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Understanding How FICO Scores are Calculated

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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.

Ink Plus® Business Credit Card

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  • Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • Earn 5 points per $1 on the first $50,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year
  • Earn 2 points per $1 on the first $50,000 spent in combined purchases at gas stations and hotel accommodations when purchased directly with the hotel each account anniversary year
  • Earn 1 point per $1 on all other purchases—with no limit to the amount you can earn
  • No foreign transaction fees
  • Employee cards at no additional cost
  • $95 Annual Fee
Intro APR Regular APR Annual Fee Foreign Transaction Fee Credit Rating
N/A 15.49%-19.49% Variable $95 0% Excellent Credit