What is an Empirica® score?

It is the name of a system or rating that the credit reporting company gives to FICO. The model for this rating was developed by Fair Isaac Corporation.

What is a Beacon® score?

Beacon® score is the name Equifax gives to the FICO® score it calculates using the credit scoring models developed by Fair Isaac Corporation.

What is a VantageScore®?

A FICO® score is a credit score produced from models developed by Fair Isaac Corporation. The score is used to measure a consumer’s creditworthiness and risk, and is in use worldwide. You have three FICO® scores, one from each credit bureau, because they each have their own proprietary methods for collecting and assessing the information. Equifax calls it your Beacon® score; Experian calls it your Experian/Fair Isaac Risk Model score; and TransUnion calls it your Empirica® score. FICO® scores range from 300 – 850 and are available through all three consumer reporting agencies.

How many credit cards should a person have?

It is important to keep your credit cards limited to how many you can afford to pay off. In other words, having one or two credit cards is enough credit to have. Those with high balances can affect your credit rating. Therefore, it is important to keep them at a low balance.

Is my credit score affected by my spouse’s credit?

Credit behavior of one spouse can affect the other, especially if it is a joint account. If a credit card appears in both names, the credit rating affects the both of you. A credit card that was obtained during marriage is considers a joint debt, even if the card is made out to only one of the parties.

Can my credit score be affected by co-signing for someone else?

Co-signing a loan for another person is definitely not a good idea unless you are assured beyond a doubt that the person can pay on time. In other words, co-signing on a loan would mean that you are responsible for any debt that they incur. It will appear on your credit history and theirs as well.

I have been pre-approved for credit. Will this affect my credit score?

If you have been pre-approved for credit, it will not affect your credit score. Creditors do make inquires for your credit rating. Only the applications that you initiate can affect you.

How does my credit score fluctuate?

Whenever you have a bill, it is important that you pay it off as soon as you can. Being late can be an indication that you are not responsible for any debts that you incur. Late payments will stay on your credit report for up to seven years and have a negative effect on any loans that you apply for.

Pay your medical bills on time

Make sure that you have proper medical insurance. More often, that not, your medical provider, and insurance company can get into negotiations, especially if your medical bill is delinquent. It can end up going to collections and then your credit rating will be affected for 7 years. If it is because of their mix-up and it should be have been paid by either party, make sure that you get it sorted out as soon as possible.

Have a Reserve

It is important to have an emergency reserve on hand, should you lose your job. You should think about squirreling away enough money to tide you over should you lose your job. Having a credit card with a high limit reserve can help in emergencies.

Medical Plans through Employers

Some companies offer various plans in regards to medical insurance. You can have a portion of your salary put aside for medical expenses. An example would be to have $200 taken out of your paycheck on a monthly basis. This way you will have $2400.00 for medical expenses for that year.

Power of Attorney- Have a trusted spouse or family member to take care of your financial matters, when you are sick in the hospital. This way a spouse or family member can work on your behalf until you have fully recuperated.


Go over any insurance policies to see what services you will have to pay for. When you get a bill, make sure to look at it thoroughly to make sure there are no errors. If there is something wrong, make sure that you get it straightened out as soon as possible.

Pay your bills – If you can afford to pay your medical bill, even if it is an error, make sure to do so. You can help to keep your credit report clear and negotiate with your insurance company afterwards.

Clearing the Collections Bill- If you have acquired a bill that you could not afford to pay, and it was sent to collections, settle the bill by arranging to pay the bill off in full. Some companies also permit you to make an agreement to part it off in portions. If perchance, a bill that is in your name was sent to collections, and you never received the bill, you can dispute it. This will help to clear your credit score.


Most hospitals can write off your medical expenses as charitable causes. Look to find out how you can become part of their charitable causes.

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