This rating system is meant to develop a snapshot of the risk you currently represent to a lender. Several parameters in your credit file, including length of credit history, number of open accounts, loans, mortgages, public records, and others are formulated to produce a three-digit score between about 300 and 950. There are other scores used by lenders and insurance companies (some of which are developed by FICO) such as Application and Behavior scores. These other scores take other information into account. Usually a lender will use a combination of your credit score with other factors when determining your risk. They all have the same objective, to determine the borrower's potential risk. Regardless of whether the score was generated by FICO or a system based on FICO parameters, they all yield an industry standard three-digit score. This score places the borrower in one of three main categories (we named the third one ourselves.)

Prime, sub-prime, and shafted

Prime If your credit score is above 680, you are considered a "prime borrower" and will have no problem getting a good interest rate on your home loan, car loan, or credit card.

Sub-Prime If your credit score is below 680, you are "sub prime", and will likely pay a much higher interest rate on your loan.

Shafted Below 560 is the shafted score. At least that is how most lenders and credit issuers perceive it. You can still get a credit card but you will likely be hit with a security deposit or high acquisition fee. In addition to that your interest rate will likely be 22 to 23%. You can forget about most home loans and the majority of new car loans at this score. Below 560 is no place to be. You will pay much, much more in higher interest and unnecessary fees. You may even pay more for your insurance rates. A very low score can even prevent you from getting a job with many companies. If your in this catagory Click Here.

How are credit scores calculated?

The methods of calculating your FICO may differ slightly depending on the credit bureau. When obtaining your score from one of the Credit Bureaus it is important to understand that your score does not come directly from FICO. It is adapted to each bureau and is given its own name: Equifax uses "Beacon", Trans Union uses "Empirica", and Experian uses "Experian/Fair Isaac." These scores are also referred to as your "Bureau Scores."

Since your score is derived from your bureau data, it will change every time your reports change. However your score is calculated, it will always take into consideration many categories of information. No one piece of information or factor determines your score. As the information in your credit report changes, the importance of one or several factors may change in your FICO score. Lenders look at many things when making a credit decision, including your income and the kind of credit you are applying for. However, your FICO score does not reflect these facts as it only evaluates the information retained by the credit reporting agency.

To Learn More Click here.

What factors affect your credit score?

There are five factors which are used in credit scoring calculations that determine your overall credit score.

Previous Credit Performance (Payment History) 35% A lender wants to know what your payment history is like. Have you paid everything on time, are you late on anything now, and so on. Your payment history is just one piece of information used in calculating your score, although it can be the very important.

Current Level of Indebtedness (Amount Owed) 30% How much is too much? Can the borrower pay me and still afford to pay his other bills? Not necessarily. Having available credit can actually help your ratio of debt to available credit. These are the types of questions that most borrowers want to know and the answers are almost as important as your previous credit history.

Amount of Time Credit Has Been In Use (Length of Credit) 15% Generally speaking, the longer the credit history the better your score. However, this factor only makes up 15% of your total score so even young people, students or others with short histories can still score high overall as long as the other factors show good. If you are new to credit than there is little you can do to improve this part of your score. Open an account and be patient.

Pursuit of New Credit (10%) Credit is much more popular today. Just look at the number of credit card offers you get via the Internet and in the mail. Consumers can now shop for credit and find the best terms to meet their needs. Each time someone runs a credit check on you, it creates an inquiry.

Fair Isaac has changed some of its calculations to account for these new trends. Specifically, they treat a group of inquiries - which probably represents a search for the best rate on a single loan - as though it was a single inquiry (note: this only applies to auto or mortgage loan inquiries.) For example, auto loan inquires that are within 14 days of each other only count as one inquiry.

Types of Credit Experience (10%) A healthy mix of different types of credit, installment loans, retail accounts, credit cards, and mortgage. This score is not normally a key factor in determining your score but it can help a close score. Its not a good idea to try and open different types of accounts just to try and make this factor better. It will likely reduce your score in other areas. You should never open accounts you don't intend to use anyway.

What type of accounts you have, and how many, can make a big difference. The optimal ratio of installment versus revolving accounts depends on your profile and differs from person to person. One factor that seems to have significant influence is your percent of open installment loans. Too many can lower this portion of your score. For more information Click here.

Improving your credit score

Now that you know how your score is calculated, you can begin making changes to your current financial planning. The best things you can do are simple.

Pay your bills on time. Sounds simple, but this is the biggest thing you can do to keep your score high. Delinquent payments and collections have a major negative impact on a score.

Keep your balances low on unsecured revolving debt like credit cards. High outstanding balances can affect a score.

The amount of your unused credit is an important factor in calculating your score. You should only apply for credit that you need.

Make sure the information in your credit report is correct. If its not, dispute it with the credit agencies and/or with the creditor directly.

Removing negative items on your credit reports has the biggest impact on your FICO score. Generally, negative items stay on your reports for seven years but you can hire a professional credit report repair service such as Lexington Law Firm to do it for you.

You can try to understand the laws and your self, but we have found it's so much easier to have someone do it for you. We strongly recommend using Lexington Law Firm, they are the industry leaders.

The three main credit bureaus are: TransUnion, Experian and Equifax. Lenders judge your credit worthiness using the FICO scoring system. Your FICO score is calculate with information from these credit bureaus by using the amount you owe on non-mortgage-related accounts such as credit cards, your payment history, and your credit history. The FICO score ranges from 300 to 850. The higher your FICO score, the lower your interest rate will be. Since it’s possible the information from the credit bureaus is inaccurate, it is very important you check your credit report on a regular basis. Since a high FICO score can save you thousands of dollars on your home mortgage or car loan, it is very important that you repair your credit immediately if your FICO score is below 680.

What is your FICO Score?

Will you get the best rate on your next loan?

FICO Score	Rating	Best Interest Rate
780+	Perfect	Yes
720-780	Excellent	Yes
675-720	Average	No
620-690	Fair	No
Below 620	Low	No

No Time like the present
“There is no time like the present for a good thing.”
Mike Conway, former Co-Founder of America West Airlines
& New CEO of World Ventures travel company.
Seize the moment!

Repair your credit - Increase your score

Content on this web site is provided for informational purposes only. We accept no responsibility for any loss, injury or inconvenience sustained by any person resulting from information published on this site. We encourage you to verify any critical information with the relevant authorities.

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Albuquerque Legal Services

NewMexico CreditRepair

NewMexico Legal Services.

The Fair Credit Reporting Act gives you the right to have inaccurate, untimely, misleading, or unverified information deleted from your credit report!

While you have the legal right to work out your credit disputes with the credit agencies, you may want to consider utilizing a trained staff of lawyers, paralegals and legal assistants, all using state of the art technology. Raising your credit score can save you thousands of dollars over the course of your mortgage. You should start by obtaining your free credit report & scores today.

In the city, you can find a diverse selection of legal services and legal service professionals. Land-use attorneys and real estate lawyers can help you settle disputes over zoning and other property-related laws and regulations. Accident and injury attorneys can ensure that you get rightful compensation in the event of an accident-related injury. Tax attorneys and finance lawyers can help you with questions regarding your legal rights when it comes to bankruptcies, liens against personal property, debt consolidation, credit problems, and banking and securities law. Criminal attorneys can help in cases involving fraud, theft, and violence and ensure that your civil and legal rights are adhered to. Attorneys skilled in family law can help with prenuptial agreements, legal separations, visitation privileges, alimony, child custody, and child support issues. There are also attorneys that specialize in DUI, DWI, and other traffic law offences that might be able to help with violations you received while operating a motor vehicle. Proper legal representation is not only a wise choice; it’s also your right as a U.S. citizen. So whatever your legal need, you are likely to find whatever assistance you need right here in the city.

Albuquerque is the largest, fastest-growing city in New Mexico. It is located in the central part of the state along interstate 40, which connets the Atlantic and Pacific coasts. To the city’s east are the Sandia Mountains and right through the city runs the spectacular Rio Grande, classified as exotic because it flows through a desert, like the Nile in Egypt. Both features offer locals and toursits alike endless recreational opportunities, from hiking and biking to boating and rafting. The city also has one of the highest altitudes of any major U.S. city, ranging from 4,900 feet above sea level near in the valley to 6,500 feet in the Northeast Heights. The city is also home to the New Mexico Technology Corridor, a group of high-tech companies and government institutions. Albuquerque's climate is almost always sunny and dry with low humidity. It has four distinct seasons, but the heat and the cold are mild compared to most of the country. And snow is not a problem. The occasional snow typically melts away before dusk. For theater buffs, catching a perfromance by the Tricklock Company is a must. This is especially true in January, when Tricklock hosts the Revolutions International Theatre Festival, where spectators can see performers from around the globe. Catching a performance of a Shakesperian-era play by Albuquerque’s American Shakespeare Company or the New Mexico Symphony Orchestra is also a must. In early October, you’ll find one of the most spectacular sights in America, the Albuquerque International Balloon Fiesta, where hundreds upon hundreds of hot air balloons paint the sky. In September, it’s the New Mexico State Fair. And the month of April holds the Gathering of Nations Pow-Wow, where 3,000 indigenous Native American dancers and singers representing over 500 tribes perform.

They don’t call New Mexico The Land of Enchantment for nothing. New Mexico has beautiful arid deserts, crystal clear lakes, tall pines, and soaring snow-capped mountaintops. With this type of varied terrain, it basically means there truly is something for everyone. For a taste of the Old West, the Billy the Kid Museum is historic western fun for the entire family, as is the Cumbres and Toltec Scenic Railroad where you’ll marvel at breathtaking vistas while traveling on a real steam engine locomotive. Don’t forget to hold on to your hats! Or, explore the splendor of Carlsbad Caverns, one of the most spectacular and largest caverns in the world. For a taste of ancient Native American culture, Chaco Canyon and the amazing, gravity-defying Gila Cliff Dwellings are sure to be of interest. And the same goes for the oldest city in America, New Mexico’s state capital, the one-and-only Santa Fe. It’s unique architecture, tempting southwestern cuisine, rich culture, and thriving arts scene simply can’t be found anywhere else in the world. And there’s more than just history and sightseeing. Adventure seekers are sure love the powder-packed slopes of Taos Ski Valley, the hundreds of miles of off-road Jeep paths, and the plethora of trail heads beckoning hikers and campers to remote locales. And at with over 300 square miles of windswept dunes at White Sands, visitors will find views unlike any other. So whether you decide to take a hot air balloon tour, sky tram, or travel on firma terra, New Mexico is sure to live up to its name.

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