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Things to Remember About FICO Scores:

The FICO score already takes into consideration:
  • Types of delinquent accounts
  • Number of accounts borrower has managed without a delinquency
  • Recency or age of delinquency
  • The FICO score does not take into consideration
  • Inquiries made for account monitoring of promotional purposes are not factored into credit scores.
  • Credit scores do not consider occupation and length of time in present house.
  • Other than derogatory credit, some of the factors that negatively affect the FICO scores are
    Number of credit accounts the applicant has
  • Amount of available credit the applicant has used (balances vs. limits)
  • Source of the applicants existing credit (revolving vs. installment or bank loans vs. finance company loans).
  • Number of attempts applicant has made to obtain credit (inquiries).

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