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FREE CREDIT REPORT
By admin - 9 April, 2018
As outlined here, your FICO® credit score is largely impacted by five factors:
- 35% Payment History
- 30% Amounts Owed
- 15% Length of Credit History
- 10% Types of Credit In Use (Credit Mix)
- 10% New Credit
If your credit portfolio includes finance company accounts, the scoring model may consider you a higher credit risk. Why? Finance company accounts are most often acquired by consumers who can’t manage their other credit accounts without them.
Unfair as it may seem, the FICO® score model may penalize those who apply for and obtain this type of credit.
Additionally, if you only have credit card, gas card, or store card accounts (revolving accounts), and have no record of repaying an automobile or mortgage account (installment account) over a period of years, your score may also be negatively impacted.
Bottom line, just like it’s wise to diversify your retirement accounts, it’s equally wise to have a diversified credit portfolio containing a good mix of different types of credit accounts responsibly.
By reducing the amount of debt you owe could increase the 30% of your Credit Profile.
Call 800-648-5771 (CLICK TO CALL) today for help.
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*Clients who make all their monthly program deposits pay approximately 70-75% of their original enrolled debts over 24 to 60 months. Not all clients are able to complete their program for various reasons, including their ability to save sufficient funds. Our estimates are based on prior results, which will vary depending on your specific enrolled creditors and your individual program terms. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Our service is not available in all states and our fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest.