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Manage Your Credit Report – and Save!

Manage Your Credit Report – and Save!. How to fix, improve and protect your credit score. Why is it important?. FICO Scores are your credit rating Most lenders base approval upon them Higher scores means better credit, lower interest rates and lower payments

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Manage Your Credit Report – and Save!

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  1. Manage Your Credit Report – and Save! How to fix, improve and protect your credit score

  2. Why is it important? • FICO Scores are your credit rating • Most lenders base approval upon them • Higher scores means better credit, lower interest rates and lower payments • Higher scores also mean frequent limit increase and higher credit limits Bottom line: It means more money to your pocket and more security when you need it!

  3. FICO Score and Delinquency Rates

  4. FICO Score Distribution Note: Best rates are available to good FICO scores consumers, people who score 720 or above. Approximately, 50% of American public scores 720 or above.

  5. Example: Good Credit Saves You Money Higher the FICO score translates to lower interest payment Example: $15,000 Car Loan, 60 months Note: Difference: $24 per month between high and low FICO scores. Equivalent savings on mortgage loans: $100,000 in Florida = $160 /mth $400,000 in California = $640/mth

  6. Five Determining Factors of FICO Scores • Your Payment History (35%) • How much you owe (30%) • How long you have had credit (15%) • Your last application for credit (10%) • The types of credit you use (10%)

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