smilez asked:
I am debating trying to pay off a BIG amount($4000) and am not sure how to go about it. I don’t have the money for min. payments and don’t have any marks on my report yet. So how bad is it to get this on my credit report?
Bad Credit
I am debating trying to pay off a BIG amount($4000) and am not sure how to go about it. I don’t have the money for min. payments and don’t have any marks on my report yet. So how bad is it to get this on my credit report?
Bad Credit
April 4th, 2009 at 4:19 am
Credit Mechanics
One 30 day late can reduce your score by 50 to 100 points
A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. The most common of the credit score standards is the FICO score by Fair Isaac. The FICO score ranges from 350-850 and is intended as a predictor of whether or not you will be 90 days late on a loan obligation. Fair Isaac uses thousands of credit reports to calibrate the FICO scoring model and is very secretive of the exact formula.
Here is a percentage breakdown of a FICO score:
35% – Payment History
30% – Debt Ratio
15% – Length of Credit History
10% – Types of Credit
10% – Number of Credit Inquiries
Most people are aware of the three credit reporting agencies TransUnion, Equifax and Experian. The average difference in score between the highest and lowest of your three FICO scores is 60 points. This is the result of each of the credit bureaus having different items on their report. some correct, some incorrect and some that are not being reported in full compliance with credit law.
April 6th, 2009 at 2:50 am
Credit Mechanics
well i know a company who can help you with debt settlement , debt reduction , and get your credit back in order.
email me if interested