FICO reveals credit report damage points data

FICO, for the first time, has publicly disclosed the extent of  “damage points” data on consumers’ credit scores (aka beacon scores).  The FICO disclosures gives consumers insight into how many points will be deducted from their credit score when they may out their credit card, or declare bankruptcy.

According to FICO, a maxed out credit card could decrease your credit score by 10 to 45 points.  A bankruptcy could decrease your credit score by 130 to 150 points unless you have a beacon score of 780.  In that case your credit score reduced by as much as 240 points!

FICO continues to guard their formula to calculate credit scores, but this report will help consumers understand what consumers can do to protect, and maybe even increase their credit scores.