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S&W Attorney's
Attorney Candace Sneed & Jeff Wilson practice in suing debt collectors, see if you qualify for a $1,000 debt violation today!
My Score
What Is My Score Based On
- 35% Payment History
Payment History: how late, how much owed, and how recent. 60 days late does not have as much impact as 90 days late.
How recent and frequent count: 60 days late a month ago will have more impact than a 90 day late payment 5 years ago
Postive payment history: on most of your accounts will increase score! - 30% Amounts Owed
Amounts Owed: when high percentage of a consumer's credit has been used up, this indicates a consumer may be overextended and more of a credit risk, which affects credit scoring
Revolving vs. Installment Debt: too much revolving may mean having trouble making future payments - 15% Length of Credit Used
Length of Credit History: the longer established credit history will raise credit score versus history of a short period. Long established accounts show longer history of managing credit wisely
Age of Credit Accounts: score influenced by age of your oldest account, age of your newest account and average age of all your accounts - 10% New Credit
New Credit: research shows opening several credit accounts in a short time frame does represent greater risk to a lender as
Several Credit Inquires: people w/6 inquiries or more can be up to 8Xs more likely to declare bankruptcy than those w/no inquiries - 10%Types of Credit Used
Types of Credit: score based on mix of credit cards, retail, finance company accounts, mortgage and installment loans
Credit Time Line
- Updated every 30 days
- Positive Info: Indefinitely
- Bankruptcies: 7 - 10 years
- Public Records: 7 years
- Inquiries: 2 years
- Inactive/closed: Cycle off
What Lowers My Score
- Late Payments
- Maxed out credit cards (low capacity)
- Closing Credit Accounts
- Collection Items
- More Revolving Debt vs. Installment Debt
- Bankruptcy
- New Accounts
- Several Credit Inquiries
- Sub Prime Lenders
Awareness
My Credit Score
"Numerical value between 300-850
Number that sums up your credit report and risk to a lender.
The higher the credit score, the less risk
Less risk = best loan terms and interest rates.
US Average Credit Breakdown
1% 499 and below
5% 500-549
7% 550-599
11% 600-649
16% 650-699
20% 700-749
29% 749-799
11% 800 and above
What's On My Report
OFAC, Credit Score Identification: name, address, SSN, birth date, employment.
Public Records: bankruptcy, tax liens, garnishments
Foreclosures, lawsuits and judgments.
Collection Items: unpaid bills turned for collection.
Credit History: past credit accounts to most recent, with
current balances, monthly payments, payment history, date opened or closed, original loan amount, credit limit.
Credit Inquiries: past 24 month period, voluntary and involuntary
How to Raise or Maintain a Credit Score?
Making payments on time.
Removing negative info.
Paying down/off credit cards (raises capacity).
Using oldest credit card.
Open new accounts slowly.
Correct credit report errors.
Paid collection items.
Mortgage, secured loans and installment loans with positive
payment history.
Open Credit Lines vs. Credit Card Limits.
Stable bio.
Credit Leverage program
Leverage My Score
"Your score" refers to a current FICO score.
FICO Score - (Fair Isaac Corp) a score produced by software which is provided to lenders by credit bureaus.
Exact software model kept secret to protect financial status
Only calculated if enough recent information has been collected to produce a score.
Open six months or longer
Know Your Credit Bureaus
Company that collects consumer financial info
Sells it in the form of credit reports
Assigns score based on credit behavior history
Maintains lifetime records of millions of consumers' credit history.
Keys To a Good Score
How your bills are paid
Amounts owed vs. available credit lines
New credit applications
Mix of credit products
Age/length of established accounts
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