Your Trusted Credit Score Advisor
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Credit Score Secret
Identifying The Secret:
Banks have become completely reliant on the FICO (Fair Isaac Corp) scoring model. Essentially, FICO designed a mathematical algorithm that can quickly analyze a person's credit history stored on file with one of the three Credit Reporting Agencies (Experian, Equifax, or TransUnion) and define it by using a 3 digit score ranging from 300-850. Banks approve loans and better interest rates for people with scores closer to 850. According to www.MyFico.com, 30% of your score is calculated by the ratio of your credit card limits versus their balances. The bigger the difference between your combined credit card balances and combined limits, the higher your credit score will be.
Banks have become completely reliant on the FICO (Fair Isaac Corp) scoring model. Essentially, FICO designed a mathematical algorithm that can quickly analyze a person's credit history stored on file with one of the three Credit Reporting Agencies (Experian, Equifax, or TransUnion) and define it by using a 3 digit score ranging from 300-850. Banks approve loans and better interest rates for people with scores closer to 850. According to www.MyFico.com, 30% of your score is calculated by the ratio of your credit card limits versus their balances. The bigger the difference between your combined credit card balances and combined limits, the higher your credit score will be.
Making Your FICO Score Work for You:
BoostMyScore.NET adds your name as an Authorized User on one of our high limit, low balance credit cards. An AU is someone that has the ability to use the account, but not make any changes on it. The original intent of the AU position was to give parents the ability to add their children to their accounts, which gives them a score BOOST. While the AU does not receive the physical card or account number, you will receive the amazing benefit of having that particular credit card's entire credit history, limit, and balance "copied and pasted" on to your credit report. Imagine what $60,000 in available credit would do to your score. This extreme increase in the limit to balance ratio on your report will BOOST your score in less than 60 days, guaranteed.
research. think. decide.
BoostMyScore.NET adds your name as an Authorized User on one of our high limit, low balance credit cards. An AU is someone that has the ability to use the account, but not make any changes on it. The original intent of the AU position was to give parents the ability to add their children to their accounts, which gives them a score BOOST. While the AU does not receive the physical card or account number, you will receive the amazing benefit of having that particular credit card's entire credit history, limit, and balance "copied and pasted" on to your credit report. Imagine what $60,000 in available credit would do to your score. This extreme increase in the limit to balance ratio on your report will BOOST your score in less than 60 days, guaranteed.
research. think. decide.
Savings Example
The higher your FICO® scores the less you can expect to pay for your loan. For example, on a $216,000 30-year, fixed-rate mortgage:
| If your FICO® score is | Your interest rate is | ...and your monthly payment is |
|---|---|---|
| Actual National Interest Rates | ||
| 760 - 850 | 5.8% | $1,267 |
| 700 - 759 | 6.02% | $1,298 |
| 680 - 699 | 6.2% | $1,323 |
| 660 - 679 | 6.41% | $1,353 |
| 640 - 659 | 6.84% | $1,414 |
| 620 - 639 | 7.39% | $1,494 |
As you can see in this example using today’s national rates, a person with a FICO® score of 760 or better will pay $227 less per month for a $216,000 30-year, fixed-rate mortgage than a person with a FICO® score of 620 – that’s a savings of $2,724 per year. You can see how essential improving your credit scores can be if they are low, and also how important it is to keep them high if they are good.
- MyFICO.com
