This rating system is meant to develop a snapshot of the risk you currently represent to a lender. Several parameters in your credit file, including length of credit history, number of open accounts, loans, mortgages, public records, and others are formulated to produce a three-digit score between about 300 and 950. There are other scores used by lenders and insurance companies (some of which are developed by FICO) such as Application and Behavior scores. These other scores take other information into account. Usually a lender will use a combination of your credit score with other factors when determining your risk. They all have the same objective, to determine the borrower's potential risk. Regardless of whether the score was generated by FICO or a system based on FICO parameters, they all yield an industry standard three-digit score. This score places the borrower in one of three main categories (we named the third one ourselves.)

Prime, sub-prime, and shafted

Prime If your credit score is above 680, you are considered a "prime borrower" and will have no problem getting a good interest rate on your home loan, car loan, or credit card.

Sub-Prime If your credit score is below 680, you are "sub prime", and will likely pay a much higher interest rate on your loan.

Shafted Below 560 is the shafted score. At least that is how most lenders and credit issuers perceive it. You can still get a credit card but you will likely be hit with a security deposit or high acquisition fee. In addition to that your interest rate will likely be 22 to 23%. You can forget about most home loans and the majority of new car loans at this score. Below 560 is no place to be. You will pay much, much more in higher interest and unnecessary fees. You may even pay more for your insurance rates. A very low score can even prevent you from getting a job with many companies. If your in this catagory Click Here.

How are credit scores calculated?

The methods of calculating your FICO may differ slightly depending on the credit bureau. When obtaining your score from one of the Credit Bureaus it is important to understand that your score does not come directly from FICO. It is adapted to each bureau and is given its own name: Equifax uses "Beacon", Trans Union uses "Empirica", and Experian uses "Experian/Fair Isaac." These scores are also referred to as your "Bureau Scores."

Since your score is derived from your bureau data, it will change every time your reports change. However your score is calculated, it will always take into consideration many categories of information. No one piece of information or factor determines your score. As the information in your credit report changes, the importance of one or several factors may change in your FICO score. Lenders look at many things when making a credit decision, including your income and the kind of credit you are applying for. However, your FICO score does not reflect these facts as it only evaluates the information retained by the credit reporting agency.

To Learn More Click here.

What factors affect your credit score?

There are five factors which are used in credit scoring calculations that determine your overall credit score.

Previous Credit Performance (Payment History) 35% A lender wants to know what your payment history is like. Have you paid everything on time, are you late on anything now, and so on. Your payment history is just one piece of information used in calculating your score, although it can be the very important.

Current Level of Indebtedness (Amount Owed) 30% How much is too much? Can the borrower pay me and still afford to pay his other bills? Not necessarily. Having available credit can actually help your ratio of debt to available credit. These are the types of questions that most borrowers want to know and the answers are almost as important as your previous credit history.

Amount of Time Credit Has Been In Use (Length of Credit) 15% Generally speaking, the longer the credit history the better your score. However, this factor only makes up 15% of your total score so even young people, students or others with short histories can still score high overall as long as the other factors show good. If you are new to credit than there is little you can do to improve this part of your score. Open an account and be patient.

Pursuit of New Credit (10%) Credit is much more popular today. Just look at the number of credit card offers you get via the Internet and in the mail. Consumers can now shop for credit and find the best terms to meet their needs. Each time someone runs a credit check on you, it creates an inquiry.

Fair Isaac has changed some of its calculations to account for these new trends. Specifically, they treat a group of inquiries - which probably represents a search for the best rate on a single loan - as though it was a single inquiry (note: this only applies to auto or mortgage loan inquiries.) For example, auto loan inquires that are within 14 days of each other only count as one inquiry.

Types of Credit Experience (10%) A healthy mix of different types of credit, installment loans, retail accounts, credit cards, and mortgage. This score is not normally a key factor in determining your score but it can help a close score. Its not a good idea to try and open different types of accounts just to try and make this factor better. It will likely reduce your score in other areas. You should never open accounts you don't intend to use anyway.

What type of accounts you have, and how many, can make a big difference. The optimal ratio of installment versus revolving accounts depends on your profile and differs from person to person. One factor that seems to have significant influence is your percent of open installment loans. Too many can lower this portion of your score. For more information Click here.

Improving your credit score

Now that you know how your score is calculated, you can begin making changes to your current financial planning. The best things you can do are simple.

Pay your bills on time. Sounds simple, but this is the biggest thing you can do to keep your score high. Delinquent payments and collections have a major negative impact on a score.

Keep your balances low on unsecured revolving debt like credit cards. High outstanding balances can affect a score.

The amount of your unused credit is an important factor in calculating your score. You should only apply for credit that you need.

Make sure the information in your credit report is correct. If its not, dispute it with the credit agencies and/or with the creditor directly.

Removing negative items on your credit reports has the biggest impact on your FICO score. Generally, negative items stay on your reports for seven years but you can hire a professional credit report repair service such as Lexington Law Firm to do it for you.

You can try to understand the laws and your self, but we have found it's so much easier to have someone do it for you. We strongly recommend using Lexington Law Firm, they are the industry leaders.

The three main credit bureaus are: TransUnion, Experian and Equifax. Lenders judge your credit worthiness using the FICO scoring system. Your FICO score is calculate with information from these credit bureaus by using the amount you owe on non-mortgage-related accounts such as credit cards, your payment history, and your credit history. The FICO score ranges from 300 to 850. The higher your FICO score, the lower your interest rate will be. Since it’s possible the information from the credit bureaus is inaccurate, it is very important you check your credit report on a regular basis. Since a high FICO score can save you thousands of dollars on your home mortgage or car loan, it is very important that you repair your credit immediately if your FICO score is below 680.

What is your FICO Score?

Will you get the best rate on your next loan?

FICO Score	Rating	Best Interest Rate
780+	Perfect	Yes
720-780	Excellent	Yes
675-720	Average	No
620-690	Fair	No
Below 620	Low	No

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The Fair Credit Reporting Act gives you the right to have inaccurate, untimely, misleading, or unverified information deleted from your credit report!

While you have the legal right to work out your credit disputes with the credit agencies, you may want to consider utilizing a trained staff of lawyers, paralegals and legal assistants, all using state of the art technology. Raising your credit score can save you thousands of dollars over the course of your mortgage. You should start by obtaining your free credit report & scores today.

In the city, you can find a diverse selection of legal services and legal service professionals. Land-use attorneys and real estate lawyers can help you settle disputes over zoning and other property-related laws and regulations. Accident and injury attorneys can ensure that you get rightful compensation in the event of an accident-related injury. Tax attorneys and finance lawyers can help you with questions regarding your legal rights when it comes to bankruptcies, liens against personal property, debt consolidation, credit problems, and banking and securities law. Criminal attorneys can help in cases involving fraud, theft, and violence and ensure that your civil and legal rights are adhered to. Attorneys skilled in family law can help with prenuptial agreements, legal separations, visitation privileges, alimony, child custody, and child support issues. There are also attorneys that specialize in DUI, DWI, and other traffic law offences that might be able to help with violations you received while operating a motor vehicle. Proper legal representation is not only a wise choice; it’s also your right as a U.S. citizen. So whatever your legal need, you are likely to find whatever assistance you need right here in the city.

While a part of New York City, Brooklyn, New York has a character and flare of its own. Brooklyn is located on the westernmost point of Long Island with a stretch of peninsula that includes Coney Island, Brighton Beach and Manhattan Beach. With a population of nearly 2.5 million residents the city has been nicknamed “The Planet” for its culteral diversity, independent art scence, and distinct neighborhoods. Some of the most affluent and gentrified neighborhoods include Brooklyn Heights, Prospect Heights, and Park Slope. The historic buildings, top-rated restaurants, and close access to Prospect Park make Park Slope one-of-a-kind. Park Slope holds easy access to the Brooklyn Academy of Music, a progressive cultural center with the BAM Rose Cinemas and Howard Gilman Opera House. The world’s premier art institution, the Brooklyn Museum, is also nearby where visitors have access to pieces ranging from Ancient Egyptian times to contemporary art. Southern Brooklyn is an ideal resort destination with Coney Island, Lundy’s Restaurant, and fun events like the annual Coney Island Mermaid Parade and Nathan’s Hot Dog Eating Contest. Walk around and enjoy the fragrant Brooklyn Botanic Garden that includes children’s gardens, a fragrance garden for the blind, and a one acre rose garden among others. The Green-Wood Cemetry is an emblem of the city spanning 478 acres of ponds, rolling hills, and a baroque chapel. As if this weren’t enough, Brooklyn sports enthusiasts will love the Brooklyn Dodgers, the Brooklyn Banks Skateboarding spot, and the Floyd Bennett Field sports complex. In Downtown Brooklyn the vibrant Jewish communities contribute to the ethnic mix, inlcuding populations from China, Jamaica, Haiti, Barbados, Pakistan, Russia, and Bangladesh. Famed Mike Tyson, Adam Sandler, Michael Jordon, and Mayor Rudy Giuliani were all products of the Brooklyn mix.While the population is widly diverse, nearly 70% of registered voters are Democrats, and Brooklyn has not voted for a Republican in a national presidential election for the last 50 years. The population is highly educated by recognized schools like the elite Berkeley Carroll school, the presitigous Pratt Institute, and Brooklyn College.With 18 New York City Subway lines, it is easy to make your way through the borough. Brooklyn, New York is truly a city with a life of its own.

new york state is not only home to one of the largest, and possibly the most recognized cities in the world, it is also home to beautiful countryside, serene lakes, rolling hills, and breathtaking gorges. in the catskill and adirondack mountains, hikers can always find a challenging nature trail, and in winter, skiiers and snowboarders can take to slopes for the rides of their lives. visitors can ferry down the famed hudson river, or take a freshwater dip in the great lakes, erie and ontario. buffalo is a great stop for a bills football game and some buffalo wings, and of course there’s the new york jets, new york giants, new york knicks, new york rangers, and the new york yankees professional sports teams as well, just to name a few. fishing and hunting are also popular sports in the area due to the abundance of lakes, rivers, and preserved woodlands. and, in great contrast, there’s the big apple, the melting pot, the empire city, the capital of the world, the city that never sleeps…new york city goes by many names, and lives up to every one of them. from its unbelievable skyser skyline to its sandy atlantic shores, from wall street to the empire state building, from central park to the hamptons, new york city has more to offer than anyone can experience in a lifetime. its food is as world-renowned as its diverse culture, with strong italian, irish, and german influences at their peak. manhattan is a shopping and business mecca. staten island, home to the statue of liberty is a symbol of freedom and new beginnings the world over. the list goes on and on. but the fact is, no matter how you express it, there simply aren’t enough ways to aptly describe the wonderful state of new york.

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