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What makes up your credit score?
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35% = Payment history - how you’ve paid your bills?
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30% = Capacity – how many cards do you have, and how many have
balances? Are they maxed out or close to it?
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15% = Length of credit – how long have you been using credit?
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10% = Accumulation of debt. How many accounts have you opened in the
past .
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12-19 months? How many creditors have pulled your credit?
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10% = Mix of credit – Installment (raises scores), Revolving (lowers
scores). Finance companies lower scores quickly.
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What does your
credit score look like?
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720 and up
Great Scores: You
get the best rates and terms |
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700-719
Excellent Score: Very favorable rates and terms |
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680-699 Good Score: You should
not have a problem, don't expect the best deal |
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660-679 OK Score: Be ready to
accept a interest higher rate and terms |
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640-659 Borderline Score:
OK with higher down-payment
if everything else is strong |
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620-639
Weak Score: Expect much higher requirements and
problems |
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600-619
Bad Score: Try FHA financing or a special program |
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Below 600 Forget
it: It's time to repair the credit |
Frisco
foreclosures offer a tremendous amount of value but we also service Allen,
McKinney, Prosper, Plano, Lewisville, The Colony, Sachse, Wylie, Murphy,
Richardson, Carrollton, Flower Mound, and many other areas around DFW.
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