Committed to a brighter future for children, neighbors and communities.

We consider a healthy neighborhood to be one that is safe, clean, and diverse; one in which it makes economic sense for people to invest and one where neighbors manage change successfully.

We consider a healthy neighborhood to be one that is safe, clean, and diverse; one in which it makes economic sense for people to invest and one where neighbors manage change successfully.

The Basics of Credit Scoring

The Basics of Credit Scoring 

A credit score is a number calculated from information on your credit reports.  Generally, the higher the number, the better your credit history. 

Credit scores help predict the likelihood that you will pay your credit obligations on time and as  agreed.  

People with better (higher) credit scores are likely to present lower risk to lenders and other  businesses than people with lower credit scores. 

Two significant factors affect your scores: 

whether you repay your debts on time and as agreed, and 

how much you currently owe on each account compared to the credit limit or original loan amount. This is your credit utilization rate

There are multiple producers of credit scores, and each producer may have several types of  scores. One well-known company is Fair Isaac Corporation or FICO. 

VantageScore is another scoring model. 

What Makes Up a FICO Score? 

Your payment history accounts for 35% of your score. This shows whether you make payments  on time, how often you miss payments, how many days past the due date you pay your bills,  and how recently payments have been missed. 

How much you owe on loans and credit cards makes up 30% of your score. This is based on  the entire amount you owe, the number and types of accounts you have, and the amount of  money owed compared to how much credit you have available. 

The older your length of credit history grows, the better the impact tends to be on your credit  score. The length of credit history is worth 15% percent of your FICO Score 

Maintaining a mix of credit demonstrates that you can handle multiple types of loans. Along with  the other elements above, improving your credit mix can help you reach excellent credit score  status. Building a financially secure future is a game of inches, so even a portion as small as 10% of your credit score should be taken seriously. 

New credit makes up 10% of a FICO® Score. When you apply for new credit, inquiries remain  on your credit report for two years. FICO Scores only considers inquiries from the last 12  months. People tend to have more credit today and shop for new credit more frequently than  ever. 

Your credit utilization ratio, generally expressed as a percentage, represents the amount of  revolving credit you’re using divided by the total credit available to you. Lenders use your credit  utilization ratio to help determine how well you’re managing your current debt. To improve your  credit utilization ratio, it’s generally best to pay down your outstanding debt. Depending on your  situation, it may also be appropriate to consider increasing your credit limits on an existing  account to increase your Fico Score. If you want to maintain a low credit utilization ratio, try to 

estimate how much you spend on credit cards each month. Multiply this by 10 and use that as a  target for the available credit you want to have across your revolving accounts. You’ll then be  able to maintain your average spending while keeping your utilization rate around 10%.

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Grassroots Community Development
Grassroots Community Development2 days ago
Check out our newest blog post about the power of connection within our community!

Follow the link: https://grassrootswaco.org/blog/when-we-spend-time-together
Grassroots Community Development
Grassroots Community Development1 week ago
When this happens, it's usually because the owner only shared it with a small group of people, changed who can see it or it's been deleted.
Grassroots Community Development
Grassroots Community Development2 weeks ago
When this happens, it's usually because the owner only shared it with a small group of people, changed who can see it or it's been deleted.
Grassroots Community Development
Grassroots Community Development2 weeks ago
"If the topic of housing comes up, our immediate response may not be to think of a congregation, faith group, or even our own church community. Yet, faith groups – whether that be your own church or small work group – can be a strength in our communities in so many ways. From spiritual care and guidance to practical assistance and resources, our faith communities can be one of the solutions to address housing in Waco."

Follow the link to our latest blog post called "Faith and Housing in the Same Conversation".

https://grassrootswaco.org/blog/faith-and-housing-in-the-same-conversation/

#grassrootswaco #wacononprofits #celebratingcommunity #homeownershipgoals #homeownership
Grassroots Community Development
Grassroots Community Development2 weeks ago
Please join us on April 13th as we serve the North Waco Community. We invite you to register with the QR code and volunteer some time to support homeowners. This is a community-based minor repair and cleanup project that requires no expertise! For any questions about the event, please contact Sarai Muniz at sarai@grassrootswaco.org.
Grassroots Community Development
Grassroots Community Development3 weeks ago
Grassroots is looking to expand their team with another Community Organizer! The Grassroots Community Organizer is a dynamic, solution-oriented professional committed to engaging and developing neighborhood leadership. Using a consensus organizing model and assets based community organizing style the community organizer will be responsible for organizing and developing leaders in Waco in four major areas:

- Grassroots Leadership Training (GLT)
- Neighborhood-specific Organizing
- School Involvement
- Family Engagement

For more information, see the full job description at: https://grassrootswaco.org/wp-content/uploads/Grassroots-Community-Organizer-position-2024.pdf

The deadline for resumes and questions is Feb 16th. Please send resumes to Mike Stone at mike@grassrootswaco.org.