02-25-2013 07:24 PM
02-25-2013 07:36 PM
whats your mix look like? have an installment or two in there?
lower util if you can. all 0 bal, with 1 at 9% or under (but not ALL 0 bal). seems to be the magic combo for max gain.
GW any lates...some would work with you if not a long string of KDs.
GW the pd COs.
does the repo have a deficiency bal? if not, try GW. if so, try PFD.
Know what makes up FICO score, and how its weighted in the algorithm ("fico model"):
Payment history (35%)
The first thing any lender wants to know is whether you've paid past credit accounts on time. This is one of the most important factors in a FICO® Score.
Amounts owed (30%)
Having credit accounts and owing money on them does not necessarily mean you are a high-risk borrower with a low FICO® Score.
Length of credit history (15%)
In general, a longer credit history will increase your FICO® Score. However, even people who haven't been using credit long may have a high FICO Score, depending on how the rest of the credit report looks.
Your FICO Score takes into account:
Types of credit in use (10%)
The score will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans.
New credit (10%)
Research shows that opening several credit accounts in a short period of time represents a greater risk - especially for people who don't have a long credit history.
02-25-2013 07:51 PM
02-25-2013 07:55 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO