Credit card companies saw a decrease in the number of credit
card accounts falling into default in the month of December than
in any month in 2010. All six of the biggest card issuers posted
their lowest rates for charge-off or accounts written off as
uncollectible. This is potentially good news for the economy.
Archive for the ‘News’ category Here are the basic parameters of
how FICO credit score is ascertain (based on an article provided
by Yahoo). Using the information in a borrower’s credit report,
FICO breaks that information into categories. Here’s a breakdown
of the five elements of the FICO score: 1. Payment History: 35
Percent of the Total Credit Score Based on a borrower’s payment
history, making the repayment of past debt the most important
factor in calculating credit scores. According to FICO, past
long-term behavior is used to forecast future long-term
behavior. 2. Debt Amounts — 30 Percent Based on a borrower’s
total outstanding debt. Revolving lines of credit, which allow a
consumer to borrow