FREE CREDIT CONSULTATION Call Now 1-844-427-8482!
What is a Good Credit Score?
1. POOR 300 - 579
2. FAIR 580 - 669
3. GOOD 670 - 739
4. VERY GOOD 740 - 799
5. EXCEPTIONAL 800 - 850
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What makes up a Credit Score?
1. PAYMENT HISTORY
2. AMOUNTS OWED
3. LENGTH OF CREDIT HISTORY
4. NEW CREDIT
5. CREDIT MIX
Revolving vs. Installment Accounts
REVOLVING CREDIT = REUSABLE CREDIT
BORROW > REPAY > BORROW AGAIN
INSTALLMENT CREDIT = LOAN SET PAY OFF DATE
BORROW > MAKE PAYMENTS > PAID OFF
Length of Credit History
AGE OF OLDEST ACCOUNT
AGE OF NEWEST ACCOUNT
AVERAGE AGE OF ALL ACCOUNTS
YEARS COMBINED / NUMBER OF OPEN ACCOUNTS
How many Accounts should you have?
1- 2 Accounts THIN FILE - May create a score but offers limited Credit Depth
3- 5 Accounts BUILDING FILE - Mix Revolving + Installment
6+ Accounts DEEPER FILE - More payment history, balances & Accounts to manage.
Note: Deeper files are Not Automatically better if they or over extended on DTI
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Business Credit Scoring
D&B PAYDEX, EXPERIAN, EQUIFAX BUSINESS 1 -100
CREDIT RISK RANGES & SCORES
SBSS = Small Business Scoring Service 0-300 PG Credit + Financials + Cash Flow
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BUSINESS FUNDING
