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What are the minimum requirements for a FICO score?

Billy Alt - Wednesday, November 15, 2017
What are the minimum requirements for a FICO score? In order to receive a valid FICO Score, the credit report must have: • At least one account opened for six months or more, and • At least one account that has been reported to the credit bureau within the past six months, and • No indication of deceased on the credit report Small, secured and non-secured credit cards do not effect the FICO scores as quickly, and sometimes at all, as they have in  ..

Ever wonder why there are so many different types of credit scores?

Billy Alt - Wednesday, November 08, 2017
BECAUSE IT’S BIG BUSINESS… Credit score formulas are highly complex and are closely guarded industry secrets, but they all do the same: predict the likelihood of you paying back a debtor on or ahead of time. FICO Score - There are 49 different FICO scores, each with different calculations. FICO scores range between 350 and 850, with 850 being a perfect credit score. All of the versions of the FICO score use your credit files from each of the major credit r ..

With the removal of judgments and tax liens, will my scores go up?

Billy Alt - Tuesday, June 27, 2017
With the Removal of Civil Judgements and Some Tax Liens, what will the credit reporting changes do to credit scores? Not as much as you would think. As you probably already know, the "Big 3 Credit Bureaus" are making required changes to the criteria used to report a tax lien and/or civil judgment. It is anticipated that already reporting tax liens and/or civil judgments that do not meet the new criteria will be removed from the 3 consumer credit reporting age ..

Removal of Civil Judgments and Tax Liens-will my score increase?

Billy Alt - Monday, June 26, 2017
With the Removal of Civil Judgements and Some Tax Liens, what will the credit reporting changes do to credit scores? Not as much as you would think. As you probably already know, the "Big 3 Credit Bureaus" are making required changes to the criteria used to report a tax lien and/or civil judgment. It is anticipated that already reporting tax liens and/or civil judgments that do not meet the new criteria will be removed from the 3 consumer credit reporting agenc ..

What are FICO Scores?

Billy Alt - Sunday, March 26, 2017
FICO® Scores are used in over 90% of U.S. lending decisions to help lenders understand people’s credit risk and make better-informed lending decisions. They are a vital part of our credit health and influence our credit and loan approvals and what terms and interest rates we qualify for. Because FICO® Scores are the credit scores most widely used in lending decisions, viewing yours BEFORE the loan process can help you get a better understanding of how lenders will evaluate ..

WHY YOU SHOULD NEVER, EVER DISPUTE NEGATIVE ITEMS ONLINE

Billy Alt - Monday, March 06, 2017
Why you should NEVER DISPUTE ONLINE Did you know that when you dispute information on your credit report online, you are giving up your consumer rights and one of the most effective dispute strategies available? The “BIG 3” credit reporting agencies have turned the online dispute process into what some say is now their #1 profit center, since the introduction of e-oscar in 2009. They charge the creditors for the accounts you question during the di ..

What are Credit Report Inquiries?

Billy Alt - Tuesday, October 25, 2016
So what is an inquiry on your credit report? Credit inquiries are requests by a legitimate business to check your credit. With that being said, there are two different types of inquiries. We have soft inquiries then we have hard inquiries. There are a couple of simple differences in the two. Soft inquiries come from things such as credit monitoring or identity theft protection. These are normally from Credit Monitoring sites such as creditkarma.com, Experian.com, myfico.com, e ..

Your Credit Mix determines 10% of the FICO Score

Billy Alt - Friday, May 13, 2016
FICO FACTS from Billy Alt, President 700 Credit Repair- Your Credit Mix determines 10% of the FICO Score FICO Scores will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. It's not necessary to have one of each, and it's not a good idea to open credit accounts you don’t intend to use. The credit mix usually won’t be a key factor in determining ..

Credit score basics and score calculation

Billy Alt - Tuesday, November 03, 2015
The majority of people understand the basics, like how failing to make a payment will cause your score to go down, but there are a number of complexities that trip up the average consumer. If you pay your debts on time, don’t carry too much debt on any one card, don’t close older accounts unless absolutely necessary and only apply for new credit when you have to you will generally be in good shape. However, it is important to keep yourself informed so you can maint ..

AMOUNTS OWED

Billy Alt - Wednesday, October 07, 2015
Amounts owed WHAT IS A HIGH AMOUNT OWED? FICO overachievers, 720 plus scores, keep an average balance between 1 and 3 percent. anything over 50% is too high according to FICO. If you are currently at 100%, get below 100%. Then 70, 50, 30, 10... Know when your lender reports. If you pay your balance in full when you get the statement, you are always reporting a maxed or high card. The creditors usually send in the balance and payment history 10 days before the statement closes o ..

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