FICO scores posts

Remember the days when gold credit cards were the gold standard? Then platinum credit cards became the new mark of exclusivity. Since then, the platinum of platinum credit cards have morphed into black, clear, blue, plum, titanium and every other color imaginable in the status rainbow. How do you choose?

The good news is platinum credit cards are more available to average consumers. You don't need the highest income or credit scores to qualify for members only benefits, but generally just need a solid credit history and a FICO above 650. If you pass the criteria, you can earn platinum credit card points redeemable for prizes and merchandise, tap customer service benefits, accrue frequent flyer miles, get discounts and reap cashback bonuses. Most platinum credit cards also guarantee over-the-limit services, so you'll never again have to deal with the embarrassment of getting your card declined.

Let's take a look at some of the best platinum credit cards on the market.

Nearly every personal finance guru in America will tell you that it's important to build and maintain a high FICO score -- and that good credit is a sign of financial prudence and responsibility. Lenders will reward you for that responsibility with a lower interest rate loan.

The worship of the almighty FICO score has even been picked up by AOL's own welcome screen -- AOL.com recently ran the headline How Woman Got a 783 Credit Score. According to the article, "It's the kind of credit score that belongs to a person who spends her money and swipes her credit cards wisely."

That's really only partly true. In reality, a good credit score comes from using credit in a reasonably responsibly way: i.e. not missing payments and maintaining a reasonably low debt-to-credit-limit ratio. But a high credit score also comes from using credit a lot, and having a lot of different kinds of credit. The piece goes on to say that "Excluding mortgage, household expenses, a low school loan payment and two bank credit cards, her extra funds mostly go to savings with a little for herself and Quinn's needs. Not that (Stacey) MacGlashan is a big saver, either. (That's her admission.)"

Ken and Daria Dolan, America's first family of personal finance, answer your questions every Friday.

Click here to ask Ken and Daria your question.

Your credit score has never been more important than it is today. That's why it is critical you understand some big changes in the way your credit score is calculated. Learn what you'll get hit hard for and what gets ignored under the new rules.

Dear Dolans:

I've heard they are changing how my FICO score is calculated. What do I need to know?

--John

To learn more about the new FICO rules, as well as tips to boost your credit score, visit Dolans.com.

I've been working with a personal finance coach as part of a magazine assignment. As a hand-to-mouth freelance writer (with two kids), my finances are pretty basic. I earn it, I pay my bills, I buy the groceries, put gas in my car...and hold my breath until the next paycheck.

But personal finance coaches, by definition, think big. And after telling me there's no reason I can't fund my "retirement," pay for my kids' college and/or buy a house if I invest wisely, she recommended I get my FICO score.

I didn't tell her that my "retirement" plans involve moving to a cheaper state when the kids are grown and putting my name on the list for low-income senior housing.