Sunday, July 1, 2007

What's A FICO SCORE????

FICO scores are your credit rating
They range from 300-850, higher is better
Most lenders base approval on them
Higher scores mean lower interest rates

FICO scores are calculated based on your rating in five general categories:
Payment history - 35%
Amounts owed - 30%
Length of credit history - 15%
New credit - 10%
Types of credit used - 10%

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