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Understanding Your FICO Score

Understanding Your FICO Score The following factors determine FICO scores: 1. Payment History - 35% 5, 1 4. 2. Debt/Amounts Owed - 30% 3. Age of Credit History - 15% 4. New Credit/Inquiries - 10% 5. Variety of Credit - 10% FICO scores can range from 300 to 850: 720-850 is considered excellent. About 37 percent of Americans had "excellent" credit scores in 2012 720-850 680-719 680-719 is considered good. These individuals can qualify for better loans and credit cards 620-679 620-679 is considered fair/average. These individuals often have some issues with credit card debt 300-619 300-619 is considered These poor. individuals pay much higher interest rates due to past bankruptcy or other financial issues How to improve one's credit score: 1. Check your credit report for errorS 2. Reduce any outstanding debt that you may have 3. Make all of your future payments on time Castle & Cooke MORTGAGE, LLC NMLS #1251 To get a FREE copy of your credit report with the 3 bureaus once per year, visit:

Understanding Your FICO Score

shared by Fusion360-2 on Mar 22
Many who are looking to purchase a home remain focused on only one thing when they go to visit mortgage companies for the first time – the amount of money they have saved for a down payment. While t...


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