By: Rickert | March 01, 2017
When you apply for credit—whether it's for a credit card, car loan, mortgage or other type of credit—lenders will want to know your credit risk. That is, they'll want to know how likely you are to pay back your credit obligations as agreed. To help them understand your credit risk, lenders use FICO Scores.
FICO Scores help lenders quickly, consistently and objectively evaluate potential borrowers' credit risk. So when you apply for credit or a loan, there’s a very good chance your lender will use your FICO Scores to help them decide whether to approve you, and what terms and rates you qualify for.
You have more tha...
Category: FICO Scores
Tags: FICO Scores, Lenders
By: Rickert | March 01, 2017
Contributing 35% to a FICO Score calculation, this category has the greatest effect on improving your scores, but past problems like missed or late payments are not easily fixed.
By: Rickert | February 28, 2017
Ever wonder how a lender decides whether to grant you credit? For years, creditors have been using credit scoring systems to determine if you’d be a good risk for credit cards, auto loans, and mortgages. These days, other types of businesses — including auto and homeowners insurance companies and phone companies — are using credit scores to decide whether to issue you a policy or provide you with a service and on what terms. A higher credit score is taken to mean you are less of a risk, which, in turn, means you are more likely to get credit or insurance — or pay less for it
The Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to know how credit scoring works.
Category: Credit Scores