35% Payment History
30 % Amounts Owed
15% Length of Credit
History
10 %Types of Credit
used
10% New Credit
for more information go to www.thecreditguy.tv
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
Which action will help increase a low 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%
FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.
A beacon score is just the name given to the equifax branded FICO score. So your FICO score and beacon score will be the same if your FICO score is pulled using your equifax credit report.
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
Which action will help increase a low 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%
FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.
A beacon score is just the name given to the equifax branded FICO score. So your FICO score and beacon score will be the same if your FICO score is pulled using your equifax credit report.
The Beacon version 5.0 is the formula which was created by FICO (Fair Isaac Company) and is used by Equifax to calculate a credit score. Considering that the average FICO score in the US is 680, your score would fall just below average.
If one wants to know their true credit rating, it is important to understand the four categories of a credit report. Identifying Information, Trade Lines, Credit Inquiries, and Public Record and Collection Items. Along with understanding each of the categories it is helpful to understand the FICO range which is 350 to 850. The higher your score, the better your credit rating. Finally, there is a five-category formula FICO uses to come up with your score.
A FICO score is obtained with information taken from a person's available credit information. The score is sold by the FICO Company to interested financial institutions.
Approximately 20% of borrowers have a FICO score greater than 740.
900 Sorry, 900 is not it Highest FICO score is 850 http://www.myfico.com.
It is hard to qualify for a mortgage with a Fico score of 567. Most lenders, including FHA, require individuals to have a minimum Fico score of 580 to qualify for a mortgage.
The best place to go on the internet for information regarding their FICO score is the website called myFICO. The site provides everything one would need to know about their FICO score.