Griffin Knights Realty Corp

Your Credit Score/FICO


The three credit reporting agencies Equifax, Experian and TransUnion provide the lenders with a Credit Score that is also known as FICO, since the score is created from the software developed by Fair Issac Corporation (FICO).

At Griffin Knights Realty we believe that the better you understand your FICO the more consciousness you will become regarding your credit health. Your FICO impacts the credit that would be available to you and terms you get including interest rate. The bottom line is that the higher FICO score you have, the more financial options would be available to you. FICO is an essential component of your credit well-being.

FICO DNA


Your FICO ranges from 300 to 850; the higher the score the better off you are. Scores higher than 720-750+ are PERFECT; anything higher is irrelevant! Please note, that since the three credit agencies have their own, independent database, each person has three credit scores. To request your FREE FICO visit: www.annualcreditreport.com

The key factors that influence your score are:

  • Your Payment Historyis the largest component of your FICO. It notes all your on-time payments. Plus late payments, any liens, judgments, foreclosures, collections; charge offs and bankruptcies which would definitely hurt your score
  • Credit Usageis the second largest component of your FICO. It is your total debt amount which is calculated by the ratio of your current debt over your available revolving credit. Keep this ration lower that 10% and NEVER max out your credit cards.
  • Established Credit is the third component of your FICO. It is the length of your credit history with a creditor or lender. The longer you maintain an open account with the creditor by having on-time payment record and building your credit limit the better.
  • Blend of Creditis the forth component of your FICO. It is having evenly usage of different types of credit like mortgage, installment, revolving, auto etc.
  • Credit inquiriesis the last firth component of your FICO. It reflects your recent search for credit. Each inquiry dings your credit by 4 points!!! So, only apply for credit when you are positive that you would get it.

To improve your FICO there is no quick fix. Your FICO reflects credit payment pattern over time. And, the best advice is to manage your credit responsibly over time. FICO improves automatically when you show historical pattern of paying your bills on time and using your credit conservatively.

To learn more about your FICO, we recommend that you visit:
http://www.myfico.com/CreditEducation/