|Mark Strozier Chance|
How does the bank decide to lend you money?
When you talk about lending, you have to talk about Credit Scores. These are often referred to as FICO scores.
*Disclosure: My best advice would be to listen to Dave Ramsey and stay debt free for the rest of your life. But if you still believe in credit, and you want to build a great credit score... this page will provide some things you need to know.
What is a FICO score?
Many people want to know what a FICO score is. FICO stands for the Fair Isaac Corporation, founded in 1956 and in 2009 renamed: FICO. This is the one company that has more control over your interest rates and loan approvals than any other. They review your credit reports and create a score based on the information found there.
Payment history 35% (Were you late or on time?),
Amounts Owed 30%,
Length of credit history 15%,
New credit 10%,
Types of credit used 10%.
~Pay On Time~
Research, Research, Research.
~DSR or DTI~
~Deeper Look at DSR or DTI~
~Example of DSR or DTI~
~Example Person’s Results~
The Insider is a BIG fan of Dave Ramsey:
- Go read/listen/watch Dave Ramsey and he'll teach you how to do it right!
- Listen to The Dave Ramsey Show (HERE)
- Or by his most popular book: (HERE) The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness