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MAINTAIN A GOOD FICO SCORE

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What is a FICO score? It is a credit score that lenders (and landlords) use to determine your future
ability to pay bills. It is a mathematical equation that looks at multiple pieces of data from your credit
report.
The scores go up to 850 points. If you have a score of 700 or higher, then you are in good shape. A
FICO score consists of five categories:
1. Payment history (35 percent)—Paying on time is the criterion. Missing payments hurts
you here.
2. Debt (30 percent)—How much debt do you have? Too many credit card accounts will
hurt you here.
3. Duration of your credit history (15 percent)—How long have you had debt? Your
youth hurts you here, but you can’t do anything about that!
4. Amount of new credit (10 percent)—You don’t want to have a lot of new credit.
5. Types of credit you have (10 percent)—Good versus bad credit. A home mortgage is
better than an unsecured loan (a loan that isn’t backed up by real property).
When you first start out, you need to establish a strong credit history so you have a good FICO score.
If you continue to maintain good credit, you will easily save yourself tens of thousands of dollars in
mortgage interest alone.

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