March 18, 2008
What Is A FICO Score?
The goal of any credit repair program is to improve your FICO score. A FICO score was developed by the Fair Isaac Co. to help determine the likelihood of you paying if a company agrees to loan you money. Fair Isaac s the only ones who know exactly what makes up their algorithm, which is the mathematical formula used to calculate your score
FICO scores are calculated from five factors reported from the three major credit reporting agencies. These five factors are how well you pay, how much do you owe, how long have you had credit, how much new credit do you have, and what types of credit are you using. Seven additional factors are then added and using a 0secret formula0 Fair Issac determines your score.
Included in your payment history are items like bankruptcies, judgments, suits, liens, wage garnishments, collection items and delinquencies. Credit availability, includes how much you owe, what types of accounts they are, and what percentage of all the credit you have that you are using. Under length of credit history the items that are considered are how long your accounts have been opened, what types of accounts they are, and and when did you last […]
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March 18, 2008
Credit Crunch » What Is A FICO Score? @ 1:09 am (Pingback)
[…] For all your credit repair needs wrote an interesting post today onHere’s a quick excerpt The goal of any credit repair program is to improve your FICO score. A FICO score was developed by the Fair Isaac Co. to help determine the likelihood of you paying if a company agrees to loan you money. Fair Isaac s the only ones who know exactly what makes up their algorithm, which is the mathematical formula used to calculate your score FICO scores are calculated from five factors reported from the three major credit reporting agencies. These five factors are how well you pay, how much do y […]