Credit Scoring

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Credit Scoring
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The Credit Bureaus
FICO Fair Isaac Company
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Defining the Score!
850 Highest 720 Outstanding! 680 Good 62
0 Danger! 500 Needs Work
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Why Credit Is Important

• Lenders/Creditors use scores to evaluate your
  ability willingness to repay the loan
• Affects how much financing you can obtain
• Affects the interest rate that you get
• Your scores directly impact your monthly payment
  credit card or mortgage
• Affects the type of mortgage loan and the
  commitment period you have to the loan

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Keeping Score
35 Credit History 30 Debt
Ratio 15 Credit Length 10 Credit
Type 10 Inquiries
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Tips on Improving Your Scores!

• Make timely payments
• Debt ratios 35 rule
• Keep older cards
• Minimize inquires
• Rotate different cards every 2-3 months
• Get added as an authorized user

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Loan Programs Todays Market

• 100 Purchase Financing
• Lots of Creative Loan Programs 1 type loans
• Buyers Market I can help negotiate for sellers
  to pay for the closing costs

Banks stay in business to lend money. They WANT
to give you a loan! Thats how they make their
money!! Dont feel like you cant buy a home
because of bad credit. As you have seen, there
are ways to improve your credit! I can help!!