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How the FICO Do I Repair My Credit?  [Infographic]

May 2, 2013 by Marco Santarelli

What is a FICO Score? Most credit bureau scores in the U.S. are calculated from software developed by Fair Isaac and Company. They are commonly referred to as FICO scores and include a rating based on information found in credit reports.

If you're planning to finance the purchase of any investment properties now or in the future, then knowing what make up your credit score and how to improve it are critical.
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Filed Under: Financing, Real Estate Investing Tagged With: credit repair, FICO, Financing, Real Estate Investing

Surefire Methods for Building Your Credit Score

May 2, 2013 by Marco Santarelli

Credit scores can be the deciding factor for many major transactions. Lenders use credit scores to predict future behavior based on your past—if you have a low score because your cable bill is delinquent, then a lender won't think you're a good risk.

The credit score consumers are most familiar with is FICO, but there are a variety of credit scores, and each is customized to fit a specific transaction type. It's wise to know about what these credit reports are saying about you, and a reputable identity protection and credit monitoring service can keep you up-to-date. Protecting your information, including social security number and financial accounts, is essential in safeguarding your future. An identity protection company will look after your sensitive data and keep it monitored under any possible threats.

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Filed Under: Financing, Real Estate Investing Tagged With: credit repair, credit score, FICO

How To Improve Your FICO Credit Score

January 13, 2010 by Marco Santarelli

Improving your FICO® credit score may take time and often there is no quick fix. FICO scores reflect credit payment patterns over time with more of an emphasis on recently reported information than older information. Below are some general tips to follow that may increase your FICO credit score:

  • Focus on the negative factors provided with your FICO score. These represent the main areas where your score could be higher.
  • Don't open new accounts for the purpose of providing a better credit picture – it probably won't raise your FICO score and, in some instances, may even lower your score. Apply for and open new credit accounts only as needed.
  • Keep balances low on credit cards and other “revolving credit”.  High outstanding credit card debt can negatively impact your FICO score.
  • Pay off debt rather than move it around from one credit card to another. The most effective way to increase your FICO score in this area is by paying down your total revolving (credit card) debt.
  • Pay your bills on time. Delinquent payments, even if only a few days late, and collections can have a major negative impact on your FICO score.
  • [Read more…]

Filed Under: Financing Tagged With: credit repair, credit score, FICO score, Financing, mortgage

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