What's In Your Credit Score?

You need to be really careful about whom you decide to listen to for credit advice.

I was just checking out some credit repair videos on the web and I was amazed how ignorant these other credit "experts" are. I listened to one guy explain how a bankruptcy can make your score drop 30-50 points or how a late payment will effect your score by 20-30 points.

Huh? I guess he never went over to myfico, the guys who created the FICO scoring model, and read their article about how they formulate their credit scores. It is posted on their site for all the world to read.

You'd think if they were planning to offer credit repair services, they'd do a little research first.

What really amazed me is that they're so willing to broadcast their ignorance out on the internet that way. But it made me think. If they don't know what goes into a credit score, you may not either, so here are my cliff notes on how your credit scores are formulated:

Best,

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