How to Repair a Credit Score Through This Credit Repair Secret
FICO scores are bureau risk scores produced from models developed by Fair Isaac Corporation.
They are commonly known as FICO scores.
These scores are derived solely from the information available on bureau reports.
Information from other sources is not considered.
This secret, like to many others, is simple.
The credit repair secret you need to understand, and one that will repair credit score almost over-night is your available credit.
Huh? Ok, I'll explain.
Your available credit is the amount of unused credit you have.
For example, let's say you have a card with a $1000 limit.
You owe $800 on that card.
Your available limit is $200, or 20% available balance.
The FICO system assigns about 30% of your score to what you owe as opposed to what you have available.
So, back to our example.
The FICO system adds up all of your revolving charge cards limits, then adds up all your revolving amounts owed.
The system determines the percentage of available limits as shown above and comes up with an over-all available blanace percentage.
The key is that the higher that percentage is of available balance, the higher your score.
The magic number is to have anything over 50% credit availability, and the higher the better! FICO sees any available credit number below 50% as over-use of credit.
This available credit number alone can make up to 100 points in difference in your FICO score! Bottom line, the faster you can get that available credit number raised, you'll raise you scores as quickly.
They are commonly known as FICO scores.
These scores are derived solely from the information available on bureau reports.
Information from other sources is not considered.
This secret, like to many others, is simple.
The credit repair secret you need to understand, and one that will repair credit score almost over-night is your available credit.
Huh? Ok, I'll explain.
Your available credit is the amount of unused credit you have.
For example, let's say you have a card with a $1000 limit.
You owe $800 on that card.
Your available limit is $200, or 20% available balance.
The FICO system assigns about 30% of your score to what you owe as opposed to what you have available.
So, back to our example.
The FICO system adds up all of your revolving charge cards limits, then adds up all your revolving amounts owed.
The system determines the percentage of available limits as shown above and comes up with an over-all available blanace percentage.
The key is that the higher that percentage is of available balance, the higher your score.
The magic number is to have anything over 50% credit availability, and the higher the better! FICO sees any available credit number below 50% as over-use of credit.
This available credit number alone can make up to 100 points in difference in your FICO score! Bottom line, the faster you can get that available credit number raised, you'll raise you scores as quickly.
