Repair Credit Score

Archive for April, 2009

All consumers with a credit history also have a Credit Score. Fair Isaac Corporation pioneered the use of credit scores, and its FICO score is the one most lenders use. 

What is a FICO Score?

A FICO score is a three-digit number between 300 and 850. The higher the FICO score, the better, and anything over 700 is typically considered �good� credit. The FICO score takes into account various information on your Credit Report and is calculated using top-secret algorithms. 

What are important factors affecting your FICO score or your Credit Score?

Fair Isaac Corporation tells us is the importance of certain information to your Credit Score or FICO score: 

• Payment history is the most important factor
• Second most important is your amounts owed
• Third is your length of credit history
• Then new credit and types of credit used

Click here to read about Credit Scoring 

How to improve my FICO score or Credit Score?

The best way to improve your FICO score or Credit Score is to make all of your payments on time and in full, and to pay down your balances. 

The interesting thing about Credit Scoring is that it doesn't take your income into account. Therefore a multimillionaire may have a Credit Score of 400 and a minimum-wage truck-stop waitress may have a Credit Score of 800. It all depends on how they pay their bills.

Question: i've been trying to get a $5200 loan for auto repair. i have very bad Credit Score, where should i go?

i've been trying to get a $5200 loan for auto repair, but everywhere i go, i don't get approved. i know i have very bad Credit Score, but i need my car really bad. it's not my fault my car isn't running, i tried suing the car dealer, but legal options want me to go to san diego to get a lawsuit against the dealer, but i'm here in virginia, because of military duties. what should i do? i am completely lost, and hopeless...

Answer: Can you borrow from any relatives or a friend? or have you tried Capitalone Bank, I heard they are easy. Or try applying for a credit card.
If not get a second job.
and for $5200 you can put a down payment on a new car. thats a lot of $$ for a repair.

Law & Court : How Does a Lawsuit by a Debt Collector Affect Credit Scores?