Archive for March, 2012

FICO Score Calculation

Tuesday, March 27th, 2012

FICO score is very useful for the lenders to check the applicant’s credit information or their financial history. The calculation of three digit FICO score is important to understand. The Fair Isaac Corporation checks your credit report to calculate your FICO score. Any incorrect or outdated information in your credit report would mean an incorrect […]

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What is considered a good FICO score?

Monday, March 19th, 2012

FICO score is one of the best credit score models widely used in the United States. This type of scores is used by lenders and creditors to check consumer’s credit information. With the help of FICO score, the creditors are able to decide the total credit risk of the consumer. FICO score can be obtained […]

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What is a good debit to credit ratio?

Friday, March 16th, 2012

An indicator of your financial health, a debt to credit ratio, also known as DTI ratio, is a particular amount from your monthly income that goes to the banks for paying your debts. It is calculated in percentage and obtained by dividing the debt spending of a month and the monthly gross income and then […]

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What is an excellent credit score range?

Wednesday, March 14th, 2012

When you apply for a loan, the lender will first check your credit worthiness on your FICO credit score. Before understanding an excellent credit score, it is inevitable to know what a credit score range is. A credit score range mentions your financial history in the forms of three digit numbers. It helps employers, creditors, […]

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Your credit score after a strategic default

Friday, March 2nd, 2012

A strategic default is becoming a more common choice for homeowners dealing with an upside down mortgage, but what are the consequences on your credit score? First, you should know that there is no exact answer because formulas such as the FICO score calculation are a complex algorithm, which take into account all aspects of […]

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