Posted on July 24, 2008 - Filed Under good FICO score, improve credit score, utilization | Leave a Comment
Is this way to get a good FICO score? Well looking at it people believe that having less credit available to borrow will make you seem more responsible to lenders. In fact, this could hurt a good FICO score. This is because you are again judged on utilization. This is the formula to look how [...]
Read More..>>Posted on July 23, 2008 - Filed Under improve credit score, utilization | Leave a Comment
If you are looking to improve your FICO score a common mistake is to close accounts. People look at the fact you are judged on your credit mix and Fair Isaac likes to see a well round use of credit. Actually, your credit mix makes up 10% of your score. They think that closing the [...]
Read More..>>Posted on July 21, 2008 - Filed Under improve credit score, utilization | Leave a Comment
How much you owe is taken heavily account when figuring a FICO score. It equates to 30% of your FICO score and you need to understand how it is figured. Utilization is the method of measuring how much you owe. This is debt divided by your credit limits. The lower the better is always the [...]
Read More..>>Posted on July 14, 2008 - Filed Under FICO Formula, utilization | Leave a Comment
How much you owe makes up 30% of your FICO score and is sums of many different accounts like credit cards, car loans, and Mortgages. Another factor that is taken into account in your FICO Score is utilization and is defined as percentage of your balances to credit limits and makes up 30% of your [...]
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