Posted on October 10, 2008 - Filed Under Factors, Featured | Leave a Comment
The Credit score scale varies on which scoring model used. For example, FICO score range is 300 to 850. The Vantage score range is 501 to 990. This is something that must be asked by you to the lender. You want to know the credit score scale that you are being graded on. This has [...]
Read More..>>Posted on July 17, 2008 - Filed Under FICO Formula, Factors | Leave a Comment
Your FICO score has many different factors that come together to generate your score. One is your Credit Mix and it makes up to 10% of the FICO score. The score wants to see a “healthy mix” of credit. What is does that mean?
They like to see you using many different forms of credit. [...]
Read More..>>Posted on July 15, 2008 - Filed Under Factors | Leave a Comment
Your credit history makes up 15% of your FICO score. Lenders can worry when you have a short history with good credit score. The longer the better is the rule here. Two factors are considered: the oldest account and its age, the average age of all your accounts.
The smallest percent of your FICO score is [...]
Posted on July 13, 2008 - Filed Under Factors, Payment History | 2 Comments
Your payment history is one of the most important factors in determining your FICO Score. The reason is based on the idea if you pay your bills on time,you are less likely to default. For this reason, payment history makes up 35% of your FICO score.
There are three factors that your [...]
Posted on July 13, 2008 - Filed Under FICO Formula, Factors | Leave a Comment
Your credit score is a view of your presence standing based on your credit report. It is important to note that there is a hundred different scoring models and the best known is the FICO score. These are all designed to tell the lender if a borrower will default on a loan. Being based on [...]
Read More..>>