What Does Credit Score?

- Most important grades you’ll ever get. Your credit score sets the interest rate on any money that your borrow.

- Credit score simulator can help the average consumer understand the status of their credit report and scores at any particular point

The Silent Majority by The Paul McKenna Band is a celtic styled song that discusses how throughout history during times of oppression the majority will stay silent. Hence the title of the song The Silent Majority. I quote “And the silent majority stayed silent” this is a recurring sentence in the song. The theme saying that people will stay silent not speaking up against the oppressed.

It is imperative that young adults comprehend the facets of obtaining and maintaining proper credit in order to sustain a sound credit history. For example, the most widely used credit score is Fair Isaac Corp.'s FICO score, which ranges from 300 to 850. A FICO score of 760 or higher reveals an individual’s respectable borrowing power, for even a recently reported late payment can have a substantial effect on a credit score (Holmes). In addition, young adults can learn the importance of securing proper credit and increase their attractiveness in lender’s eyes by aiming to use less than 20% of one’s available credit (“Get”). Since lenders pay close attention to the amount owed on credit cards relative to the limits provided, lenders are able

I learned from our interview that there are three credit rating agencies, Experian, Equifax, and TransUnion. These agencies use a wide variety of information about every person to determine his or her “creditworthiness” from the perspective of banks and just about any other entity that might ever consider extending financial credit to a person. Generally, a good credit score means that lenders will be willing to let you open new accounts, borrow money, and give you the lowest interest rates on any loans. Conversely, a bad credit score means the exact opposite. I learned that every late payment of any kind is a negative mark on my credit score and that makes the credit card’s policy on late payments very important. I learned that the APR is the financing charge calculated as an average percentage of interest on any amount

Your credit score represents your creditworthiness. When you borrow money, your lender sends detailed information to the credit bureau, to create a credit report that analyzes how well you handle your debts. This number can determine everything from the interest rate on your mortgage or auto loan, to whether you’ll be approved for a credit card, to whether you can rent an apartment. The Fair Isaac Corporation (better known as FICO) is the most widely used credit rating agency in the US. This formula calculates your financial habits into a single three-digit FICO score ranging from 300 to 850.

Credit scores are numbers resulted from a statistical analysis of a person 's credit history. They represent the creditworthiness of that person. Credit scores are primarily based on credit report sourced from credit bureaus. Lenders use credit scores to a

A credit score is a number used in people’s bank accounts. This number tells potential loaners if a person can be trusted to pay off their loans. You can get this number by starting when you’re young and taking small loans that are easy to pay off. This will build your credit score. Credit scores take a long time to build but can be reduced dramatically if you mess up and miss paying your loans. A credit score tracks your loans and how diligent you are at keeping up with them and how many loans you take out. You want to keep your credit score number up because if you ever want to take out a loan your credit score will make or break the deal. If you have a good record and good score you have a much better chance of getting a loan that you want or need. If you have a bad credit score you basically don’t have any chance of getting a loan until it improves.

One of the most important numbers in your life is your credit score. In some cases, it’s more important than your age or even your income, but even more difficult to understand, especially if you are working on improving or building your credit score. From the time you can work, someone is going to tell you to build up your credit history and keep an eye on your credit score. This is true even if you never plan to buy anything on credit. So, what is the highest credit score possible? According to the most recent methods used, a FICO score of 850 is the highest you can get, but also the most unlikely for several reasons.

“The amount of credit card debt outstanding rose nearly threefold between 1990 and 2002, from $173 billion to $661 billion. ”^1 Credit is a double edged sword it could cause two things: it could be beneficial or detrimental to a person’s life. Fair Isaac Co best known as FICO is an analysis company that takes information to analyze and predict what is likely to happen. FICO takes information of a particular customer and develops what they called a FICO score or a credit score; this helps banks and lenders understand the behaviour of a certain person. How likely they are to pay their bills and if they can handle to have a large amount of credit.

Check your annual credit report and receive a free instant credit report when you use the Annual Credit Report website. This reputable website has the recommendation from the government as the only place to get your information free and quickly. The online credit report allows you view online or print out the records. This helps when comparing all three credit-reporting agencies and the information they have about your credit history.

Amounts Owed - 30%. This is the second-most important component of your credit score. This component of your credit score answers the following questions: • How much have you used from your total available credit? The lesser it is, the better. Though it is good that you owe nothing at all , but if you want to build a good credit score ,then you have to owe owe even a little because lenders want to see that if you borrow money, you are responsible and stable enough to make the monthly payment.

Bad credit reports can affect ones’ life in several negative ways. With a bad credit report and a low credit score, it is harder to receive a credit card, an automobile loan, a mortgage, or possibly a job. It is important that one is always aware of the credit decisions made. Paying bills late, maxing out credit cards, and filling out too many credit applications in a brief period will also have a negative impact on the credit report. To keep a good credit report, one should pay bills on time and apply for credit sparingly. Last, but certainly not least, one should check their credit report annually! A free credit report is available from each of the three credit reporting agencies each year. This is something one should take advantage of since it will help them judge whether they are managing their credit wisely. It is imperative that one keeps a good credit score. If not, one could miss out on many opportunities. For example, one may find an opening for their dream job that they are qualified for, but the negative credit report causes them to not get the job. Do not let this happen! Maintain a good credit report and opportunities like this will not pass by!

Everyone has credit weather you know you have it or not everyone has credit. Most refer to it as a credit score. A credit score is number that is 3 digits that shows your credit. It ranges from 300-850 and to be considered having a good credit score you need to be in the range of 720. Some different credit options would be buying a car, going to college, taking a loan out of the bank, a credit card. Credit in the simplest of forms of explanation would be the ability of a customer to obtain goods or services before making any kind of

The Credit Scoring is a set of decision models and the underlying techniques that help in the decision to grant consumer credits (Thomas 2002).