Your credit score is calculated based on the information in your credit report. Credit scores allow lenders to quickly make on-the-spot credit decisions based on a 3-digit number that sums up your credit worthiness. There are many credit scoring models in use today; all are designed to rate your likelihood to repay your debts. When you order your credit score, you will also receive an analysis of the factors affecting your score.
Your credit report is a snapshot of your credit at a particular moment in time. However, in reality that information is flowing in and out of your credit report all the time. Credit applications, home and auto loans, payments, an address change or even an inquiry from a prospective creditor all show up on your credit report - and affect your credit score.
Search tag credit score interpretation
Credit history is the main determining factor of credit nowadays, but there are potential problems that can work against consumers. Since some credit reports can contain inaccuracies serious enough to cause consumers to be denied credit, a loan or even a job, keeping abreast of changes to your credit file is vitally important.
credit score interpretation
Credit Score Interpretation Copyright 2009 - 2011
Credit Score Interpretation
Credit score interpretation The most important part of qualifying for a mortgage isn't how much of a down payment you can make, it's how good your credit score is. The better your credit, the more easily you can secure a mortgage loan, even without a fat bank account or a high-paying job. The first and most important action you should take is to get your credit report from each of the three major credit bureaus, Experian, Equifax, and TransUnion. Credit score interpretation For any adult consumer who needs to borrow from time to time, a personal credit score is one of the most important numbers in one's financial life. Understanding how credit scores work is crucial not only for getting access to credit, but also getting loans at favorable interest rates. Credit score interpretation The credit score given in a credit report is used by lenders to assess the credit worthiness of an individual who applies for a loan. A credit report contains detailed information about an individual's credit history, and it may not be possible for the lender to go through each entry, considering the number of people who may be applying for a loan.