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WHAT IS ACREDIT SCORE |
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Date:
February 18, 2007, 4:46 am |
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WHAT IS ACREDIT SCORE |
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Answer:
A credit score is a statistical summary of the information contained in a consumer's credit report. It represents an estimate of an individual's financial creditworthiness. Lenders, such as banks and credit card companies, use credit scores to determine credit limits and interest rates. FICO® scores (produced from software developed by Fair Isaac and Company) are the credit scores most lenders use to determine your credit risk. You have three FICO scores, one for each of the three credit bureaus: Experian, TransUnion and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well. Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time. Taking steps to improve your FICO scores can help you qualify for better rates from lenders. Credit score is the most significant factor when you are planning to get a credit or a loan. Excellent Credit - 750-850 Good Credit - 660-749 Fair Credit - 620-659 Poor Credit - 350-619 No Credit - 0-0 Of course, everyone wants to have good credit to be able to apply for the best credit cards, so you have to build your credit history until it is excellent. To learn how to build a good credit score, you can read articles at our site. |
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