Credit (FICO) scores are the scores that most lenders use to determine your credit risk. Basically, it can affect how much money a lender will lend you and at what interest rate. Hence, steps should be taken improve your FICO scores which in turn will help you qualify for better rates from lenders. And it will save you money!
Credit (FICO) score is mathematical calculated number based on information present in your credit report (file). Basically, Higher the score, the better your credit!
A FICO (Fair Isaac Company) score is the first decisive factor in how a lender will review your application for a loan. While every lender varies on what its minimum FICO score to extend a loan is, the minimum good credit rating scale fluctuates generally between a 650 to 720 FICO score.
The three major reporting bureaus that creditors may rely on regarding your credit report:
Each bureau uses a different name for its score, even if it uses the same FICO algorithm to generate the score.
Experian uses the term “FICO or FICO II”
TransUnion uses “Empirica” or “FICO”
Equifax uses “Beacon”
Our efforts will help improve your –
FICO or FICO II Scores
Lenders may use one or a combination of all three bureaus to issue a decision on a loan. A decision may also be based on your employment record, your debt-to-income ratio and how much cash you have in the bank.
Contacting an experienced and skilled credit counselor for advice is always a good way to determine where you stand. A great credit report is essential to getting the most out of life. No one can match our knowledge and experience to guide you through improving your credit profile and increasing your credit scores.
Rise-N-Shine Life’s Credit Repair is a system develop to help others fix their credit; give ability to rise from their hardships, bad luck and from being victims of errors or fraud; and Shine in their life to live to the fullest. We help and guide you from start to finish and we prepare all of the documentation for the various credit agencies. Our fees are reasonable and there are NO long binding contracts. We help you to work with your files until it is done.