Credit Reports

The Importance Of FICO Scores

FICO scores are the pivoting criteria in order for a lender or creditor to extend you a loan or line of credit. No one really knows the mathematical model to calculate this three digit number.

We do know that the following factors affect your fico score:

  • Outstanding Accounts: The more the debt you have, also known as high income debt ratio, the higher the risk you are and this lowers your Fico score.
  • Derogatory Information: The most recent two years of credit history in your credit report are weighted higher than past history.
  • Credit History: The longer your credit report history, the better. Your credit report employment history is also a plus. The longer you have been working at an employer the better. Beware of open credit, open credit are those accounts that are open with no debt and have not been used for over one year. This may count against you when applying for any credit. The lender or creditor may say that you can theoretically max out these accounts and raise your income to debt ratio.
  • Use Of Credit: The fewer the credit accounts open the better. Additionally, the less credit inquiries, the better for your Fico score. If there are too many credit inquiries or credit checks in your credit score, the lender may think you are trying to open numerous accounts.

Typical FICO Score Grades:

Credit Reporting Agencies

Experian Credit Information Service
PO Box 2002
Allen, TX 75013-2002

Equifax Credit Information Services
PO Box 740241
Atlanta, GA 30374-0241

TransUnion LLC
PO Box 1000
Chester, PA 19022-1000

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