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Your FICO Score

Information and Tips to help you increase your FICO Score

With all the different kinds of information that credit scoring models incorporate, numerous tactics for improving scores are available. However, any action to improve a score must be taken judiciously. Be aware that some actions aimed at improving your score may actually make it worse. Contact us, and we can help you determine which steps will help your credit the most.

FICO Scores help lenders make accurate, reliable and fast credit risk decisions. The scores rank-order consumers by how likely they are to pay their credit obligations as agreed.

How you can Increase your Fico Score

A high FICO Score is extremely beneficial if you are looking to purchase a new home or get a new loan.  People with higher FICO Scores receive better interest rates and loan amounts because lenders see them as a lower risk.  If your goal is to increase your FICO score, then you have to change your way of life by following some simple proven money management steps.

Here are some basic rules to follow

Make payments on time, especially to installment and revolving accounts, as these accounts may report to the bureaus monthly. Be careful when applying for any new credit cards or loans. Pay credit card balances down to 30% of your credit limit or less. Always make sure your credit card company reports a credit limit. Review your credit report every year.