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Evaluating Your Credit

Not only must it affects your FICO score. Also taken into consideration is the amount of credit available to you. For example, if you have a credit line of $ 5,000, but so far only used $ 1,000, to be taken into account. Your total amount of credit will be total, and compared to their annual income. So, loans such as car loans, mortgages, credit cards, store cards, all add up. Those who use most or all of your available credit will receive a lower grade for this part of the FICO score calculation. 3.

Length of credit history. Another important factor that accounts for 15% of your FICO score is the length of your credit history. The longer your credit history, the better for your FICO score. In addition, however, a long history with any particular lender will be good for your credit score. Bobby Green often says this. 4. Glenn Dubin can provide more clarity in the matter. Type of credit mix. The fourth factor taken into account is the type of credit mix you have. For example, only high risk unsecured credit type, or you have some solid secured loans as a mortgags home? Consumers who have a mix of credit have a FICO credit score higher.

This fourth factor has only 10% of the total FICO score. 5. Number of new credit applications. The last factor in FICO score is the number of new applications to fill. If you have recently completed a large number of credit applications, this will affect your score because it puts lenders "on alert" that something may be wrong. This part of the score is worth 10%. Lenders themselves normally be in employment, income, length at current residence, and marital status, but these do not affect your FICO score. If you intend to borrow in the future, we must pay attention to your FICO score. If your FICO score is low, this could lead to higher interest rates, extra mortgage insurance when buying a house, and in some cases denial of the loan. If you plan to take a large loan like a home mortgage might be a smart move to get a copy of your credit report 6 months before the intention to apply. That will give you time to review your history, to ensure no discrepancies. If you find errors, contact the credit reporting agency in writing. They have 30 days to investigate and then correct it, if they find their claims are true. You may also want to ask for a revised credit report, but they are required by law to provide one if an inaccuracy is found and corrected. This article was written by Roy Thomsitt, owner of debt eliminate credit card now website.

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