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- The Players
- Beacon at Equifax
- FICO Risk Score at Transunion (Empirica)
- Experian/Fair Isaac at Experian
- FICO Scores predict your chances of default on a specific loan
- Scores range from 300-850
- Scores below 620 are considered high credit risk
- Scores over 660 are below average risk
- How are the scores weighted?
- 35% is established from your payment history, collections, and public records.
- 30% is established from outstanding balances being carried on your accounts.
- 10% is established around the type of credit you have.
- 15% is based on the length of your credit history. It is better to have credit for longer time frames, so that a history is built up on your record.
- 10% is established around your request for credit (credit inquiries), meaning that every time you apply for credit, your scores are impacted within certain FICO rules. You can, however, apply for as many mortgages and car loans as you want, as long as they are in a 14-day window. FICO allows this because they are big-ticket items.
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5 Factors That Make Up Credit Scores
Payment history ...................... 35%
Amounts owed ........................ 30%
Length of credit history ........... 15%
Inquiries .................................. 10%
Type of credit use ................... 10%
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For more info check:
www.myfico.com, www.fico.com
Call me today to learn more about the loan products you are eligible for!
If you or anyone you know could benefit from the services I offer, please feel free to respond to this email and let me know!
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John Public
Designer
Velma
5465 E. Terra Linda Way
Nampa, ID 83687
Office: (555) 555-5555
Cell: (555) 555-5555
Fax: (555) 555-5555
NMLS: 000000
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SKU
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