Master the loan

In a conversation today I was reminded how painful it can be to apply for a loan.

I can help. While you are sitting in the chair and he/she is asking your name and typing it into the computer it automatically brings up your credit score. The bank will compile thier own depending on your history with them, but if you don't have a history, and also as a cross reference they will check your FICO score. Over 750 you get the loan. Under 750, you better be a smooth talker.

You can control your FICO score.

• 35%, punctuality of payment in the past (only includes payments later than 30 days past due) No late payments.
  
• 30%, the amount of debt, expressed as the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits) No debt, plenty of available credit.
  
• 15%, length of credit history Don't close accounts, just tidy them up and walk away if you get pissed at the bank or card company.
  
• 10%, types of credit used (installment, revolving, consumer finance)
• 10%, recent search for credit and/or amount of credit obtained recently Don't do unnecessary credit requests.

When you apply for credit at a bank etc., ask for your score, they will happily give it to you, or pay one of the credit bureaus occasionally.