … (6 comments)
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fico: Investing in real estate - 06/12/07 09:20 PM
All sorts of people were getting into rental real estate four-five years ago, at least here in Las Vegas. That was when the market was on a rocket ride up. It was of minor concern to many that their knowledge base on the overall market was rather slim. Now they are paying … (0 comments)
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fico: FICO formula upgrades - 05/22/07 04:11 PM
FICO tweaks its secret credit-rating formulas every so often and now they have another one coming up in September. Many of us think that FICO only helps out in the residential real estate business, mortgages that is, but their score carries a lot of weight in other areas, too. Banks offering … (2 comments)
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fico: FICO primer VII - 05/17/07 03:06 PM
This is the seventh part on how FICO works. To be able to fully follow the flow of discussion it would be to your benefit to first read FICO primers I, II, III, IV, V and VI. This is the last segment of the FICO tutorial. Long journey, wasn't it.
If you're … (0 comments)
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fico: FICO primer VI - 05/15/07 04:56 PM
This is the sixth part on how FICO works. To be able to fully follow the flow of discussion it would be to your benefit to first read FICO primers I, II, III, IV and V. This is the next to last in the series, so there's hope.
It's now time to go … (0 comments)
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fico: FICO primer V - 05/11/07 09:56 PM
This is the fifth part on how FICO works. To be able to fully follow the flow of discussion it would be to your benefit to first read FICO primer I, FICO primer II, FICO primer III and FICO primer IV.
In this primer, we start with the second most important category, … (2 comments)
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fico: FICO primer IV - 05/10/07 07:53 PM
This is the fourth part on how FICO works. To be able to fully follow the flow of discussion it would be to your benefit to first read FICO primer I, FICO primer II and FICO primer III.
Let's now examine what type of factors FICO considers when putting together your score. And as we move … (2 comments)
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fico: FICO primer III - 05/08/07 12:33 PM
This is the third part on how FICO works. To be able to fully follow the flow of discussion, it would be to your benefit to first read FICO primer I and FICO primer II.
In this segment we're going to take a look at what is included in your credit report. Personal … (0 comments)
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fico: FICO primer II - 05/05/07 03:49 PM
This is the second part on how FICO works. To be able to fully follow the flow of this discussion, it would be to your benefit to first read FICO primer I.
There are three credit reporting agencies, Equifax, Experian and TransUnion, that feed data to FICO. How do these companies get their information … (0 comments)
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fico: FICO primer I - 05/04/07 07:07 PM
FICO score has become an essential part of our financial profile and therefore it's important to understand what it is and how it works. When we apply for a mortgage loan, it's one of the major factors to be considered at decision time. FICO's influence reaches further than that, though. It's … (0 comments)
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fico: FICO score boost. - 04/27/07 12:30 PM
Mortgage lenders today are setting higher loan qualification standards for borrowers with weak credit files. Since they're facing mounting defaults in the subprime segment, they have to. Now there's another issue to contend with. When they study a credit report, the one compiled by FICO, are they really looking at the … (8 comments)
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fico: First-time home buyer challenge. - 04/10/07 12:28 PM
It's tough out there for the first-time house buyer right now. The price levels in many areas have moved up far enough to put a crimp on their ability to own a property of their own. Las Vegas valley is one of them. Affordability is definitely an issue here.
That's just one … (2 comments)
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