credit scores: the big picture

Download Credit Scores: The Big Picture

Post on 19-Aug-2015

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  1. 1. Presented by:Tony Budri
  2. 2.
    • The most widely used credit scores are FICO scores, which were developed by Fair Isaac & Company, Inc. (and they're named after their inventor!). Your FICO score is between 300 (high risk) and 850 (low risk).
  3. 5.
    • ScoreOdds
    • Above 800 1292 to 1
    • 760 to 799 597 to 1
    • 720 to 759 323 to 1
    • 700 to 719 123 to 1
    • 680 to 699 55 to 1
  4. 6.
    • ScoreOdds
    • 660 to 679 38 to 1
    • 620 to 659 26 to 1
    • 500 to 600 8 to 1
    • Below 500
  5. 7. FICO Score APR Rate Monthly Payment Interest Paid 720-850 5.3% 2776.52 $499,549 700-719 5.9% 2965.68 $567,647 680-699 6.5% 3160.34 $637,722 620-679 7.6% 3530.37 $770,937 560-619 8.4% 3809.19 $871,305 500-599 9.9% 4350.95 $1,066,352
  6. 8.
      • Past Delinquencies
      • Revolving Debt Ratio
      • Average Age of File
      • Mix of Credit
      • Inquiries
  7. 9. 35% of a Credit Score
  8. 10. 30% of aCredit Score
  9. 11. 15% of aCredit Score
  10. 12. 10% of a Credit Score
  11. 13. 10% of a Credit Score
  12. 14.
    • Pay off revolving credit cards or at leastspread balances evenly at a minimum
    • Ask for credit limit increases
    • Bring past due balances current
    • Open business credit cards in addition topersonal
    • Use old credit cards you havent used
    • Pay down neg-am loans below loanamount originally borrowed
  13. 15.
    • Retain our years of experience Today
    • On average we remove: 2 of 3 items!
    • Contact us at1-877-949
    • Visit our website at
    • www.IdealCreditInc.com