Credit utilization is one of the big factors that credit scoring models look at. Credit utilization is calculated by your current balance verses how much percent of your available credit or credit line was used. The higher the percent of your credit line you spend, the higher your credit utilization will be, and the more
The last few weeks I posted about a leaked Fico document revealing a full list of the Fico reason codes. The document also reveals a full description of all the reason codes. At Help Me Build Credit, we deeply reviewed this document. In this post, we will go through what we found interesting. We’ll also
Last week I posted about a leaked Fico document containing a list of all the Fico reason codes. I promised to analyze the document and report back to my readers about the insights we can gain from it about the Fico scoring model. Before I do that, I would like to first let you know
Which Factors Does Fico Use To Calculate Your Score? In this day in age, where transparency is at a very high level, it may sound very shocking to you, but the formula for the Fico scoring model (a scoring model which is used in 90% of mortgage lending decisions) is still 100% confidential. Consumers have very little