What Impacts Your Credit Score

Building Wealth And Improving Your Credit.What Do You Know About Your Credit Score? : Building Wealth And Improving Your Credit.What Do You Know About Your Credit Score? The Brown Wealth Plan Lorillia Brown-Phillips www.brownassocllc.com 1-888-760-4941

History on Credit Scores : History on Credit Scores Fair Issac and Company was founded in 1956 Bill Fair (Engineer) and Earl Issac (Mathematician) were the founders Credit scores were originally used for financial institutions FICO means Fair Issac Corporation

Credit Bureaus, The Big “3”? : Credit Bureaus, The Big “3”? Equifax Experian Transunion

FICO® vs. VantageScore® : FICO® vs. VantageScore® The VantageScore credit scoring product was created by Equifax, Experian, and Transunion The VantageScore scoring product was unveiled to the public March 2006 VantageScore is to rival with FICO VantageScore consists of both numbers and letters The big three credit bureaus uses the same algorithm VantageScore ranges from 501 to 990 FICO score ranges from 300 to 850

VantageScore® Credit Rating : VantageScore® Credit Rating 901 – 990 A 801 – 900 B 701 – 800 C 601 – 700 D 501 - 600 F

FICO® Scoring Formulas : FICO® Scoring Formulas Payment history is 35% How much you owe is 30% Amount of time credit has been in use 15% Inquiries are 10% Types of credit 10%

VantageScore® scoring Formulas : VantageScore® scoring Formulas Payment history 32% Utilization of Available Credit 23% Credit Balances 15% Length and Depth of 13% Recently open credit 10% Available credit 7%

What is Prime, Alternative A, Subprime and Jilted? : What is Prime, Alternative A, Subprime and Jilted? Prime 680 or above Alternative A 620-679 Subprime 500-619 Jilted 500 or below

Examples of Credit Profiles : Examples of Credit Profiles Here is an example of the cost of a $20,000 car loan over 5 years: Prime - Interest rate 7%,Payment $405, Total Cost After 5 years $24,300 Subprime – Interest rate 14%, Payment $477, Total Cost After 5 years $28,620 Jilted – Interest rate 21%, Payment $557, Total Cost After 5 years $33,420

How Credit Bureaus Make Money? : How Credit Bureaus Make Money? Subprime and Jilted score consumers Selling your personal information Prime score consumers ...

Credit Repair : Credit Repair Must be licensed and bonded Credit bureaus Can I do it myself We are here to help call 1-888-760-4941 www.brownassocllc.com