How you can play the creditscoring game without a rule book
As you can see, managing your credit report score is a very difficult proposition. We are all being forced to play in a life changing game without ever being given a copy of the rule book. We constantly run the risk of being punished for doing what we think is the right thing or sometimes for doing nothing at all.
We have provided a few examples of how doing this or doing that may lower your credit report score by 100 points or by 20 points. This information is useful if you are in exactly the same situation, but what can you do if your credit situation is not exactly like the example?
The only way we know to successfully manage the things you can control is with a FICO score simulator or calculator. Credit.com has a free, online credit report score calculator. You can enter generalized credit history information and see how changes could affect a credit report score. One caveat is that because the FICO score formula is a trade secret this FICO estimator is making a best guess about the results. It’s still a useful creditrepair tool, however.
The best tool available for actually managing your FICO credit score is the Suze Orman FICO Kit. What makes the Orman Kit such a valuable tool is that it pulls actual information from your credit report, so it is specific to your personal situation. Plus, the Orman FICO Kit is made by Fair Isaac – who invented FICO scores and owns the trade secret to the 2008 FICO Score formula. The Orman Kit is not free but it is a good value because you get your credit reports and credit scores from Equifax, Experian and TransUnion. You can get free annual credit reports but FICO credit scores must be purchased anyway.
How opening an account can improve your credit report score…
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