How Is my FICO credit scored

This week’s question comes from a client we are assisting in getting a handle on their credit.

Q. How is my FICO credit scored.

35% Payment History — Did you make your payments on time? One missed payment can drop your score over ten points!

30% Outstanding Balances — How much credit do you have available? Are your credit cards maxed out? Paying off credit cards can increase your score ten or more points!

15% Credit History — How long have you had established credit? Long term credit builds trust with creditors. The longer an account is open and paid on time, the more benefits you’ll see on your credit report.

10% Types of Credit — Do you have various types of credit, or just credit cards? Consider mixing it up credit cards, auto loans, personal loans, and more.



10% Credit Inquires— Do you have multiple inquiries from creditors? Multiple applications for different types of credit over a short period of time will drop your score two to three points each time a new creditor checks your credit.

Every situation is different, Call or email Chris or Bob if you would like personalized tips and tricks to improve your score with little effort.

Chris Conlon cconlon@afncorp.com 704-609-5017

Bob Parm bparm@afncorp.com 704-778-2603