How to remove negative items from your credit report, what impacts your credit score, how do i fix m

What Is FICO And How It Affects You

FICO Is A Mathematical Model Created By The Experian Credit Bureau As A Tool For Lenders To Use In Evaluating The Risk Associated With Lending You Money.

Fico Stands For Fair Isaac Company, The Company That Created The Original Scoring Model.

Fico Scores Consider Your Credit History Over Several Years, Making It Difficult To Increase Your Credit Score In A Short Time Frame.

Over The Long Term You Can Improve Your Creditworthiness By: – Reducing Your Total Indebt Ness.

– Making Your Debt Payments On Time And In Full.

– Closing Unneeded Credit Accounts.

– Avoiding Bankruptcy And Foreclosures.

How Is Your Score Calculated?

Your Score Is Calculated By A Series Of Questions Based On Both Your Credit Report & Debt-to-income Ratio.

Each Answer Accumulates A Certain Number Of Points That Are Then Added Together For Your Final Score. A Typical Scoring Considers:

– How Long You’ve Lived At Your Current Address – Your Job Or Profession Stability.

– Your Financial Obligations (Debt-to-income Ratio) – Any Late Payments – The Amount Of Credit You Have Outstanding – The Amount Of Credit You Are Using – The Amount Of Time You’ve Had Credit Established

Most Weighted Factors: Current Balances On Accounts, Too Few Bank Revolving Accounts, Too Many Bank Revolving Accounts, Number Of Accounts With Balances, Number Of Accounts Opened In The Last 12 Months, Length Of Time Accounts Have Been Established, Amount Of Past Due Accounts, Number Of Delinquent Accounts, Too Few Accounts Rated “Current,” Recent Derogatory Public Record Of Collection, Past Due Balances, Number Of Credit Inquiries Made.

What Is Considered A Good Score?

The Magic Fico Number Is 680. If You Score Below 680 You Are Considered To Have A Very High Default Risk Giving You The Possibility Of Being Declined.

If You Score Between 620 & 650 You Will Be Put Into A “Questionable” Category Where You Will Have To Provide Further Documentation To Get Approved.

A Score Of 720 Or Above Is Considered Golden Or “Cream Of The Crop,” And Most Likely You Will Be Eligible For The Best Rate On Your Loan.

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