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FICO SCORE VARIABLES
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Current income and employment history do not influence the FICO score, but they are weighed by the lender when applying for credit. For instance, an unemployed individual with no other sources of income will not usually be approved for a home mortgage, regardless of his or her FICO score.
Other Credit Score Variables
There are other special factors which can weigh on the FICO score although the credit bureaus do not disclose precisely how these
variables are calculated.
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- Any money owed because of a court judgment, tax lien, or similar carry an extra negative penalty, especially when recent.
- Having above a certain number of consumer finance company credit accounts, or store credit cards, also carries a negative weight.
- The number of recent credit checks also can weigh down your credit score, some say as much as 5 points per "hard" inquiry.
What Damages Credit Score The Most
You can tell that credit scoring is a black art but it's generally accepted that this short list will do the most damage to your credit score:
- Past Due on your mortgage loan.
- Payments that are over 30 days late on other loans.
- Judgments for debt.
- You're not on the Voters Roll at the address you claim to live at.
- Multiple applications for credit in a short time.
- Recent Bankruptcy (undischarged bankrupts will always be refused credit).
- Auto repossession.
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