credit repair

A Credit Repair Specialist will contact you soon. There is no obligation and all information is kept strictly confidential.

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How are your scores calculated?

Credit scores are commonly referred to as FICO Scores (Fair Issac CO). FICO scores are a summation of proprietary algorithms that calculate a numeric score based upon entries in your credit profile. Each credit reporting agency may report a different score because of different information about you maintained by that agency. Some credit monitoring services may provide a score that approximates your actual FICO score to reduce the cost of providing that information. Although exact numbers are not available because of the proprietary nature of the algorithms, the following approximate percentages help understand the composition of your score:

  • 35% Payment History
  • Payment history is the largest factor in your credit score. This includes delinquencies, accounts sent to collection, bankruptcies, etc. The most recent items have the biggest impact.
  • 30% Outstanding Debt
  • Credit utilization, or the amount of credit used versus the amount extended to you can negatively affect your score. Most creditors want to see a utilization of 15% or less.
  • 15% Length of Credit History
  • The longer an account has been open, the more positive the affect on your score.
  • 10% Types of Credit
  • Reflects the makeup of credit in your credit record. Making use of more than one type of credit (i.e. credit cards, mortgages, auto loans) will allow for more accurate credit scoring.
  • 10% New Credit
  • How much credit one has recently applied for.