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Digg It - FICO: The 5 Categories that make up your FICO Score
The Fair Isaac Corporation is the company that originated the FICO® score which is widely accepted as the standard measure of credit risk. It is a scoring model that over 2
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
,600 businesses worldwide use to determine your credit worthiness. These businesses include banks, lenders, insurance companies, retail stores, telecommunications companies
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
, and government agencies. Throughout our lives, we’re going to be involved in one way or another with one or all of these institutions, so it will be easier in the long ru
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
if you pay attention to your credit record and maximize your FICO® score.
The higher your FICO® score, the easier your financial life will be. Knowing these 5 categories
The higher your FICO® score, the easier your financial life will be. Knowing these 5 categories
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
will enable you to maximize your score, be viewed as a good credit risk, achieve the lowest interest rates (saves you money) and maximum lines of credit when you need to bo
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
row money.
#1 – Payment History
Payment history makes up 35% of your total score. Any open line of credit you have will appear on your credit
#1 – Payment History
Payment history makes up 35% of your total score. Any open line of credit you have will appear on your credit
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
report and if all lines of credit (credit cards, installment loans, retail cards, etc.) are paid and current then you have nothing to worry about here. If a payment on any
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
of your open lines of credit falls outside the 30 day grace period, your credit score could fall as much as 100 points. Yes, you can bring it current again but it takes lon
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ger for your score to regain the points loss than it does to lose the points in the first place.
#2 – Amounts Owed
How much you owe to any creditor w
#2 – Amounts Owed
How much you owe to any creditor w
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ll have an affect on your score. The question is, what will affect your score positively? On revolving credit accounts, a good rule of thumb is to never use more than 35% o
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
f the available credit. If your credit card has a limit of $5,000 then only use $1,750 of it at any given time. This shows potential lenders that you are a disciplined user
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
of credit.
#3 – Length of Credit History
Are you a recent college graduate and just got your first credit card? Maybe you’re a longtime user of cred
#3 – Length of Credit History
Are you a recent college graduate and just got your first credit card? Maybe you’re a longtime user of cred
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
t with established accounts. Throughout your financial life, establish credit lines with the knowledge that the longer good lines of credit are open, the better your score
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
will be. Think twice about canceling old accounts because it may hurt your score. Also, use them periodically to keep them active. Potential lenders like to see that you ha
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
e a high degree of stability when considering you for a loan.
#4 – New Credit
Tempted to apply for the retail card to get the discount at the counter
#4 – New Credit
Tempted to apply for the retail card to get the discount at the counter
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
? The cost of multiple inquiries for different types of credit has the potential to hurt your score. Keep the credit lines to a minimum by passing up the temptation to “sav
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
money” at the counter by opening a new credit line. In the long run, it may end up costing you money by giving you a lower credit score and lenders will charge you a highe
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
r interest rate on future loans.
#5 – Types of Credit Used
Not all credit is good credit. You can get department store cards, gas cards, consumer fin
#5 – Types of Credit Used
Not all credit is good credit. You can get department store cards, gas cards, consumer fin
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
nce accounts, mortgages, home equity lines of credit, and the list goes on and on. The best types of credit to have are “major” credit cards like Visa, MasterCard, American
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
Express, or Discover and a mortgage. Stay away from department store cards and gas cards because they usually lead to having too many lines of credit open and lower scores
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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