SHinds Financial Services

01/04/2022

Hey everyone, I hope this helps many of you reach your goals when it comes to credit....

I've seen so many post in this group and some advice given that is great and some that isn't true. So I just want to break down FICO scoring for those of you who care to know.

🎯Focus more on your credit profile instead of the score.

Here's why, what most don't understand is how a credit score is determined and what is considered a good credit profile. This is why someone with a 700 credit score and a thin credit profile can be denied credit compare to someone with a 680 with a strong credit profile.

🎯Your FICO credit score ranges from 300-850

🎯What most people don't know is that 550 points YOU CONTROL!

Let me break it down for you...

35% Payment History 192.5pts
30% Credit Utilization 165pts
15% Credit Age 82.5pts
10% Inquries 55pts
10% Credit Mix 55pts

Pay close attention to the top two, maximizing on those two gives you a total of 357.5 points remember they already give you 300 points even if you have no credit at all. No late payments in the last two years and maintaining a credit utilization of less than 30% would give you a score of 657.

Now let's go into your credit age, this is based on the overall average length of time from your oldest and most recent credit account (hence the reason you shouldn't close old accounts. That would give you an additional 82.5pts. Average time to maximize on these points should be 5 years of age or more.

Inquries, if you're looking to gain the most points within this section you should refrain from having more than 3 inquiries within a 12 month period. They only account for 10% of your score but too many of them when trying to obtain new credit can look to a lender as if you're in need and that never a good look.

And lastly your credit Mix. This means the type of accounts you have.. Here is what a good credit mixture should consist of

🎯2-3 revolving lines of credit (keeping their overall utilization below 30%) I recommend less than 10%
🎯1 short term loans
🎯1 loan term loans

No late payments!
No derogatory remarks!

Need help? Visit shindsfinancialservices.com to schedule a consultation with me.

Hope this is helpful for those planning on working on their credit this New Year!

SHinds Financial Services

12/30/2021

📌Credit Tip

Credit Karma is NOT Free!

Credit Karma makes money off of the personal information you volunteered! 🤔...🤯

🔑 Credit Karma is NOT a credit monitoring site! - They collect your information from the credit bureaus to create targeted campaigns based on your personal information
which makes Credit Karma an affiliate marketing site!

Credit Karma DOES NOT give you FICO scores! Which is what mortgage lenders use. 🎯

🗣Credit Karma provides you with Vantage scores (Not heavily used by lenders) 🤷🏾‍♂️

Credit Karma buys your information for pennies on the dollar, this is how they are able to provide you with updates every 7 days. ✍🏾

Why?... To get you to look at your scores and their AFFILIATE offers! You know, the offers for those credit cards that say you have a fair, good or very good chance of being approved for....🧐

Have you noticed they never say "You have a bad or poor chance⁉️”🤦🏻‍♀️

Apply, get denied ❌and now you have an inquiry on your credit profile. ⬇️ 😟

And those of you that are seeing you have a "chance" of getting approved for an American Express 💳 think again... You would be surprised to know, American Express only pulls from Experian for credit cards? 🤯

🗣Credit Karma DOES NOT give you Experian credit report or scores

SHinds Financial Services

12/27/2021

Two months in our program and we have gotten this client into the high 600's and early 700's. Love seeing results like these for my clients 😀. Did someone say Home Ownership in 2022 🙌🏾.

If your goal is home ownership for the New Year or you simply just want better credit, then sign up for a free consultation today and lets come up with a plan together to help you reach that goals 😉.
👉🏿shindsfinancialservices.com

10/20/2021

Is it true that once an item has been removed from your credit report that you are no longer have to pay off that debt? shindsfinancialservices.com

10/19/2021

Whew.... I am still in shock over these results 😱. This is a new client month one results. Note: Results not typical and varies case by case so please DO NOT expect results like this after a month. We still have work to do. shindsfinancialservices.com

10/06/2021

Here is a little credit hack to help boost your credit score fast! You should only consider this with someone close to you that wouldn't mind helping and you trust. It only works have a strong history of positive payments.

Share to spread the knowledge!

shindsfinancialservices.com to schedule a consultation or to get started in your credit repair journey.

10/05/2021