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Your Credit Score. By Your Name Your Company Name Date. A 3-digit number used by lenders to evaluate the risk associated with lending you money It is generated by a mathematical model created by Fair Isaac & Company in the 1950’s.

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by your name your company name date

Your Credit Score

ByYour Name

Your Company Name

Date

slide2
A 3-digit number used by lenders to evaluate the risk associated with lending you money

It is generated by a mathematical model created by Fair Isaac & Company in the 1950’s.

There are 3 Major Credit Bureaus, Equifax, Experian and Trans Union –You have 3 Scores

Scores range from 350-850

What is a Credit Score?

slide3

What is a Good Score?

  • Above 720 = Excellent
  • = Good
  • = Fair
  • Below 620 = Poor
slide4

The Cost of Bad Credit

HOW MUCH WOULD YOUR MIDDLE SCORE COST YOU IN A MORTGAGE LOAN TRANSACTION AT TODAYS RATES?

Home Financing: A 30-Year Fixed with a loan principal amount of $359,650*

  • If your score improves to 720-850, you couldsave an additional $318,329
  • If your score improves to 700-719, you couldsave an additional $308,047
  • If your score improves to 675-699, you could save an additional $263,094
  • If your score improves to 620-674, you could save an additional $163,422

A borrower who increases his or her credit score from 620 to 720+ can potentially save $884 per month on mortgage payments, $10,608 per year, and approximately $318,329 over the life of the 30-year loan.*

slide5

Five Factors of Credit Scoring

Payment History

Late Pays

Collections

Charge-Offs

Repossessions

Foreclosures

Tax Liens

BK’s

Judgments

Length of History

New Credit

Soft Inquiries

Hard Inquiries

Types of Credit Used

A Mortgage Loan

An Auto Loan

2-3 Major Credit Cards

Amounts Owed

Credit Cards

Mortgage Loans

Auto Loans

HELOC’s

Installment Loans

slide6

1. Payment History 35% – How do you pay your bills?

WHAT YOU SHOULD KNOW

  • A recent
  • Paying a collection
  • Being past due
  • Derogatory accounts do NOT
  • A divorce decree

CONTENT REMOVED FOR DEMO PURPOSES

slide7

2. Amounts Owed 30% – Managing Your Debt

WHAT YOU SHOULD KNOW

  • New debt
  • Keep balances below
  • When preparing to
  • Don’t consolidate
  • If you go over the limit on your credit card
  • HELOC’s
  • Do not close credit cards EXCEPT
  • USE YOUR CREDIT CARDS or

CONTENT REMOVED FOR DEMO PURPOSES

slide8

3. Length of History 15% 4. Mix of Credit 10%

WHAT YOU SHOULD KNOW

  • Hold onto
  • New credit users
  • The best mix of credit is
  • The type of credit card matters because
  • The best amount of credit cards to have is

CONTENT REMOVED FOR DEMO PURPOSES

slide9

5. Inquiries – 10%

WHAT YOU SHOULD KNOW

  • Soft vs. Hard Inquiries
  • 14 Day
  • Inquiries affect the score
  • Inquiries can cost between
  • You are Pre-Approved means

CONTENT REMOVED FOR DEMO PURPOSES

slide10

START IMPROVING YOUR CREDIT SCORES TODAY!

Step 1 -

CONTENT REMOVED FOR DEMO PURPOSES

Step 2 -

Step 3-

slide11

Contact Us

Your Company Name

Address

Phone

Fax

URL

Email

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