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Utahans take up a challenge and earn better scores

By Brian Anderson
Published: Wednesday, May 18th, 2011

28Hundreds of Utahans took up a challenge to see if they could better their credit scores and surprisingly at least a handful of them managed to gain over 100 points or more within a few weeks’ time.

The results are being finalized by the sponsors including Utah Saves, Republic Mortgage, and Deseret Media Companies and it would be announced very soon. More than 120 points was boosted on the FICO score of the winner.

These themes were not meant only for those who had a low credit score but were for everyone to boost their scores. Al Bingham from Republic Mortgage who is an expert in credit scores and has authored a book ‘The Road to 850’ states that these themes could be of benefit to many people if they pay close attention and learn the techniques and use it to increase their credit scores.

His book also contains a reference to the 850 score which is the top FICO score. Although it is achievable most people fall short of it.

Bingham stated that everyone wishes to know the accounts that they must keep open and the ones they must close, the accounts that needed to be paid down and the accounts where they can have some activity etc. Even the ones with the high scores could easily see their scores plummeting if they don’t take care. This might in turn lead to an increase in interest rates, increase in insurance rates, and decreased opportunities.

As part of the challenge during the Utah Saves Challenge Week, Bingham as well as his colleagues ran the credit scores, while another group of people spent time writing personal reports for two weeks; on what each one of these contestants must do in order to maximize the number because every situation was quite different.

He also stated that obtaining a new credit card could help one person’s score while it may cause a drop of about 30 points in another person’s score.

There is some kind of installment loan that is required for a robust FICO score but it varies between the 3 credit reporting agencies as they have their own set of standards with all the three FICO scores. While Equifax and Experian consider a home mortgage as an installment loan, it helps those who buy a piece of property as they would be considered to be in good shape so long as they are up-to-date on their current payments.

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