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).