What is a FICO Score?
- Fico scores are a system of points, scores and factors that was originated to create an easier process for banks to make decisions to loan money.
- Fico scores can range anywhere from 300- 850. The higher the number the better your rating.
- Experian, Equifax and Transunion make up the 3 different reporting credit bureaus that contribute to your fico score rating.
Since 1995, Fannie Mae has accepted this credit rating system as a mandatory part of the mortgage approval process
What factors determine your fico score?
What are some of the reasons that have prevented you from buying a home in the past?
- Bankruptcy?
- Foreclosure, Short Sale, Deed in Lieu?
- Old Collections?
- Old medical bills?
- Repossessions?
- No credit?
Benefits of Credit Repair
- Raise your Fico scores
- Remove negative items
- Receive more credit offers
- Better Interest Rates
- Help you get a better job
- Keep your money in your pocket -where it belongs!
Important Tips and Tricks
- In addition to Dometri repairing your credit there are many helpful tips and tricks to help increase your scores and achieve the best results for financing.
- Pay your bills on time
- Must have open accounts
- Use less than 20% of your limit
- Older established accounts have more value
- Keep inquiries to a minimum
- Having a combination of different types of accounts ( installment accounts, mortgage & automobile