CENTURY 21 ProLink Blog

July 15th, 2010 10:14 AM

What is a Credit Score

A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time.  Each score is based on the information in your credit report.  These credit scores (FICOs) were developed by Fair Isaac Corporation and are today's most commonly used scoring system.  FICO scores range from 300-850, with most people scoring in the 600-700 range.  FICO scores above 700 are very good and are a sign of financial health.  FICO scores below 600 indicate higher risk and could result in a higher interest rate.

What Makes up a Credit Score:
Payment History 35%
Balances Carried 30%
Credit History 15%
Type of Accounts 10%
Inquiries 10%

 

How to Improve Your Credit Score

  • Pay Down Past Due Accounts
  • Pay Charge Offs and Liens within the past 24 months
  • Check Your Limits and Distribute Balances
  • Don't Close Your Credit Cards, Keep Old Cards Active
  • Call to Eliminate Late Payments from Your Credit Report
  • Eliminate Collection Accounts

Read more details at http://www.pro-linkrealty.com/YourFICOscore

Posted by Virginia Anderson, Project Mgr on July 15th, 2010 10:14 AMPost a Comment (0)

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