Your Banking Pro Info
Home  |  About  |  Articles  |  Reports  |  Links  |  Site Map    
Welcome to Your Banking Pro Info!
Finance Articles
•
•
•
•

Home
:: About Us
:: Contact Us
:: Article
:: Reports
:: Links
:: Site Map

Related Links

Structured Products

Homeowner Loans

Debt Management Help

The Taxation People

The Taxation People
What Is A FICO Score
By Michelle Roebuck


A credit score is most commonly known as a FICO score. FICO stands for Fair Isaacs Corporation. It?s a company that developed the credit scoring software used to evaluate your credit worthiness.

Most lenders use the FICO score to determine whether they should extend to you a mortgage, car loan, credit cards and any other type of credit. The higher your score, the more credit worthy you are. Lenders will know that more than likely, you pay your bills on time. The lower your score, the more risk the lender takes on, guessing that you might not pay the loan on time.

The FICO score ranges from 300 to 850. More than likely, you?ll end up paying a larger monthly payment on your mortgage if your score is below 650. Your credit score, according to MyFico.com, is determined by:

  • Payment history-35%
  • Amounts owed-30%
  • Length of credit history-15%
  • New credit-10%
  • And types of credit in use-10%

    • If you don?t have any credit, your credit score can be lower than someone who has had a credit history for several years. When you personally check your credit often, this will not affect your credit score. When existing creditors review your credit, these inquiries are not counted in your score.

    Since payment history is 35% of your score, you want to make sure you don?t have a history of late payments on your credit report. The longer your credit history, the better. Having too many new credit accounts open can affect your score negatively.

    The bottom line is that a higher FICO score means you are more credit worthy to potential lenders. The lower your score, the greater a risk you are to lenders and therefore, your monthly payments might be higher.

    For more information about this article and/or the author visit http://www.myfico.com

    For more information, news and articles see:

    Bad Credit Loans - Bad Credit Loans
    ...your problems and missed payments weighing heavily on your credit score? Looking for a loan is pointless isn`t it, or that`s how you see it anyway. Just because your finances haven`t been squeaky cle...
    Visit Bad Credit Loans...

    Homeowner Loans - Homeowner Loans
    ... paid the monthly direct debt to the utility firm. You`ll have to sort out funds for your credit cards next week and then there are the catalogue payments to make. It`s the same story each and every...
    Visit Homeowner Loans...

    Structured Products - Structured Products
    ...t structured productsthat are on the market? Do they compare and contrast, analyse and evaluate the products that will be suitable for their clients? If they take their role seriously they will and ...
    Visit Structured Products...

    The Taxation People - Article01.html
    ... the UK, in fact as many as one in three UK taxpayers have paid too much tax! The Taxation People, are a forward thinking online accountancy service that specialise in helping people who might be eli...
    Visit The Taxation People...

    Debt Management Help - Debt Management Help
    ... how you juggle your finances there just doesn`t seem to be enough coppers in the bank to pay your creditors. You are not on your own. The UK has been spiraling further into debt for a decade and a ...
    Visit Debt Management Help...

    Investec - Investec
    ...r future gain. Not knowing about stocks, shares and other kinds of financial investment opportunities my first port of call would be to an investment bank to seek a little help. I know that investec...
    Visit Investec...

    Debt Solutions - Debt Solutions
    ...els like your debts are spiraling out of control. With each passing month you are robbing Peter to pay Paul and the heavy cloud of debt is always hovering above your head. When you sit down to work ...
    Visit Debt Solutions...

    The Taxation People - Article03.html
    ...! A new `No Win No Fee` tax refund service has just been launched by Greer & Taylor LLP on a dedicated new website The Taxation People which can be found at www.thetaxationpeople.com where you can f...
    Visit The Taxation People...
    Click For More Detailed Information on:
    my young trade ::new manifactured live ::lower trade store ::my factory live ::best manufactured
    Home  |  About Us  |  Contact Us  |  Articles  |  Special Reports  |  Links  |  Site Map
    Copyright © 2003-2010. All Rights Reserved.


    Valid CSS!