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Importance of understanding your credit score
A credit score is a number, based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person, which is the likelihood that the person will pay his or her bills. A credit score is primarily based on credit report information, typically from the three major credit reporting agencies.
Understanding Your Credit Score
Your Credit Score is used by anyone loaning you money. Credit card companies, home equity lenders, auto loan lenders and finance companies all use a model created by Fair, Isaac and Co, the San Rafael, California company that pioneered credit scoring 40 years ago and dominates the field today. This score is most often known as FICO and serves as a snapshot of your credit history.
A low score can raise the price of your loan and a very low score can mean denial of your loan completely. Here are the approximate percentages that determine your FICO Score.
* Payment history (35%). The largest factor determined on your FICO score is your basic payment history. The number of unpaid bills you have, any bills sent to collection, bankruptcies etc... The more recent the problem, the lower your score.
* Outstanding Debt (30%). Are your cards maxed out? High balances or more precisely, balances that are close to your credit limit can negatively effect your score. Keep your balances below 30%.
* Length of your credit history (15%). How long have your accounts been open? The longer, the better.
* Recent inquiries (10%). Every time you apply for credit of any kind, you create an inquiry on your credit report. Lots of Inquiries negatively effect your score.
* Types of credit in use (10%). Current loans from finance companies. How many and how much.
CLICK HERE TO READ MORE about Understanding Your Credit Score
FREE Credit Repair Guide
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- CREDIT CARD REVIEWS
Here you will find lenders who specialize in approving BAD CREDIT LOANS and BAD CREDIT CARDS request.
RECOMMENDED BAD CREDIT CREDIT CARDS:
* Centennial Gold MasterCard® - Bad Credit Friendly
* Total Visa® Card Review
* Continental Finance MasterCard® Review
Click here for MORE CREDIT CARD REVIEWS
Centennial® MasterCard®
* Low APR on purchases
* Over 3 million credit card holders
* Quality Customer Service
To read more about this card, CLICK HERE
* Free 24 hour Online Account Access
* Monthly Reporting to All Major Credit Bureaus
* Fraud Protection
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Click Here for this credit card review
PledgeTM MasterCard®/Visa®
Offering credit to those with less than perfect credit, its our Pledge. Apply now for the new PledgeTM Card from First PREMIER Bank.
* Monthly reporting to the 4 major credit bureaus.
* Low APR on purchases!
* Get the convenience of a MasterCard or Visa card
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Even if your credit is less than perfect.
Finance Resources
Bad Credit Loan and Credit Card Companies Reviewed
Do you have bad or poor credit and you are looking more...8 points
New Business? Startup? We Can Get You Financing! Start Up Business Loans Available Nationwide
New and start up business financing available USA more...7 points
Bad Credit? SO WHAT !!! You Can Still Get Financed
Poor credit history? Past credit problems or tryin more...2 points
Building Credit For Your Business
Building credit for your business is an important more...2 points
Equipment Leasing & Vendor Lease Programs For Businesses Nationwide!
Equipment leases available for businesses nationwi more...2 points
Other Credit Articles
- Get The Car You Want Regardless Of Your Credit
People with bad credit score or with less perfect credit history may still be eligible for a car loans online.There are steps a person with bad credit score can take in order to improve his/her chances of being
approved for a bad credit loan. - Just Say NO To Filing Bankruptcy
Many people are facing the possibility of filing for bankruptcy. Sadly, many people who are in this position have been given bad or poorly explained credit advice and are wondering if there are any other alternatives to going down the bankruptcy road. - 5 Quick Steps to a Better Credit Score
Learn how to manage your credit score and improve your creditworthiness - How To Fix Your Poor Credit
To get a house, get a car, have a credit card, and basically legally exist in the United States, you need to have credit. And if you want to have the best opportunities for success, you're going to need GOOD credit. Yes, you did see those words 'Good Credit'; it's not an oxymoron - it's quite possible. - What You Need To Know About Credit Reporting Agencies
Credit Reporting Agencies are the one that assign credit ratings for both corporations and and individuals. The credit rating is a way of measuring credit worthiness-or in other terms, the ability to pay back a loan. - How To Prevent Errors on Your Credit Report
By monitoring your credit report you will save yourself a lot of problems or unpleasant surprises when you have to get that credit card or if you're considering buying a home. You will also be aware of any potential problems that may stop the credit grantor from approving you for the credit you seek. - Shopping for Bad Credit Personal Loans Online
Acquiring a bad credit personal loan is an option for people with less-than-perfect credit to get the financing they need without difficulty. Since a high credit rating is often a requirement sought by regular loan lenders, those with bad credit can still get the loan if they can find a sub-prime lender. - How To Avoid Getting Scammed With Bad Credit Credit Cards
People with bad credit are often confronted with the problem of choosing lenders and credit card companies. Since their only option is to apply for a bad credit credit card or a bad credit loan, credit card issuers and lenders may take advantage of their credit status. If you have bad credit, how can you select the best credit card or lender? How can you stay away from unfair rates and predatory lenders? - How To Safe Guard Yourself Against Financial Trouble
If you suffer from bad credit, it is most likely that you've had or you still have unpaid debts in your account. When was the last time you checked your credit report? Are you 100% sure that your credit report is accurate and that there are no unauthorized charges in it?
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korniks
Your lens is so simple yet so helpful. More power! Posted August 02, 2008 |
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elrhino
Thanks for the enlightenment. :) Posted June 26, 2008 |
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Nick_Sutton
Thanks for the len. Cool stuff and quite insightful. Nick Sutton :-) Posted May 27, 2008 |
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Lesley_Feeney
Hi! Very nice lens! A definite 5 Star rating! Check out my Lens when you can find the time. Cheers! Posted July 27, 2007 |
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Jump-Start-Your-Finances
Great info! Thanks for sharing! Posted June 08, 2007 |
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