In “This is sh*t u need 2 know” news, the big homies over at FICO are back at it again, this time they’re finally explaining for the first time how late payments hurt their credit scores.

Oh for real EbenGregory…I bet some of the people that visit the site gonna skip right past this article huh man?

Yes.

And now…here’s Yahoo.com explaining the whole FICO scenario: Did you max out your credit card? Expect a credit score drop of 10 to 45 points. Declare bankruptcy? Your score will plummet by up to 240 points, and your odds of getting credit will nosedive with it. The “damage points” data, unveiled recently by FICO, are part of the most revealing glimpse into the firm’s once-secret — and still mysterious — credit scoring model. The new information discloses how many points borrowers’ scores will drop when they make the most-common mistakes.

And now…here’s FICO spokesman Craig Watts explaining why FICO finally spilled the beans: We hope this information will help people to better understand FICO scores and the value for them of avoiding credit missteps. It illustrates key points such as the higher your score, the farther it can fall if you stumble. Getting and maintaining a good score isn’t complicated. We all just need to pay our bills on time, keep credit card balances low and take on new debt sparingly.

And now…click here to read the rest of the story. And now…

This is EbenGregory.com…a place where you can read about things that are really important like maintaining your credit. Thank you and you’re welcome.