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Your Credit Score by Fp05N61

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									Your Credit Score
         Credit / FICO Score
• Fair Isaac Company

• Range between 300
  & 850

• U.S. Median: 723
• < 620 = subprime
• > 760 = best rates
       The Cost of Borrowing
    Your
            Your interest   Your monthly
FICO® Score      rate         payment
   760 - 850     5.49%          $850

   700 - 759     5.71%          $871

   680 - 699     5.88%          $888

   660 - 679     6.10%          $909

   640 - 659     6.53%          $951

   620 - 639     7.07%          $1,005
5 Factors that Influence Score
 %     5 Factors
 35%   Payment History
 30%   Outstanding Balances
 15%   Length of Credit History
 10%   New Credit
 10%   Types of Credit
100%   FICO Score
        35% Payment History
• Late payments have
  the greatest negative
  impact.

• Recency & frequency
  are important too.
    30% Outstanding Balances

• Total balance vs. total
  available credit.

• Are you
  overextended?
  15% Length of Credit History
• Number of years
  you’ve used credit.

• How long since
  you’ve used certain
  accounts.
            10% New Credit
• Number of new
  accounts.

• Multiple requests
  reduce your score.
        10% Types of Credit
• Mix of:
  – Credit cards
  – Retail accounts
  – Installment loans
  – Mortgage Loans
    How to Improve Your Score
• Pay all bills on time.

• Pay any delinquent
  bills.

• Lower your total credit
  card debt.
   How to Improve Your Score
• Don’t close unused
  credit cards.

• Don’t open up new
  credit cards to
  increase available
  credit.
        How to Get Your Score
• Three FICO Scores
   – TransUnion
   – Experian
   – Equifax
• $44.85 (includes report)

    www.myfico.com

     1-800-342-6726
Questions?

 Thank you

								
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