Credit reports for free Charlottesville

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Blog Design by Logos For Websites based on the Thesis WordPress Theme. Sitemap | Advertise | Privacy Policy | Which Debt Should You Pay Off First? This article is by staff writer Adam Baker, whose own blog paid homage to the movie, Fight Club, credit reports for free Charlottesville with the post Tyler Durdens Guide to Personal Finance. While I generally check my credit report every 4 months or so, the last time I checked my credit score was November 2008. Earlier this week, I checked my credit reports for free Charlottesville credit score again. I was pleasantly surprised to find out it was 730+! Why would I be pleasantly surprised that my credit score has dropped between 5-10 points over the last 16 months? Because thats when we stopped playing the credit game. In early November 2008, Courtney and I not only canceled our credit cards, but also paid off our only non-student installment loan. The following month, we decided to take it a step further and close our final remaining credit card. free credit report laws For the last 15 months, weve lived free of credit cards, other revolving credit, and traditional installment loans. While this has had an overwhelming credit reports for free Charlottesville positive affect on our financial life, it was supposed to have a dramatically negative affect on our credit scores. After all, the following graphic is from myFICOs Whats in your FICO Score?: According to the graph and the information on the site, we have several strikes against us: To be fair, we did have several factors working for us: Could my credit score be even higher? Its very possible that even though my credit score hasnt tanked, it could be much higher. Had I not canceled my credit cards, maybe my score would be 750+ or 760+! Theres no way to know for sure, but canceling my credit cards may have caused my score to stagnate. check credit report free Another possibility is that FICOs algorithm may still need credit reports for free Charlottesville more time before it begins to punish my negative behavior. I find this theory less likely, as its credit reports for free Charlottesville been well over a year. Over time, credit reports for free Charlottesville maybe the score will slip more credit reports for free Charlottesville dramatically. On that note, if we keep up our current pace, well eventually cease to have a credit score at all! It can be credit reports for free Charlottesville argued whether this is good or bad, however youll be hard pressed to convince me that executing our current plan for another 5 years will put us in a bad position financially. So what does this all mean for you? Its important not to draw any sweeping conclusions from a single example. I fully expected my credit score to drop more than credit reports for free Charlottesville a mere 5-10 points, based on the information Ive been reading for the past two years. It would be irresponsible to assume canceling your own credit cards would yield a decrease or an increase in your score based on my results. identity theft protection At the same time, my sample case study has caused me to reevaluate just how much we know about the algorithm used for calculating your credit score.

All we have are graphs and lists of potentials factors that may be taken into consideration. The only universal lesson that can be extracted from this is to ensure that an estimated change in your credit score isnt the primary influence on your major financial decisions. Of course, you should have any and all information you can.

Im not suggesting we should all ignore the information that is available about the make-up of credit scores. Just be wary of letting it dictate any major financial decisions on its own.