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Did you know that 90% of top lenders use FICO scores to make credit-related decisions? FICO scores range from the low 300’s to the top 850. Do you know your FICO score?
Why does a good FICO score matter?
A FICO score is the first thing a lender looks at when determining if they are going to loan you money. When looking at your FICO score the lenders will determine how much money you can borrow, how long you will get to repay the loan, and how much it will cost with the interest rate. Therefore, a good FICO Score is important as it can save you thousands of dollars in interest and fees because lenders are more likely to extend lower rates if you present less of a risk for them.
Factors that influence your FICO score
Payment history on your loans and credit cards
The total debt and amounts you owe
The length of your credit history
All your new credit and the types of different accounts you have (also called a credit mix)
Credit Scores are usually affected by elements in your credit report such as ...
Payment history for loans and credit cards
The credit utilization rate
Type/ number and age of credit accounts,
Public records such as bankruptcy,
The number of credit accounts that you have already opened,