How is your FICO score determined?

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Let me say right up front….I AM NOT a mortgage rep! I do not profess to know everything there is about mortgage lending, qualifications, etc. I am a REALTOR®…I kid around that I can only do ONE thing well – but in all seriousness – I can only keep up with one constantly changing industry – and that is real estate.  I leave the mortgage industry up to those people who have made that their business, their forte.  If I miss a change, that could mean the dash of someone’s hopes or giving them false hope.

All that being said, a mortgage specialist, William “Bill” Smith of John Adams Mortgage Company, recently shared with me this incredibly easy to understand pie chart that shows what data your FICO score is comprised of.  Even knowing this information gives me a better awareness of what matters most in handling credit and debt.

FICO pie chart

There are many ways to improve your score.  I would strongly suggest you speak with a mortgage specialist, like Bill,  Talk to someone who has experience in the industry AND credit restoration so you can learn which bills to pay first to improve your credit score, quickly and efficiently, as well as other important factors.  If you have made the commitment to get your head back above water, make each hard-earned dollar work for you in the best possible way.

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