How to Improve Your Credit Score

How to Keep an Excellent Credit Score aka FICO credit score or How to Improve your Credit Score.

First off we need to start with the basics. These are some of the important things you need to know.

The FICO Score range is 300 to 850

499 is an F, 500 is a D, 699 is a B+, 700 is an A-, 720 is an A, 740 is an A+ and 800 and over is considered excellent.

How is the FICO Score Calulated

Your Payment History is 35% of your score so make sure to never pay late. In fact its a good idea to mail your payment 8 days before its due when paying by mail.

Amounts Charged Vs Your Credit Limit is 30% of your score. Never go over 35% of your credit limit in order to maintain the highest scores.

Length of Time your accounts have been open is 15% of your score. The longer you have had an account the better.

Types of Credit is 10% of your score

New Account are the Final 10% of your score making up 100% of your FICO Score

Hart Hit Inquiries How Many is Too Many?

You are allowed 10 Hard Hit Inquiries Per Year without it having a big impact on your score. However if you are an insurance salesman your score will be checked annually by the insurance companies so they are allowed 20 Hard Hit Inquiries.

Legitimate Hard Hit Inquiries stay on your credit report for two years. If you find incorrect or fraudulent inquiries call us at (972) 235-1188 We can help get them removed.

Other than Being Late on a Payment What Else Can Hurt My Credit?

Divorce, Illnesses or Accidents Without Adequate Insurance, Employers that bounce checks to you or goes out of business, using payday loans and spending over your credit limit

What is the Credit Worthiness Evaluation Program (CWEP)

It is a new program that will soon be provided through the Peoples Credit Bureau (TCPB) a First Stone Sister Corporation.

It is a five part “testing program” that has an insurance policy guaranteeing monthly payments for the three D’s Disability, Death and Default

Why Are You Creating the Credit Worthiness Evaluation Program (CWEP)

We wanted to create a guarantee insurance policy to far outweigh the FICO score in ensuring the credit worthiness of borrowers. We wanted to take credit worthiness back from the credit bureaus and give it back to the people.If you would like to know more about the CWEP call (972) 235-1188