What does a FICO score take into consideration?
Your FICO score only looks at information in your credit report and considers both the positive and the negative information on the report including:
Payment History – (accounts for about 35%)
Amount of credit – (accounts for about 30%)
Length of Credit History – (accounts for about 15%)
New Credit – (accounts for about 10%)
Types of Credit - (accounts for about 10%)
What FICO Scores Do Not Look At:
WKFCU Looks At The Big Picture
When you apply for a loan at your credit union, we will pull your credit report and look at your FICO score. We also consider your length of employment, your history with the credit union, whether or not you have direct deposit or payroll deduction with us and your active credit union accounts before making a decision. Your credit union sees you as a valuable member, not just a credit score. A local person makes all lending decisions, not a computer or someone far away in a home office.
Next week - Improving and Disputing Your Score
(Reprinted in part from https://www.dfs.ny.gov/consumer/creditreport.htm)
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*APR = Annual Percentage Rate *APY = Annual Percentage Yield Rates are subject to change without notice
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