Why is it so hard to learn how our mysterious FICO score gets determined? Who are these people out there who decide who is worthy of getting credit and who is not? By what criteria do they punish or reward consumers and assign a number to us? In times like these even good people doing their best often find it difficult to make ends meet and avoid damage to their credit scores. What about those who are financially successful today? Do they have questionable business ethics? Are they just “naturals”
If big banks or other financial institutions decline your credit request because of bad credit, does this mean you can't get credit? Are there other ways to get credit now, when we need it most? Yes, there are credit resources available, and educational resources for learning to take control of your credit. But it is essential to educate yourself first before you can take effective action.
Did you know that in early 2008 FICO made changes in how credit scores are calculated?
FICO scores are now based on: length of credit history (15%), credit inquiries (10%), credit usage ratio (30%), on time payment history (35%), and the mix of credit we carry (10%).
The Good News: while you cannot rebuild your credit history overnight even with the new FICO 08, many ethical lending companies will work with consumers with bad credit. These are generally not the big companies that you see advertising on TV and on big signs all over town. But with the help of government and other consumer-friendly directories, it is now easy to find the companies that will give you a chance to get the credit and information you need.
One of the best website directories of such lenders is http://www.hud.gov, which focuses on helping consumers get home loans. Another is http://www.ebadcreditlenders.com, which offers people with below average or bad credit a wide range of credit resources for home loans, auto loans, cash loans, and credit cards.
However, while websites like these can provide the right information and resources to empower you, at the end of the day only you can make the decision to take charge of your finances and get the help you need. With these resources at your fingertips, you can take charge of your financial life today.
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