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Understanding FICO 8: Boost Your Credit Score · Credit Nurse: CPR for your Credit Score

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  Speaker 1: Welcome to the credit Nurse. I'm your host nurse Nancy.
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  Speaker 1: Today we're diving into a topic that affects many of us,
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  Speaker 1: FICO eight. So what is FICO eight. Simply put, it's
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  Speaker 1: a scoring model developed by the fair ISAAC Corporation, and
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  Speaker 1: it plays a crucial role in how lenders evaluate your
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  Speaker 1: credit worthiness. This model can influence everything from interest rates
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  Speaker 1: on your mortgage to approval for credit cards. FICO eight
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  Speaker 1: is an update to previous versions and is used by
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  Speaker 1: many financial institutions to determine your credit score. Scores range
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  Speaker 1: from three hundred to eight hundred fifty, with higher scores
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  Speaker 1: indicating a lower risk to lenders. What sets FICO eight
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  Speaker 1: apart from its predecessors is its improved accuracy in evaluating borrowers,
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  Speaker 1: particularly in how it handles account that are in collections.
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  Speaker 1: For instance, if you have a paid collection account, FYCO
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  Speaker 1: eight gives you a boost reflecting the fact that you've
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  Speaker 1: resolved that debt. It's also worth noting that FICO then
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  Speaker 1: previous models. This means that consistently paying your bills on
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  Speaker 1: time can significantly impact your score. So if you're looking
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  Speaker 1: to improve your credit, focusing on timely payments, is essential. Now.
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  Speaker 1: While we're on the topic of improving your credit score,
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  Speaker 1: have you ever thought about using tools and resources that
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  Speaker 1: can help you monitor your credit health. There are programs
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  Speaker 1: available like credit monitoring services that can provide you insight
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  Speaker 1: into your scores, including your FICO eight score. It might
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  Speaker 1: be worth checking out options that fit your needs, like
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  Speaker 1: the ones you might find through affiliate links related to
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  Speaker 1: credit services. As we wrap up today, just remember that
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  Speaker 1: understanding your FIICO eight score can empower you to take
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  Speaker 1: charge of your credit journey. Being proactive about your credit
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  Speaker 1: health can pay off in the long run, making it
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  Speaker 1: easier for you to reach your financial goals. Thanks for
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  Speaker 1: joining me today on this exploration of FICO eight. Until
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  Speaker 1: next time, keep your credit healthy.