A FICO® score of 707
means to you:
More than 75% of the applications for credit in the U.S. last
year were decided with the help of a FICO score. Lenders consider
many factors in addition to your credit score when making
credit decisions. Looking solely at your FICO score, however,
most lenders would consider this score as an acceptable risk.
This means:
- You have a good score and a wide array of loans and credit
products will likely be available to you.
- Most lenders will consider offering you very competitive
rates and terms on loan products.
- Some lenders may require additional information, such
as income or time at job, to help them more accurately set
the terms of your loan product.
- It is important to understand that different lenders set
their own policies and tolerance for risk when making credit
decisions, so there is no single "cutoff score"
used by all lenders.
The factors affecting your score:
The FICO score is calculated based on the information contained
in your Equifax credit history. While knowing your actual
score is a good start, understanding the key factors affecting
your FICO score is much more important. These factors will
provide you direction on how you can increase or maintain
your FICO score over time.
Positive Factors
Here are the top factors that reflect your good credit behavior
(they are listed in priority of impact on your score):
- There is no evidence of you having seriously late payment
behavior being reported on your credit accounts
- You demonstrate a relatively long credit history
Negative Factors
Here are the top factors where you have the most opportunity
to take action, in order to increase your FICO score over
time (they are listed in priority of impact on your score):
- You have missed payments reported on your credit accounts
- The amount owed on your accounts is too high
The Jordan Group Loan Consultants are eager to answer any
question you may have, please feel free to contact
us. |
