What’s an “Open” Account and how are they scored?

What’s an “Open” Account and how are they scored? Credit Cards by John Ulzheimer Share Share Email Open, closed, usable, not usable…an Open account simply means it’s not “closed”, right?  Nope, it sure doesn’t. An Open account is a specifically designated account type rather than the status of a revolving credit card account.

What’s The Difference Between A Credit Report and A Credit File?

What’s The Difference Between A Credit Report and A Credit File? Credit Cards by John Ulzheimer Share Share Email “John, I see the terms credit report and credit file used all the time.  Aren’t they the same thing? And if they are the same thing, why are there two terms?”

What’s the Difference Between Credit Cards and Charge Cards?

What’s the Difference Between Credit Cards and Charge Cards? Credit Cards by John Ulzheimer Share Share Email Do you know the difference between a credit card and a charge card?  A credit card has a preset spending limit and you’re generally allowed to charge up to that amount.  A charge card has no published spending […]

What’s The Difference Between A Credit Report and A Credit Score?

What’s The Difference Between A Credit Report and A Credit Score? Auto Loans by John Ulzheimer Share Share Email “John, I’ve read where you undress people who say credit scores are used by employers and then you get on them for using credit reports and credit scores as if they were the same things. Isn’t […]

What’s a Credit Scorecard?

What’s a Credit Scorecard? Credit Monitoring by John Ulzheimer Share Share Email Within each credit scoring system there is a series of scoring models, or mini-models as some have called them. These mini-models are called scorecards.  Now, let’s not confuse the issue with a bunch of techie mumbo jumbo.  A scorecard is a unique scoring […]

What’s a Mixed Credit Report?

What’s a Mixed Credit Report? Civil Penalty by John Ulzheimer Share Share Email In late July 2013 a jury awarded an Oregon woman $18.6 million over Equifax because of errors on her credit report. Her issue…she had a credit file that was mixed with that of another woman, who happened to have poor credit. So, […]

What’s a Good FICO Score?

What’s a Good FICO Score? Credit Report by John Ulzheimer Share Share Email One of the most common questions I’m asked is what constitutes a good FICO score, bad FICO score, great FICO score, horrible FICO score, average FICO score, etc?  Here’s the deal on the quality of your FICO score…it’s going to depend.  It’s […]

What’s a Thin Credit File?

What’s a Thin Credit File? Auto Loans by John Ulzheimer Share Share Email “John, I applied for a credit card and I was turned down because of a “thin” credit report.  What in the world is a thin credit report?”

What’s The Best Way to Build My Credit Score?

What’s The Best Way to Build My Credit Score? Auto Loans by John Ulzheimer Share Share Email Happy Birthday, you’ve just turned 18.  Maybe you got a car for your birthday.  Maybe your parents are throwing you a great party.  Whatever your gift happens to be, it’s unlikely that you’re thinking about your credit scores…although […]