Your FICO Credit Score

Woman holding sign with credit score written on itAt Build My Scores, we are passionate about guiding people towards a stable financial future by repairing their FICO score, thereby helping them qualify for loans, credit cards, and employment opportunities. Our consultants closely work with you to understand your credit challenges, and based on the dynamics at play, devise a tailored plan to resurrect your financial profile. Though a time-intensive exercise, in most cases, credit repair is indeed a possibility.

What is FICO?

FICO, or Fair Isaac Corporation, is a U.S. Government sponsored analytics specialists company, established to support financial institutions, by helping them assess the credibility of wishful lenders. The chief distinction of the body is measuring consumer risk by creating credit scores, taking consumer credit reports into account. What makes FICO credit score crucial is the fact that it is the primary factors considered by most lending bodies when reviewing credit requests.

How is Credit Score Calculated?

Your credit score is a reflection of all your financial transactions – details of everything from payment history, debt, credit timeline, types of credit used and so on. FICO takes all these details into account to create a score ranging from 300 to 850. Note that, typically, a score of 720 is considered a healthy figure with the minimum requirement for applicants to obtain an FHA loan being 580.

Factors Influencing Credit Score

Though a number of factors contribute to your FICO score, not all carry the same weightage. Here’s a breakdown of how much different aspects of your credit report impact your score:

Payment History: 35%

Late payments, bankruptcy, and repossessions adversely affect your credit score.

Debt: 30%

Factors like credit card debt adversely affect your credit score.

Time in File: 15%

Older people are typically favored by credit lenders and so are people with old accounts.

Types of Credit: 10%

Having successfully managed different types of credits will positively impact your credit score.

Inquired Credit: 10%

Inquiring loans with too many parties in a short period of time may hamper the credit score.

How Build My Scores Can Help

We audit your credit report to help you ‘build your score’. A lot of credit reports generated by the three major bureaus contain errors that gravely affect the final score. We identify such errors and dispute them with the creditor or financial bureau attributable to them.

If carried out legally and proficiently, this move alone increases your credit score substantially. In addition, we also lend expert financial guidance, to help you manage your debts, bank accounts, and close redundant accounts. We can even negotiate the terms of your debts with lenders.

Get Started Repairing Your Credit Today

The results of credit repair depend on the specifics of your case. So, we urge you to get in touch with one of our experts for a no-obligation free consultation. Call us at 972-432-7423 or toll-free at 866-611-9531.