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Understanding How FICO Scores are Calculated

by on January 21, 2011 · 4 comments

in Credit Cards

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As you can tell by my posts on top credit cards, opening up lucrative points-earning credit cards can be the quickest way to amass point wealth.
Most people ask me about the negatives of opening up a new credit card. I’m certainly not a credit expert, but from my understanding and experience, opening up new credit cards does make a minor impact on your credit score. However,  if your credit is strong and you aren’t about to apply for a mortgage, I say the potential ding on your credit is well worth the points. As someone who lives in NYC and isn’t going to buy a home anytime soon, I might as well leverage my good credit for other positives.. like free first class airfare.

Points credit card expert Frugal Travel Guy, whose blog has a lot of great information on maximizing points from credit cards, posted a link today from an interview from the CEO of the FICO score company. Click here to understand how your FICO score is calculated.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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