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The top 2 factors of FICO score are payment history and amount owed. Payment history has a 35 % of the total score, while amount owed has a 30 % of the total score.
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When can you buy a house after foreclosing on a previous one?
There are many factors to consider, such as how quickly your FICO score rebounds and lender policy, but generally you may be able to find financing for a home 2 years after a foreclosure.
How can one improve their fico score for free?
There are four main ways to improve your FICO Credit Score: 1.Be careful when you decide to open a new account 2.Keep your current or old accounts open 3.Keep all of your debt in control and finally 4.ALWAYS try to make your payments on time.
How to improve fico score?
FICO "method of operation" is specific, according to which the credit score is broken down into five distinct categories - each category having its "importance" based upon a definite percentile. The "percentile" categories are distributed as: 1) Payment History - 35%2) Amounts Owed - 30%3) Length of Credit History - 15%4) New Credit - 10%5) Types of Credit Used - 10%
What are the historical default rates classified by FICO score?
... ICO says consumers in my score range of 750-799 have a delinquency rate of 2 percent. But FICO scores below 500 have an 83 percent default rate, 500-529 shows a 72 percent delinquency rate, in the 550-599 range there is a 52 percent probability of delinquency, 600-649 scores show a 31 percent delinquency rate, and 650-699 have a 15 percent delinquency rate. Over 700 the delinquency rate drops to 5 percent up to 749. If your FICO score is 800 or over, you have a 1 percent delinquency likelihood ... from http://vfconsulting.blogspot.com/2005/07/abcs-of-credit-reports.html
If your FICO score is 581 and you have 2 credit cards both almost maxed but you have no late payments no collections and low credit hits why is your score so low?
Not only is your overall score based upon payment history which is very important, it is also based upon the credit to debt ration, "maxing out" an account has an extremely negative affect on the basic credit rating.
When can you buy a house after foreclosing on a previous one?
There are many factors to consider, such as how quickly your FICO score rebounds and lender policy, but generally you may be able to find financing for a home 2 years after a foreclosure.
How long does it take to build up a bad FICO score and would it help to pay off old debts?
Anytime you pay off old debts it will in time help your FICO/Credit score. It takes about 2 years of good payment history to off set the negative stuff. Best of luck,
How can one improve their fico score for free?
There are four main ways to improve your FICO Credit Score: 1.Be careful when you decide to open a new account 2.Keep your current or old accounts open 3.Keep all of your debt in control and finally 4.ALWAYS try to make your payments on time.
Will allowing your car to be repossessed when you already have 2 credit card chargeoffs on your credit report have any worse effects?
YES! It will lower your FICO score a lot!!
If mensa only admits new members with the top one half of 1 percent in IQ scoreswhat is the minimum acceptable score?
The minimum acceptable IQ score for admission to Mensa would be in the top 2% of the population, which is typically around an IQ score of 130.
How to improve fico score?
FICO "method of operation" is specific, according to which the credit score is broken down into five distinct categories - each category having its "importance" based upon a definite percentile. The "percentile" categories are distributed as: 1) Payment History - 35%2) Amounts Owed - 30%3) Length of Credit History - 15%4) New Credit - 10%5) Types of Credit Used - 10%
What are the historical default rates classified by FICO score?
... ICO says consumers in my score range of 750-799 have a delinquency rate of 2 percent. But FICO scores below 500 have an 83 percent default rate, 500-529 shows a 72 percent delinquency rate, in the 550-599 range there is a 52 percent probability of delinquency, 600-649 scores show a 31 percent delinquency rate, and 650-699 have a 15 percent delinquency rate. Over 700 the delinquency rate drops to 5 percent up to 749. If your FICO score is 800 or over, you have a 1 percent delinquency likelihood ... from http://vfconsulting.blogspot.com/2005/07/abcs-of-credit-reports.html
If your FICO score is 581 and you have 2 credit cards both almost maxed but you have no late payments no collections and low credit hits why is your score so low?
Not only is your overall score based upon payment history which is very important, it is also based upon the credit to debt ration, "maxing out" an account has an extremely negative affect on the basic credit rating.
What does a score of 25 on the mensa workout mean?
It means you missed 5 questions. You have to be in the top 2%.
Will asking for an increase in your credit limit affect your FICO score?
An increase in credit limit may not hurt your FICO score at all, in fact it might even help it.If you can demonstrate that you have successfully gotten two or three unsecured credit cards, and have been able to keep them a few years that is considered good credit. Also, if you have a high limit but 30% or less balance owed, that is the strongest for FICO purposes.Because FICO score incorporates averages, if you have more than 20-30000 of credit limit or more that might be seen as "higher" than average. 2 or 3 cards with low balance owed and about 20-30K balance is probably best.More Information:If the requested increase is more than 10%, the lender will probably request a copy of the customer's credit report from 1 or all 3 bureaus. This will cause an "Inquiry" to by added to the credit report and the FICO scoring system subtracts points from the score for these inquiries. Once the increase is granted, it may increase the score if it is not used (lowers credit utilization ratio).This will vary for each person but understanding the details of how this effects your FICO score can help you make an educated determination.If you must receive an inquiry for requesting a credit limit increase, keep in mind that generally these inquiries have a minor impact on your FICO score if you do not regularly make such inquiries. Also these inquiries fall off of your report in about two years.A credit limit increase will make a more long term improvement on your debt to available credit ratio (so long as you don't use the newly available credit) which is a key factor in determining your FICO score. In many cases, this is a good strategy even if you receive a small point reduction initially for having the additional inquiry on your report. This is especially effective if you do not already have a good balance to available credit ratio.If you already have an abundance of available credit and low balances, this may not improve your score at all as the available credit can also be looked at as 'potential debt'. Increasing your credit limits will best help your score if you can answer yes to the following questions:- Does the amount of credit available to you seem low in comparison to what you can afford to make payments on?- Are low credit limits making your debt to available credit ration seem higher than it should be?
Can 16 over 21 be reduced?
For a fraction to be reducible, the top and bottom must have a factor in common. 16 factors to [2 2 2 2] 21 factors to [3 7] There are no common factors, so the fraction cannot be reduced.■
What are some fha loan requirements?
To qualify for a fha loan you must have had at least 2 years of steady employment with a consistent salary You must have a fico score of at least 620 with minimal late payments and no bankrupty filing within the last two years.
