credit

Credit is the most important part of the loan process. The higher your credit score, the easier it is to get financing. Your credit score is a three digit number that measures the likelihood you will have a 90 day late in the next 24 months on any tradeline. Your score can range between a 350 and an 850, the higher the number the better. If your score is over 680 you can get most types of loans pretty easily. If your score is 740 or higher, you can usually get any type of loan you want quickly and easily.

Your credit score is made up of five different segments. Payment history accounts for 35% of your score, amounts owed 30%, length of credit history 15%, and types of credit along with new credit account for 10% each. Just making your payments on time isn't enough you need to have a good balance of all 5 parts for your score to be good.

Keeping your credit score in check is quite a science! There are lots of tricks to upping your score, contact me to set up a time to go over your credit report and look at ways to fix and maintain a healthy FICO score.

If your score isn't where you would like it to be there things you can do. Credit Unlimited is a company I have refered many of my clients to and have seen much success. One client in particular had her score increase over 100 points in 4 months! Email me for more information or if you are interested. The minimal cost for this service will pay for itself many times over through the lower interest rate you will get with a higher credit score.