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Friday, September 01, 2006

Your Credit Report

Your FICO Score.
Brief Description of what makes up the final numbers of these scores:
35%: based on payment history
30%: capacity
15%: length of credit
10%: accumulation of debt in the last 12-18 months
number of inquiries/opening dates
10%: mix of credit

What hurts your Score:
*missing payments
*maxed out credit cards
*closing crdit cards
*numerous trades in a short time
*having more revolving loans in relation to installment loans.

Your score is not affected by debt ratio, income, length of residence or employment.

Approximate Credit Weight for each year:
40%:present-12 month
30%:13-24 months
20%:25-36 months

-Lending Solutions Consulting, Inc.

There are three companies that run credit reports.
Equifax: 1-800-525-6285
Experian: 1-888-397-3742
Trans Union: 1-800-680-7289


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