503 Credit Score

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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


New York Times

Credit Scores vs. Credit Reports
New York Times
The advice from most mortgage professionals to first-time home buyers is to begin sprucing up their credit at least six months before applying for a loan. Credit scores and credit reports are readily available for purchase online, but figuring out ...
The red flags bankers see when you apply for a mortgageCharlotte Observer

all 4 news articles »

Forbes

Credit Karma Now Has Free Weekly Credit Reports, Without A Catch
Forbes
At first I was skeptical about using Credit Karma because I have signed up for a ?free credit report? website in the past, only to find out it was just a free trial with a monthly subscription cost. However, I use Credit Karma now and found out that ...
Credit Karma Rolls Out Free Weekly Credit Reports (Yes Really)TechCrunch
A Free Credit Report With No Strings Attached. HonestBusinessweek
Google Capital-backed Credit Karma now offers full credit reports for freeVentureBeat
Houston Chronicle -Yahoo Finance (blog) -Wall Street Journal (blog)
all 20 news articles »

Creditors: Delete a discharged debt from a credit report or face possible ...
JD Supra (press release)
Credit report - discharged debt A typical lender is often managing tens of thousands of accounts of all different types and in various states of financial health. So what happens when a lender, for whatever reason, fails to update credit reporting ...


Credit Karma Adds Full Credit Report to Its Always Free Suite of Resources
EIN News (press release)
Credit Karma, the consumer's financial advocate serving more than 25 million people, today announced that everyone now has free access to their full credit report which can be refreshed as often as once weekly. Giving people free access to their full ...


CNBC.com

A third of consumers with credit files had debts in collections last year
Washington Post (blog)
The report analyzed 2013 credit data from TransUnion to calculate how many Americans were falling behind on their bills. It looked at how many people had non-mortgage bills, such as credit card bills, child support payments and medical bills, that are ...
A common credit report surprise that will cost youCNBC.com
One In Three Americans Is Late On A BillForbes
'Alarming' 35% of Americans With a Credit File Have Debt in Collections: ReporteCreditDaily.com
ACA International -MarketWatch -CBS News
all 403 news articles »

The Difference Between Hard and Soft Credit Inquiries
U.S. News & World Report (blog)
Like most things in life, credit scores can be frustrating if you don't understand how they work. Did you know there could be errors on your credit report that are damaging your score? Or that not using your credit cards could backfire against you? And ...

and more »

Yes, Credit Score And Credit Report Are Two Different Things
TheStreet.com
Many people use the terms credit score and credit report interchangeably. Everyone from journalists to consumers often refer to a credit score when they mean credit report and vice versa. Credit reports and credit scores contain different information ...

and more »

Free identity-theft protection, credit reports and credit scores are there for ...
Charleston Post Courier
In 2012, hackers infiltrated the S.C. Department of Revenue's computers, stealing financial information from millions of taxpayers that included credit card and Social Security numbers, but concerns about identity theft seem to have since faded away ...

and more »

Credit.com News (blog)

Can You Get a Debt Collection Account Off Your Credit Report?
Credit.com News (blog)
But for many of us, the longer struggle can be the patience needed to see our credit scores bounce back, or the time it takes for late pays and collections that occurred a couple years back to finally drop from our credit reports. Waiting for your ...
Small Debts Can Lead to Big Credit Score ProblemsFox Business

all 4 news articles »

How to Dispute Credit Report Errors
U.S. News & World Report (blog)
If you've never pulled your credit reports before, you may want to request all three to begin with and ensure that each one is error-free. Otherwise, pull a different report every four months so you can check up on your credit throughout the year. Keep ...

and more »
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