FAQS......
What is a credit score?
A credit score is an indicator of how likely you are to default on a loan or credit card in the next 24 months. This info is used by credit grantors when evaluating your credit approval. Your credit score is based soley on information in your credit file maintained by the credit reporting agencies.
How are scores calculated?
Your credit report is the basis of your FICO score. The FICO analyzes information from the trade line, inquiry, public record and collection sections of your credit report. A FICO score evaluates 5 main catagories:
1. Payment History- 35% of your score
2. Amounts Owed- 30% of your score
3. Length Of Credit History- 15% of your score
4. New Credit- 10% of your score
5. Types Of Credit In Use- 10% of your score
The types of info that are NOT used in calculating your credit score:
Race, Color, Religion, National Origin, Sex, Marital Status, Salary, Occupation, Title, Employer, Dates Employed, Employment History, Where You Live, Types Of Inquiries, Account Review, Insurance, and Employment Related Inquiries.
Your Score DOES change when info is added, changed or removed on your credit report.
How long do accounts stay on my credit report?
Credit Accounts:
Accounts Paid As Agreed- Up to 10 years
Accounts NOT Paid As Agreed- 7 years
Collection Accounts:
All Collection Accounts Remain for 7 years from "date of last activity"
Courthouse Records:
Remain for 7 years from date filed except:
Bankruptcy- Ch. 7 and 11- 10 years from date filed.
Bankruptcy- Ch. 13 non-dismissed or non-dischared- 10 years from date filed.
Unpaid Tax Leins- indefinately
Paid Tax Leins- 7 years from the date released
NEW YORK STATE ONLY:
Satisfied Judgements- 5 years form date filed
Paid Collections- 5 years from date of last activity
CALIFORNIA ONLY:
All Tax Leins- 7 years from date filed
What are Credit Score Highs and Lows?
Equifax 300-850
Experian 340-820
Trans Union 150-934
What is a Good Credit Score?
Scores under 500 - Bad Score
Scores 500-600 - Poor Score
Scores 600-650 - Fair Score
Scores 650-700 - Good Score
Scores 700+ - Great score
More FAQ'S
No, this is different, it's building credit and works a lot faster.
What Bureaus will my credit be reported to?
All 3 bureaus. This includes Trans-Union, Equifax and Experian.
Does this program work in Canada?
No. The information is designed primarily for US residents.
What is seasoned credit?
Seasoned Credit is not new credit, but credit with a history of on-time payments for 1 year, 5 years , 10 years or more. This credit makes a consumer more attractive to lenders and credit companies.
What can seasoned credit do for me?
It can allow you to qualify for loans, homes, cars and credit cards at super speed and better interest rates without having to wait to establish this credit yourself which could take years.
If you have any questions feel free to call Kristen at 1-800-897-2133 EXT. 704
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