12 months to a 720 Credit Score

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Dear Lori ,

You know how important FICO scores are to your financial stability. Don't get frustrated by all the information that you will receive in these letters, once you get into one of our homes and add the monthly classes it will all come together for you.

When you are in one of our homes we are all going to work together and with you following our easy to understand instructions and with you attendance to the classes it will all come together and you will see improvements over the next 12 months.

At the classes you will meet our network group of finance specialists. I have invited the following disciplines to help you in your goal of better financial status and a solid home mortgage:

Mortgage Specialists, Insurance Specialist, Banking Specialist

Credit Restoration Specialist and myself to lead you onto financial success.

Onward with the information.....

There are 5 factors that are the most important when evaluating credit scores. As we have discussed in the past a credit score is a formula of factors that are ever evolving and changing. They depend on things you have purchased, paid for, pending or in default. At any one time from the 3 credit bureaus your score will vary.

So...about those 5 factors in a FICO score. They are:

1. Your Payment History

2. The Amount of Money that you Owe

3. The Length of Time you have had Credit

Lets get started with #1:

What is a payment history? this includes all the past records on your accounts. The history of both negative (defaulted) and positive (successful and timely paid) payments.

The positive include on time payments that have been partially and paid in full accounts such as loans, mortgages, rent, credit cards.

The negative payments include such things as: collections, repossessions, bankruptcies, liens and foreclosures.

So, in the past if you have owed any money then your payment history for that particular debt would include:

Each of these filings will affect your credit score by either improving it or worsening your score.

Many people believe you just have to pay it back...although that is important....in the game of credit you need to pay it back as you promised or as your agreement specifies. Each payment needs to be at least the minimum payment and the date it is paid on must be on or before the date that it is due. Otherwise it can hurt your credit scores.