23 of 25 people found the following review helpful
This review is from: Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Controls Your Financial Future (Paperback)
I picked this book up because I will be writing an in-depth review of it for a website. I spend a lot of time reading about credit scoring, analyzing it and talking to people about it. I might as well just save my time and hand them this book because it does a far better job debunking myths and explaining good and bad practices than I ever could.
She gives excellent background on the credit scoring industry and an outline of approximately how much each of the major categories affect your score (payment history, etc). Since the formulas are proprietary and there are so many of them, no one can say, "Hey, you just applied for 3 credit cards. That'll cost you 15 points!" The fact is that different activities will have different results for different individuals. Factor in the multiple credit scores and multiple revisions of each of those scores and you have yourself a complicated topic to cover.
One of the things I really liked about it is that she definitely approached it from the credit score improvement end rather than the personal finance end. Many times, they mesh perfectly, but sometimes, there is a difference. The specific example I'm thinking of in the book: always pay down your highest-interest debt first. Well, from a personal finance perspective, this is great advice. From a credit scoring perspective, the best approach is to pay down credit lines that are close to their limits since that will take a big hit on your score. I'm glad to see someone finally make the distinction.
Overall, an excellent book with the right approach to improving your credit.