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Credit Score

The most popular type of credit score is called a "FICO score." FICO scores range from 300 to 800. Here is a general guide to what the scores mean:

• Excellent - scores above 730
• Good - 700-729
• Needs a closer look - 679-699
• Higher risk - 585-699
• No credit or limited credit - 500-585
• Very high risk - under 500

> > CLICK HERE > >  Bad Credit? Refinance your home to Get Cash

The Fair Isaac Company uses the formula below to calculate FICO scores:

• Payment history - 35%
• Amounts owed - 30%
• Length of credit history - 15%
• New credit - 10% (new credit means the percentage of your credit that was recently obtained)
• Types of credit - 10%

Each time you apply for credit, an inquiry will be marked on your credit reports. A few inquires will not affect your credit rating, but too many inquiries can result in lowering your credit scores. Too many inquiries seem negative because it makes you look desperate to the creditors / lenders. Be responsible when applying for credit.

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