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Understanding FICO Credit Score to Repair Bad Credit Fast

Banks are interested in your numbers, the credit score in particular when you want to borrow money. FICO credit scores determine almost everything from the interest rate on your mortgage loan to simply decide whether to approve you for a credit card.

The median FICO credit score range is between 300 and 850. Any number close to or lower than 300 is considered bad, and a score of 850 or higher may even lead a stranger to lend you money!

The credit scores were created by Fair Isaac Corporation (FICO) to evaluate consumer credit reports that are maintained by the credit reporting firms. The FICO credit scores are used by 90% of the people when it comes to lending money.

Needless to say, FICO score is important. But what determines the FICO reports is based on the following information:

·        35% of the information is solely dependent upon the payment history.

·        30% depends upon your debt utilization ratio.

·        15% is on the age of your account.

·        10% on the type of credit.

·        10% depends on new or recent credit.

It is essential to understand your FICO credit score in order to repair bad credit fast. Below are lists of tips that can help with quick credit repair!

1.    Check for errors

A recent study has found that 80% of all credit reports have some kind of errors or mistakes. In some cases, one in four have serious problems that greatly affect the credit score. For this reason, it is recommended to check your reports as soon as possible.

2.    Improve with DIY techniques

Why pay to monitor your credit when you can do it for free? It will appear on your reports allowing you to see any mistakes or errors. Additionally, you can quickly report these errors and mistakes and repair bad credit fast.

3.    You can negotiate late payments

Yes, you heard us right! If your due payments are not more than 150 days late, you can often negotiate with the original lender. You can argue to waive off any late fee or ask your creditor to accept a lower amount. It is not necessary that negotiation might always work, but give it a try!

QuickCreditRepair strives to help with DIY credit repairs and give you a platform to directly report any errors on your report to one of the major credit bureaus.