ENTERING MY THIRD DECADE

It seems like it was yesterday that I was an eager teenager ready to conquer the world and now that I turn 30 I look back at what my life has been and I thank God for evey moment he has given me.

I am proud that I have served my community in Montgomery County, Maryland as a realtor for tha last seven years. Thank you all for your support and confidence in me. I also would like to thank my family, sisters karla, katherine and victoria, little brother Daniel and my parents for all their support. And of course to my beautiful wife Marina and two wonderful sons Ulises and Lucas. I love you all and I look forward in sharing my life with all of you for many years to come.

COMING SOON: NEW FICO SCORING METHOD

Recently the Fair Isaac Corporation (FICO), the most well known and widely used credit score model, has issued a press release indicating that starting in September of this year there will be a new scoring system.

The most affected by this change will be authorized users and people with fairly new credit scores. In the past, consumers were given the benefit of the doubt and there score originally appeared in the high 700's, but now with the new scoring system this will probably not be the case.

The new scoring system will take into account two important factors in the credit score: 1) the length of time these accounts have been opened and 2) that these accounts actually belong to the consumer applying for credit.

We know that our credit score is largely determine by the following factors:

1)35% by how we have paid in the past
2)30% by the balances we carry
3)15% length of history
4)10% by the different types of credit used
5)10% by the recent search for credit

As we can see only 15% of the score is determined by the length of credit history. Probably most consumers will not be affected after all. What do you think?

Graph provide by http://www.myfico.com/CreditEducation/CreditScores.aspx?fire=5.