Did you know: payment history and amounts owed make up 65% of your credit score? If you've allowed your credit to spiral out of control, we can help get you back on track! Contact us today for a confidential consultation.
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Have you ever applied for a cell phone account and required a down payment and/or a co-signer as a result of poor credit?
If you're sick and tired of your credit costing you thousands of dollars and are ready to take action, contact us today. #nocredit #badcredit #crediteducation #creditknowledge #creditrepair #financialfreedom
New credit determines 10% of a FICO Score. Consumers tend to shop for new credit more frequently today than in the past. However, research shows that opening several new credit accounts in a short period of time represents greater risk - especially for those who don't have a long credit history. FICO Scores take into account several factors, including how consumers shop for credit.
If you have been managing credit for a short time, don’t open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your Credit Scores if you don’t have a lot of other credit information. Even if you have used credit for a long time, opening a new account can still lower your FICO Scores. If you're in need of credit establishment or restoration services, contact us today to speak with a certified credit consultant.
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Credit history makes up 15% of your credit score. Typically, a longer credit history will increase your credit score. However, even people who haven't been using credit long may have high credit scores, depending on how the rest of the credit report looks.
Your FICO Scores take into account:
* How long your credit accounts have been established, which includes the age of your oldest account, the age of your newest account and an average age of all your accounts
* How long certain credit accounts have been established
* How long it has been since you used certain accounts
Therefore, closing accounts with a lengthy credit history may have a negative impact on your credit score.
If you're in need of credit establishment or restoration services, contact us today to speak with a certified credit consultant.
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Don't let your inability to interpret a credit report prevent you from getting your credit life in order. When in doubt, ask.
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Credit mix is 10% of your credit score. FICO Scores will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. It's not necessary to have one of each, and it's not a good idea to open credit accounts you don’t intend to use.
The credit mix usually won’t be a key factor in determining your Credit Scores, however, it will bemore important, especially if your credit report does not have a lot of other information on which to base a score.
Having credit cards and installment loans with a good credit history will raise your Credit Scores. People with no credit cards tend to be viewed as a higher risk than people who have managed credit cards responsibly.
If you're in need of credit establishment or restoration services, contact us today to speak with a certified credit consultant.
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Did you know....your credit score determines your ability to:
1. Get auto insurance
2. Secure an apartment
3. Obtain employment
4. Establish a utility account
If your current credit situation is in jeopardy, then it's time to get your credit life on track.
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Interested in learning how to get to the 800 club? #nocredit #800club #itspossible
If you're ready to take the first step to regain your financial independence visit: annualcreditreport.com to obtain a free credit report.
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A great example of a client’s commitment to debt management. Interested in learning how to get your credit life in order? #nocredit #badcredit #debtfree #itspossible
Amounts owed (aka debt), represents 30% of your credit score. FICO views borrowers who have a habit of maxing out credit cards or who are extremely close to their credit limits as people who cannot handle debt responsibly. Therefore, a borrower should maintain low credit card balances. It is recommended that the amount owed should not exceed 30 percent of the individual's credit limits. This applies to individual credit cards as well as the overall level of debt. This concept is commonly referred to as "utilization rate". Keeping your utilization rate under 30% is ideal. If you're in need of credit establishment or restoration services, contact us today.
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Payment history makes up 35% of your credit score. When you pay your bills late, lenders consider you a "risk". Being in the "risk" category adversely affects your ability to get a loan and/or decent interest rate. This is why it's important to pay your bills on time. If you're in need of credit establishment or restoration services, contact us today.
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Two reasons people fail to take action to establish or repair their credit:
1. They have no idea where to start
2. They think it will magically repair itself
Struggling to get your credit life in order? Contact us today for a confidential credit consultation.
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Virtuous Consulting Services, LLC™
P. O. Box 93304, Rochester, New York 14692
E-Mail: info@virtuouscsllc.com
Phone: 585-348-7150
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