The formulas for calculating credit scores are complex and are technically trade secrets of the credit companies that develop them. In developing credit scores, the companies that build the credit scoring models consider a wide variety of factors drawn from credit records. Credit scores only consider the information contained in your credit profile. They do not consider your income, savings, down payment amount or demographic factors like gender, race, nationality or marital … [Read more...]
The Basics on How to Improve Your Credit Score
May 6, 2009 By Leave a Comment
Your credit report and your credit score are extremely important these days. Your credit score will stay with you wherever you go. Your credit score is going to come up when it is time to apply for a mortgage, apply for a car loan, or even to get a job. If you learn how to check your credit report and you know how to improve your credit score, you will be in better position to obtain lower interest rate loans and credit cards as well as have more financial opportunities than someone who … [Read more...]
What Is a Credit Score
May 5, 2009 By Leave a Comment
A credit score is a number that used by a great deal of lenders to help evaluate how likely an individual is to repay a loan or make credit payments on time. The credit score is the result of a method that represents a calculated measure of credit risk. The resulting score assesses the likelihood that a borrower will repay a loan or credit card on time. In general, lenders that make most any kind of credit decision such as granting credit cards or mortgage loans will look at an individuals … [Read more...]