Can FICO Go up after Fixing Report

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Can FICO Go up after Fixing Report
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By Jack Tanner

When asked, “Can FICO go up after fixing report?” I say absolutely!

And here’s more good news. If you only raise your credit score by as little as 10 points, you could end up saving thousands of dollars in interest over the term of a mortgage.

Although it’s important to realize it can’t happen overnight, you could improve your FICO score by as much as 100 points in just six weeks.

That’s enough to qualify you for a better loan with lower interest and points. Sounds worth the effort, don’t you think?

Did you know nearly 80% of credit reports are incorrect and 25% of the errors are serious enough to deny you credit or penalize you with a higher interest rate? Therefore, the first thing you should do is go over your reports with a fine tooth comb.

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Look for every mistake, no matter how small, and immediately contact the credit agencies in writing, giving them specific details of what you believe is wrong. They then have thirty days to respond and, if they agree, they’ll correct your report.

If they don’t agree, you still have the option of including a “letter of dispute” in your file.

FICO uses, among other factors, your payment history, how much you owe in relation to your credit limits and how long you

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This entry was posted on Saturday, December 30th, 2006 at 8:21 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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