428 Credit Score

From DWiki

Jump to: navigation, search

What Is A Credit Score or FICO Score?

A credit score, also known as a FICO Score is a number that summarizes your credit risk, based on a snapshot of your credit report at a particular point in time. A credit score helps lenders evaluate your credit report and estimate your credit risk. The most widely used credit scores are FICO scores, the credit scores created by Fair Isaac Corporation.

What Makes Up a Credit Score?

Your FICO score is essentially made up of the following:

   * Payment History – 35%
   * Total Amounts Owed – 30%
   * Length of Credit History – 15%
   * New Credit – 10%
   * Type of Credit in Use – 10%

How can I Rank My Score?

Scores are assigned a numeric value of between 300 and 850. Here is the general scale and what the scores may mean:

700 and above: Excellent / Very Good Credit. You are considered a low credit risk by institutions and would generally qualify for the lowest interest rates and repayment terms.

680 -699: Good Credit. You will usually be approved for loans with favorable terms.

620-679: Reasonable Credit. You are a moderate credit risk, and while you won’t usually be refused credit, you will not be able to borrow at the best rates.

550-680: Poor credit. You may have to shop around to find a lender willing to approve an application for you, and your loans will be quite expensive.

below 550: Very bad credit. You are considered a high risk customer and will have difficulty finding lenders. You will have to look seriously at some strategy of ‘credit repair’.

AnnualCreditReport.com is a website sponsored by TransUnion, Experian and Equifax. Users can request a free credit report from each service once a year.

Credit Reporting, Repair and Protection

Credit Report News

SHERROD BROWN Protecting your future by stopping credit report errors
The Clermont Sun
Your credit report has an enormous impact on your financial future. Banks, credit card companies, and employers all reference credit reports when they decide whether to make a loan to a potential customer or offer a job to a prospective employee. That ...
Bill Mandates Free Credit Scores for EveryoneHealth Care News

all 3 news articles »

Want to fix your credit? There's only one way
Wayne County Journal Banner
A credit report includes information on where you live and work, if you pay bills on time, how many bills you have, and if you filed for bankruptcy. The information is sold to creditors, insurers, employers and others to evaluate applications for ...

Your Credit Report
CBS Local
The three large reporting companies, TransUnion, Equifax and Experian, will provide you with an annual free copy of your credit report, but you must ask for it. And only about half of all consumers ever follow through with this. You can get your free ...
Protecting You From Credit Report Errors, Unreliable ScoresHuffington Post
American Consumer Credit Counseling Highlights the Importance of Credit ...IT Business Net

all 5 news articles »

Credit.com News (blog)

Can You Really Repair Your Own Credit for Free?
Credit.com News (blog)
You have probably heard the advice not to waste money on credit repair. You've been told there is nothing they can do that you can't do on your own. But there you are staring at your credit report or your credit score and you have no clue what to do next.
Senate bill would require free credit scores, easier credit report fixesBob Sullivan.net

all 8 news articles »

ABC News

Why a Perfect Credit Score Doesn't Matter
ABC News
If you really are absolutely intent on getting a boost, consider this strategy: credit card issuers report your monthly balance to the credit reporting agencies -- but they don't necessarily report it on the day your bill is due, they may do it earlier ...

Join us at noon today for our live chat about credit reports and scores: Plain ...
The Plain Dealer
Learn over lunch. Join our live chat on credit. Our panel of experts will answer your questions.Associated Press. Get your credit questions answered by the experts. Join us at noon today for a live chat about credit reports and scores. Just go to the ...

and more »

Here's Why You Need to Check Your Child's Credit Report
Fox Business
Therefore, a credit report in the name of a child who has never applied for or been granted credit is likely a sign that something is amiss. Parents who suspect a problem may want to contact the credit reporting agencies to find out if a report exists ...

and more »

New Legislation Aims To Ensure Accurate Credit Reports, Provide Free Credit ...
The Consumerist
Even a small inaccuracy on a consumer's credit report can have long-lasting negative affects. From the most simple computer error to mixing up individual's data, credit reporting agencies have been known to be hard to work with when trying to fix ...
Bill would ease fixes on credit reportsColumbus Dispatch
Sens. Brown And Schatz Announce Legislation Protecting Consumers From ...Insurance News Net (press release)
Schatz Advocates for Bill to Protect Consumers from Credit Report ErrorsHonolulu Civil Beat (blog)

all 21 news articles »

Brown introducing bill to help consumers get errors off credit reports: Plain ...
The Plain Dealer
Sherrod Brown is introducing legislation that would require credit bureaus to do a better job of investigating and removing wrong info from consumers' reports. In 2013, the Federal Trade Commission reported that one in four consumers have a credit ...

ABC News

When Should You Check Your Child's Credit Reports?
ABC News
Parents have plenty of reasons to worry about how their kids will handle money and credit. How can you get them to save? Will they get a good job when they are on their own? Will they pay their bills on time? How much debt will they rack up if they go ...

Personal tools