Credit Score Ratings
The Credit Score Rating Scale Explained
Many people are unaware of what A Credit score actually means. In fact, a survey of 1,000 Americans taken in September 2004 demonstrated that only one third of people knew that A Credit Score was a measurement of how likely a person is to pay off a loan. Having a Good Credit Score is necessary when it comes to applying for loans for cars, mortgages, and Credit Cards. Furthermore, having a Bad Credit Score can lead to denial of basics such as a phone line in your home. Therefore, it is important for consumers to understand how a Credit Scores affects them and how it is determined in the first place.
Calculating the Credit Score
In essence, a credit score tracks how well a person incurs debt and how good that person is at paying the bills on time. Businesses, including lending institutions, look for a high score with potential customers because the higher a person's credit score, the more likely that person is to be responsible with finances and the more that person can be trusted to pay back debts.
A credit score may vary from one credit-reporting agency to the next since they do not all necessarily receive the same information from businesses. Some businesses report to all three of the major reporting agencies, while others may only report to one or two. In addition, the statistical pool used by each agency may vary slightly, leading to a different credit score. All of the agencies, however, utilize the same software when it comes to determining credit scores. Fair Isaac and Company (FICO) develops this software and, therefore, the Credit Score Is often referred to as the FICO score.
Score Factors
A person's credit score is not static. It changes all the time. Every time a bill is paid on time or late it is reflected on the credit score. In addition, each time a person takes out a new loan or applies for a new Credit Card, the Credit Score Changes. This is because the credit score is based on the person's financial history and attempts to make a prediction at how responsible the person will be in the future.
The final score is highly objective and based on statistical data. Points are gained based on specific factors such as late payments, payment history, outstanding debt, and the length of time an account has been open. All of this information is compared to the statistics of people with similar profiles to determine a final credit score.
About the Author
JP Burkhart recommends that you visit http://www.creditscoreguide.net/2006/02/the_credit_scor.html for more information on credit score rating scale.
Credit cards for Poor Credit ratings?
I want to buy a house so I am working on repairing My Credit. Due to death of child's father and job lay off my credit suffered to the point where my scores were in the 300s. Over the last 1 1/2 years I have brought them up to very low 500s. The mortage company said I should get two credit cards and rebuild a payment history so my scores will increase. How can I get these cards if no one will give me credit? Are there any credit / department stores that give credit to very poor credit score holders? I don't want to pay horrible fees and such.
You have a few options available if you'd like to rebuild or Repair Your Credit. Several credit card issuers specialize in credit cards for people with poor / No Credit. You can find a complete list of offers here:
http://www.asapcreditcard.com/unsecured-offers.html
While these credit cards will have higher interest rates (and additional fees) when compared to 'standard' credit cards-- you'll pay much less than with a 'store' credit card. Plus, they'll give you the opportunity to prove your creditworthiness and help build / Improve Your Credit Score.
In time, with regular on-time payments-- you'll be able to apply for better offers with lower APR's and less fees.
Hope this helps. GOOD LUCK!
What Can You Do To Increase Your Credit Score / Rating?
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Tagged with: credit • credit score ratings chart • credit score ratings explained • credit score ratings range • credit score ratings scale • credit score ratings wiki • finance • personal • program • ratings
Filed under: Repair Your Credit
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