What Doesn’t Count in Your FICO Score?
Your FICO score is a number between 350 and 850 that represents your overall credit risk to lenders. While no one knows exactly how your score is calculated, it is important that you understand what is considered in your score and what isn’t.
Here is a list of factors that DO NOT impact your credit score:
• Your age –Yes, the credit bureaus do look at how deep your credit history is, but your actual age does not come into play.
• Anything that could be considered discriminatory – your race, religion, marital status, sec or nationality
• If you receive public assistance
• If you have ever sued somebody when exercising your rights under credit protection laws. (The Equal Credit Opportunity Act or Fair Credit Reporting ACT)
• Your bank balance or how you have handled your bank accounts. The only time bank accounts show up is if you have had an account charged off.
• Your income, job, employer or employment history. Your employment history is on your credit report but it does not impact your score.
• Where you live – this means that your score isn’t impacted because you live in a “risky” neighborhood
• Rental Agreements – unless you have collections
• Criminal Record
• Any “soft” credit inquiries – This includes when you look at your own credit or when an employer, insurance company or any one else that pulls your credit for a reason other than that you have applied for credit.
For more information on how to erase bad credit , please visit CreditRepairCollege.com.
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