Credit scores range between 300 and 850. The higher the score the better. 500 or lower is considered a low credit score. 700 or above will save you money on your financed purchase by lowing your interest rate. In reality you want your score to be at least 600 with a goal to get it above 720. Finance companies will give you the lowest possible interest rates if you average credit score is above 720.  By eliminating the amount of debt you have and stopping the late payments from reporting you can increase your credit score. This can be done by paying all your debt off. But for a lot of people this is not a possibility. A fast and easy way to increase your FICA score is to file bankruptcy. Bankruptcy eliminates bad debts that are reporting negatively to your credit and forces the creditor to report $0.00 balances and no more late payments. Once you file bankruptcy you don't owe the creditor and therefore they are forced to report $0.00 balances and no more late payments. This also fixes your debt to income ratio making you less of a risk for future creditors in turn making you eligible to finance products like vehicles or houses. Call us and we will pull your credit score using our special bankruptcy software that will also predict what your score will be after filing bankruptcy.

CreditKarma is a free service that tracts your credit score and I highly recommend and use it. If you want to dispute your credit report or need to pull it from one of the three credit bureaus click here.

 

Credit Score	Description
730 - 850	Excellent
700 - 729	Great
670 - 699	Good
585 - 669	Average
300 - 584	Poor

 

 

 

Determining Factor	Weight Percentage	Description
Payment History	35%	How particular have you been in paying your credit card bills, loan installments and dealing with any form of debt, does affect your credit score. Bankruptcy, court cases and delayed debt payments can adversely affect your credit rating. On the other hand, timely debt payments and a clean financial record will boost your score. The time interval since your last outstanding debt payment, bankruptcy, the number of debt items also influence the score.
Debt/Amounts Owed	30%	Next most important factor that affects your credit score are the amounts of money you owe on each of your financial accounts. The proportion of credit usage in relation to your credit limits on every account and the total amount of loan installments pending on your accounts is taken into consideration.
Credit History Length	15%	The overall length of time over which you've used credit lines and your banking accounts also influences the score. A prolonged good record of good credit usage helps boost the score.
New Credit Lines Used	10%	The number of new credit lines used or banking accounts, which you have recently opened, impacts your score.
Credit Types Used	10%	The range of different credit types used will also influence the credit rating. The way you've handled various types of credit, is also taken into consideration.