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What does your Fico Score Mean? 

A FICO score is a type of credit score created by the Fair Isaac Corporation. Lenders use borrowers’ FICO scores along with other details on borrowers’ credit reports to assess credit risk and determine whether or not to extend credit. The Fico Score also impacts interest rates offered by lenders and what type of program a consumer will qualify. A strong fico score is typically  above 740.  There are three Fico Scores reported to the credit bureaus by Equifax, Experian and Transunion. The Lenders use the middle of the three fico scores for qualifyinpurposes.  There are Loan Programs that will consider  a Fico as low as 580 to 550 on a case by case basis.  

How does your Fico Score affect your buying power?  

 When it comes to rate negotiation a high Fico Score creates access to obtain optimal rates and programs.  Fico Scores-Credit Scores  range from approximately 300 to 850. Each individual has his or her own credit score. If you’re married, both you and your spouse will have an individual score, and if you are co-signers on a loan, both scores will be scrutinized. The riskier you appear to the lender, the less likely you will be to get credit or, if you are approved, the financing will cost you more. In other words, a consumer will pay more to borrow money based on a riskier credit profile.

Can I Repair my credit ?

There is no quick way to fix or repair credit.  The best advice for rebuilding credit is to get an evaluation to determine what to tackle first to obtain the best  results. Paying down debt often delivers the best results in reference to Fico Score improvement. Typically credit repair or credit improvement takes about three to six months to resolve all of the disputes that the average consumer needs to focus on.  Should the consumer have only a few mistakes to correct the process may be completed within 30 days or less depending on the ability to successfully negotiate with creditors.