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Credit Score Explained.Your credit score (FICO) is made up of varying parameters in your credit file, including length of credit history, number of open accounts, loans, mortgages, public records, and others are formulated to produce a three-digit score between about 300 and 950. Usually a lender will use a combination of your credit score with other factors when determining the bottom line: a borrower's potential risk.
Negative Items are the black marks on your credit report that can hurt your credit score.
Negative items can include:
- Late payments
- Judgments
- Tax Liens
- Collections
- Bankruptcies, etc.
Your score determines not only if a lender is willing to lend you money, but your interest rate as well. The only proven way to lower your interest rate is to raise your credit score! To raise your credit score you can dispute your negative items and have those that are unverified removed.
| Interest rates lenders typically offer consumers based on FICO score: | |||||
| 750-850 | 700-749 | 650-699 | 600-649 | 550-599 | 500-549 |
| 5.5% | 6.0% | 6.5% | 7.5% | 8.5% | 9.5% |
| Percentage of Americans with FICO score: | |||||
| 750-850 | 700-749 | 650-699 | 600-649 | 550-599 | 500-549 |
| 28% | 21% | 16% | 12% | 9% | 5% |
To improve your Credit you can use Debt Reduction/Negotiation
It is a good option to use a debt reduction or debt elimination company to eliminate your credit card debt.
The methods that these companies use provides you with greater savings than traditional non profit debt consolidation programs. This is because instead of negotiating only interest rates, the company negotiates reductions in the balances owed. It is not uncommon for small businesses or consumers to save 50 to 70% on their debts. And, most people who enter this program are free from their debts within a relatively short period of time.
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