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"So far I am very pleased, everyone is been very helpfull, Jason is very professional and was able to answer my questions with great details. Thank you so much for your help." |
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Lorena, November 10, 2008 |
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"I would like to tell everybody about how fantastic this company has been. First, I never had to be part of the back and forth information gathering processes that normally accompany this type of work, which was really nice and it speaks of the professionalism of the company. They treated me fairly and were very straightforward with all of there policies and practices. I was impressed by their q (read more)" |
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William, July 01, 2008 |
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"90% approval rate on Trans Union- Im happy withthe service provided" |
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Sonni, December 15, 2009 |
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Understanding Your Credit Score
Your Credit Score is used by anyone that plans on lending
money to you. Credit card companies, home equity lenders,
auto loan lenders and finance companies all use a model
created by Fair, Isaac and Co, the San Rafael, California
company that pioneered credit scoring 40 years ago and
dominates the industry today. Commonly called FICO, this
score serves as a snapshot of financial credibility.
A low score can raise the price of your loan and a very
low score can mean denial of your loan completely. Below
you will find the percentages that determine your credit
score.
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- Payment History (35%). The number one factor
used when calculating your credit score is your payment
history. For example, accounts that have gone to
collections or charged off, bankruptcies or simple late
payments on open accounts. The more recent the
problem, the more your score will be affected.
- Amounts Owed (30%). Have you maxed out your
credit cards? High balances or balances that are close
to your credit limit show financial irresponsibility and
thus has a negative impact on your credit score. it is
advisable to keep your balances below 30%.
- Length of Credit History (15%). Are all of
your accounts brand new or have they been open for a
while? The longer, the better.
- New Credit (10%). Every time you apply for
credit of any kind, you create an inquiry on your credit
report. A lot of inquiries negatively effect your score.
- Types of Credit in Use (10%). How many
current loans from companies do you have and how much of
them. Is your credit too far extended, do you have
a good variety of credit established, etc. These
all have impacts on your credit score.
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Your score will range between 300 and 870 and, of course,
the higher the better. As your score increases, your
credit risk decreases. Exact numbers differ by lending
institution but the average high approval score is 680 or
above. Often times your score is taken from all three
credit reporting companies and the middle score is used.
Depending on the lending institution, your score can cost
you. Some lenders will charge a higher interest rate if
your score is below 600
A credit score of 680 or above can save you money,
especially for home loans. If you are considering a
significant loan you will want to be sure to check your
credit reports first. If negative items appear on your
report you have two choices. Live with it for 7 to 10
years or dispute these items. Should you choose to
contract with a professional company to do this for you,
we are your company.
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