Improving your credit score based on New FICO method

The latest update to FICO's scoring model may result in a very good thing for many people...a higher score. Some changes include:

Under the updated scoring model, called FICO 08, small, missed payments lingering in collections with original amounts of $100 or less will no longer do damage to your credit score.

Consumers also are less likely to be penalized for any single delinquency if it occurred two or more years ago - and if their credit history is otherwise unblemished, says FICO, formerly Fair Isaac Corp., which developed the FICO scoring system.

As noted in this article here, even if you get a credit limit cut, it may not have that much of an impact on your scores.

Of course, if your scores are really bad, you can go into a career of making cover songs about the financial crisis, much like this Pink Floyd remake: