how to remove negative credit items, how is credit score calculated, credit cards for bad credit
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Click Here For The Free Video: http://remove-negative-items-credit-report.info-pro.co How To Remove Negative Credit Items, How Is Credit Score Calculated, Credit Cards For Bad Credit 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 credit-worthiness 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.TRANSCRIPT
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 Credit-
worthiness 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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