During these credit crunch times it’s important to
know more about YOUR CREDIT!
Do you know your credit score? How about your FICO®
Did you realize there is a difference and lenders only want
your FICO® Score?
We will empower you obtain your FICO®
Score through: www.myfico.com
You may be paying thousands of dollars in interest a year
because of your FICO score. After signing up for the 90
Day Credit Challenge, we pull your credit report
and FICO score (included in the price), we then break down
your current credit report for you, and guide you with helpful
tools for you to better manage your credit.
Here are the factors that create your FICO score:
We all think we know our history of reporting until we have
a look at our credit report. You may be shocked to find
out that there are accounts reporting with late payments.
Being aware of what’s on your credit reports is critical.
Even when financial times are difficult, paying all your
minimum payments is crucial, as new late payments hurt your
score the most. It’s also important to have no outstanding
collection reporting. Many times we might be unaware or
dismiss an old cable bill from a previous address or medical
co-pay. These oversights, intentional or unintentional,
will go on your report. And even though the outstanding
bill may be as little as $10, not paying it can drop your
FICO® Score by as much as 100 points.
30% Balances on
Did you know that your home equity loan
could be dropping your FICO® Score? If you’ve
borrowed up to the amount the bank made available to you
could be losing points. This is also true for your credit
cards. If you max out your credit cards, you max out this
part of your score. By lowering balances down from the high
limit, your FICO® Score will jump up.
Length: The FICO® Score gives
you more points the longer you have credit. If you are new
at using credit, it will take some time to achieve the 700
or 800 scores. But time will give you those scores if you
use your credit wisely.
10% New Credit:
The only thing you really need to know about this part of
the score is to not open any new accounts before applying
for a loan or making a big purchase such as a mortgage or
auto loan. You want to have the highest score possible and
new accounts can actually drop your score for the first
6 months! If you are not in need of a big ticket purchase,
then hold off. It keeps you building a better score.
Types of Credit: Manage your FICO® Score
through diverse credit. Diverse credit may show that you
can handle many different types of accounts such as mortgages,
auto loans, boat loans, credit cards, student loans, etc….
If you only have two credit cards or you stop using credit
this portion of your score will suffer.
The Credit Owl is
here to coach you every step of the way.
"Being aware of your credit and using it
in a healthy manner will help you obtain loans
when you need them."
The Credit Owl offers:
Coaching & Counseling
& Manage Credit
Self Help Experts
Credit into Great Credit
Boost & Raise Credit Score
& Improve Credit after Bankruptcy or Divorce
about our 90 Day Credit Challenge