Yuntwine English Is Identifying The Secret Of Credit

Banks have become completely reliant on the FICO® (Fair Isaac Corp®) scoring model. Essentially, FICO® designed a mathematical algorithm that can quickly analyze a person's credit history stored on file with one of the three Credit Reporting Agencies (Experian, Equifax, or TransUnion) and define it by using a 3 digit score ranging from 300-850®. Banks approve loans and better interest rates for applicants with scores closer to 850. According to www.MyFico.com®, 30% of your score is calculated by the ratio of your credit card limits versus their balances. The bigger the difference is between your combined credit card balances and combined limits, the higher your credit score will be.

Making Your Credit Score Work For You

"Imagine what $100,000 in available credit and 40 years of perfect payment history would do to your score!"
RYC Credit Doctors adds your name as an Authorized User (AU) on one of our high limit, low balance credit cards with a long and perfect payment history. An AU is someone that has the ability to use the account, but not make any changes to it or the responsibility to repay balances owed. The original intent of the AU position was to give cardholders the ability to add their children, spouses, or employees to their accounts so they could have access to the available credit line. A coincidental benefit occurs during this process whereby the account history for that credit card appears on the AU's credit report and it looks like it has been there since the account was first opened, which gives them a FICO® credit score BOOST. While the AU does not receive the physical card or account number during this process, they will receive the amazing benefit of having that particular credit card's entire credit payment history, limit, and balance "copied and pasted" on to their credit report. This extreme increase in the limit to balance ratio on your report gives you the biggest possible BOOST to your credit in less than 60 days, guaranteed!

Savings Example

The higher your FICO® scores the less you can expect to pay for your loan. For example, on a $216,000 30-year, fixed-rate mortgage:

FICO SCORE	INTEREST RATE	MONTHLY PAYMENT
760 - 850	5.8%	$1,267
700 - 759	6.02%	$1,298
680 - 699	6.2%	$1,323
660 - 679	6.41%	$1,353
640 - 659	6.84%	$1,414
620 - 639	7.39%	$1,494

Actual National Interest Rates
As you can see in this example using today's national rates, a person with a FICO® score of 760 or better will pay $227 less per month for a $216,000 30-year, fixed-rate mortgage than a person with a FICO® score of 620 that's a savings of $2,724 per year. You can see how essential improving your credit scores can be if they are low, and also how important it is to keep them high if they are good.
- MyFICO.com