How to fix, improve and protect your credit score.

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Presentation transcript:

How to fix, improve and protect your credit score

Why is it important? FICO Scores are your credit rating Most lenders base approval upon them Higher scores means better credit, lower interest rates and lower payments Higher scores also mean frequent limit increase and higher credit limits Bottom line: It means more money to your pocket and more security when you need it!

FICO Score and Delinquency Rates

FICO Score Distribution FICO Credit ScoresPercent with ScoreClassification %Subprime %Subprime %Subprime %Depends %Depends %Prime, best rate %Prime, best rate %Prime, best rate Note: Best rates are available to good FICO scores consumers, people who score 720 or above. Approximately, 50% of American public scores 720 or above.

Example: Good Credit Saves You Money Note: Difference: $24 per month between high and low FICO scores. Equivalent savings on mortgage loans: $100,000 in Florida = $160 /mth $400,000 in California = $640/mth FICO ScoreAPRMonthly Payment $ $ $ $ $ Higher the FICO score translates to lower interest payment Example: $15,000 Car Loan, 60 months

Five Determining Factors of FICO Scores Your Payment History (35%) How much you owe (30%) How long you have had credit (15%) Your last application for credit (10%) The types of credit you use (10%)