Credit Repair
Your credit or "FICO" score is made up of several parts.
35% of your FICO is based on your payment history
- Recent late payments are most damaging. 0 to 6 months is the worst, then 7 to 23, and 24+.
- Frequency of payments or late payments.
- Severity (dollar amount) of missed or late payments.
30% is based on accounts on which you currently owe
- Your income in relation to how much you owe. (Higher income with less money owed = better score).
- If 50% or more of credit is revolving score is lowered, dramatically lowers again at 75%.
15% is based on length of credit history
- Accounts that have been opened for longer periods are better for your credit score.
10% is based on type of credit
- Trade lines are measured and categorized by: auto, mortgage, credit cards, etc.
- Buy now pay later trade lines usually lower your score.
10% is based on new credit and inquiries
- To many newly opened accounts will lower your score.
- All mortgage inquiries in the last 30 days are counted as one.
- Multiple types of inquiries in a short period of time can lower your score.
- Several new inquiries (not for a mortgage) of same type will lower score. Car shopping is notorious for this. Each dealership you visit may pull your credit several times.
3 in 4 credit reports contain errors. Sign up today and let us make sure yours doesn't.
We have the experience, expertise, tools, and a proven track record. We offer our members complete credit report repair, not just one piece of the pie. To learn more about Credit Repair and how Academy Credit offers unparalleled service and quality, follow the links below.
Credit Repair Overview
Why Academy Credit?
What is credit?
How will improving my credit help me?
How do I find out my credit score?
What makes up my credit score?
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