@Ms750FICO, Certified FICO Pro
Not all 750 FICO scores are created equally. Let me explain…
Imagine you meet a guy in the grocery store. He is tall, dark and handsome. A winning smile and kind eyes plus well dressed in business attire. At first sight he is a PERFECT 10. Soon you find out that this PERFECT 10 has 6 children, no high school diploma, fresh out of jail and the clothes are from the Goodwill. Are you still going to accept an invitation to dinner from this guy? How about drinks? How about 30 years with this guy?
Exactly! The banks think of us in the same way.
Now let’s imagine, there is another PERFECT 10 in the grocery store. Tall, dark and handsome just like the first guy. You must be thinking ‘I’m a lucky doll to run into so much eye candy in one day.’ But you know you have to check his history. He tells you he is a Financial Advisor, just finished his MBA and he loves The Lord. Now would you accept a dinner invitation from this guy? How about drinks? How about 30 years with him?
Again lenders think of us in the same way. The banks like to see scores over 700. Just like tall, dark and handsome excites you, scores over 700 excites lenders. Every man that looks like a Perfect 10 is not. And every person with a 750 FICO score may not get approved for a mortgage or car loan. The banks want to extend credit to you (lend you money) because they make money on the interest/ points/ annual percentage rates they will charge you. They just have to be sure that your 750 FICO score is not comprised of maxed out credit cards that you pay only the minimum balance on, new loans with high balances, accounts in negative standing (90days late here and 60 days late there) and a few too many inquiries.
A 750 FICO score with the following characteristics has a higher chance of getting approved:
- car loan from a few years ago paid down substantially (or paid off)
- a mortgage from a few years ago that is paid on time
- student loans paid on time
- 3 or more credit cards with low balances, paid on time
- 0 negative accounts
- 0-1 credit inquiry in the past 12 months
This is a good candidate for extension of credit. See the key is to have a mix of credit (a few credit cards carrying a low balance, mortgage, car loan, personal loan and/ or student loans) and PAY ALL OF YOUR BILLS ON TIME! Late payments, especially those within the last 24 months, will cause you to get denied. Chargeoff accounts will cause you to get denied. Settled accounts can also cause you to get denied, if not settled correctly.
At the Better Credit Boutique, we help you get approved for houses, cars, jewelry whatever your American Dream is, we make it affordable. @ms750Fico analyzes your credit files personally. Using federal laws and proven effective methods we get negative, inaccurate and unverifiable information removed from credit reports. Contact @ms750fico via text with your credit questions 6468947796. Or email firstname.lastname@example.org or use the Contact Us form on the website ms750fico.com.