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The True Purpose of FICO Scores

By
Mortgage and Lending with National Credit Fixers - Matt Listro

Virtually anyone who deals with business, finance, or sales has heard of the FICO score. This credit score is the granddaddy of all credit scores. It is used to check your creditworthiness for a mortgage. But it is also used for other loans, credit cards, employment: the uses are limitless!

Over the years people have been working to repair FICO scores, myself included! But many simply go through the repetitive motions. Certain actions are proven to help FICO scores, and many consumers and professionals do them without thinking.

But it is important to truly understand the FICO score before we can understand credit repair! The answer here is simple: so simple I could fit it on twitter! The FICO score was designed with one purpose in mind: to predict whether a consumer will be a '90 day late payer'. Therefore, the FICO algorithm looks at factors to see just that: whether a person's history suggests they will be a 90-day late payer in the future.

 

:)

 

 

 

Matt

Toll Free: 888-NCFIXER (623-4937)
Toll Free Fax: 888-FAX-4020 (329-4020)
Local: 860-282-6181
281 Hartford Turnpike Ste 500

 

Vernon CT 06066

Posted by

Matt

Toll Free: 888-NCFIXER (623-4937)
Toll Free Fax: 888-FAX-4020 (329-4020)
Local: 860-282-6181
281 Hartford Turnpike Ste 500

Vernon CT 06066

credit repair company

Comments (4)

Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Insurance Companies now take Credit Scores into consideration before issuing a Policy. 

Jun 26, 2013 07:28 AM
Matt Listro
National Credit Fixers - Matt Listro - Vernon, CT
Your Credit Repair Expert

Good to know, Fred! One more FICO use to add to the long list.

:)

Jun 26, 2013 07:43 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Matt, makes as much sense as the banking system to anticipate failure and classify people in that manner

Jun 26, 2013 01:00 PM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

I think the FICO score is just a way to convince people to take on debt. No debt, no FICO score.

Jun 27, 2013 01:36 PM