Managing your credit in turbulent financial times

How do you manage your credit in today's uncertain economy? As economic challenges continue to arise for millions of U.S. consumers, myFICO® will bring you resources and practical solutions to help manage your credit during these uncertain economic times. myFICO is dedicating three months to examine how turbulent times can affect specific credit situations.

July 2008

Bankruptcy and your credit

The US Courts reported that there were over 900,000 bankruptcy filings over the 12 months ending in March of 2008 – that's nearly a 30% jump from 2007. With so many people turning to bankruptcy to escape from debt, it's vital to know exactly what a bankruptcy means to your credit.

Resources:

• Learn how different types of bankruptcies remain on your credit report and how they change your FICO credit score.
• Learn the affect a bankruptcy can have on your FICO credit score.
• Learn how long a bankruptcy can affect your score and things to consider before and after filing for bankruptcy.
• Considering bankruptcy?
• What the media is saying about bankruptcies.
• What is a deleted bankruptcy?
• Bankruptcy FAQs

June 2008

Regaining your financial footing after a foreclosure

With about 1 in 100 households dealing with foreclosure, it's likely that you or someone you know is being affected by the current mortgage crisis. It's a common misconception that your credit standing is forever ruined by a foreclosure. We'll show you exactly what a foreclosure means to your credit – and how to revive your credit after a foreclosure.

Resources:

• When you can expect your FICO® score to rebound after a foreclosure.
• The alternatives to foreclosure and their impact on your FICO score.
• When you know foreclosure is inevitable.
• Weighing your options when behind on your mortgage.
• All you could ever want to hear about mortgages and credit.
• How much will someones credit score drop if they let a property go into foreclosure?

May 2008

Dealing with common credit problems

This month, myFICO will help you to identify and deal with common credit problems that could be hurting your score. You'll find information on the most frequent pit-falls that can damage credit and we'll show you ways to get your credit under control. Don't let credit problems turn into financial turmoil – take action to prevent a personal credit crisis.

Resources:

• Surviving a financial setback
• The spectrum of late payments and how they affect your FICO score.
• Applying for new credit? Find out if multiple applications can hurt your score more than single new account application.
• Public records and judgments; adverse affects on your FICO score.
• Accounts that aren't normally on your credit report can hurt your score, if a bill goes unpaid.
• How long do missed payments (30-180 day delinquencies), stay on my credit report?
• How does a judgment effect current credit cards?

April 2008

Spot the early warning signs that credit challenges are looming

Don't let credit problems turn into financial turmoil – spot the early signs and take action to prevent a personal credit crisis. Learn how to avoid the common pitfalls that can damage your credit and show you ways to get your credit under control.

Resources:

• Spot the subtle signs that credit problems are on the horizon.
• The best way to manage credit card debt during a financial crunch.
• How to get new credit while minimizing the impact on your FICO score.
• Best of the Worst: Share your sad stories of financial woe to help others!
• When to Apply for a Credit Card
• Utilization – pay down or off?