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Common Questions

The most frequently asked questions regarding your credit.

What is a FICO score?

FICO is the acronym for the Fair Isaac Corporation, a private corporation creating the most-known and -widely used credit score model in the United States. The FICO Score is calculated statistically, with information from a borrower's credit files. FICO scores show the likelihood that a borrower will default on a loan or a credit obligation. Although it is not really known what components make up a FICO score, it is generally accepted that the following components are used:

35% — Timeliness of past payments (only includes payments later than 30 days past due);

30% — The amount of debt versus credit ratio;

15% — Length of credit history;

10% — The types of credit used;

10% — Recent application or searches for credit and/or amount of credit obtained.

Contact the Credit Repair Attorneys at Smith & Garg today to get started!