Homes in Des Moines, Iowa: Credit Score Secrets for 2008 Revealed

New changes in the way credit bureau's look at your credit score.
by: Brian Wentz, Realtor

Fair Isaac, home of the well known "FICO" scoring method, has announced some changes that will impact consumers credit scores in 2008. Dubbed "FICO '08", the new guidelines put heavier emphasis on several key areas which received less focus in the past, such as having higher balances on credit accounts and keeping a mix of both revolving and installment accounts.

The new scoring system may also be more forgiving to consumers who apply for new lines of credit. This change better reflects the fact that today's consumers seek and use credit more than in previous generations.

FICO 08 also addresses a process which has been come to be known as "piggy backing". In recent years lenders and consumers have used a loophole that could quickly boost a consumers credit score by adding their name to another consumers credit history. Some credit repair companies have even gone so far as to "rent" one consumers good credit to boost another consumers credit scores.

Read more about the changes and how to Build a Killer Credit Score in 2008.

Brian Wentz & Beth Ernst
Burnett Realty
515-334-4994
www.BrianWentzRealtor.com

Helping buy or sell homes in Des Moines, Iowa including Urbandale, Clive, Beaverdale, West Des Moines, Johnston, Ankeny, Altoona and Waukee.

(Source: MSN Money)