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How is Credit Score calculated?
Who does Credit Score matter to?
How is Credit Score negatively affected?
How is Credit Score positively affected?
Do too many inquiries still negatively affect my Credit Score?
What is considered a good/bad Credit Score?
How can I find out my Credit Score?
What is a Credit Score?
A credit score is a three digit number calculated from your data-rich credit report and is one factor used by lenders to determine your creditworthiness for a mortgage, loan or credit card. Your score can affect whether or not you are approved as well as what interest rate you are charged.
How is Credit Score calculated?
There are three main values when calculating your credit score. First they look at your existing credit, outstanding loans, overdrafts, etc. Then they check your public records for any black marks such as bankruptcies or summons. The last factor is inquiries, both on your part of applying for loans and credit, and of the lenders inquiring to your credit score.
Who does Credit Score matter to?
Credit score matters to the lender and the consumer. For lenders, credit scores define how risky a potential loan or mortgage is. Lenders can increase rates or even deny the service to a consumer if they are risky. Without a good credit score consumers will find that it is hard to obtain approval or affordable rates on many different types of credit.
How is Credit Score negatively affected?
Ways to negatively affect your credit may include late or non-repayments, a number of high balance credit cards, too many inquiries for credit, and large outstanding loans or overdrafts.
How is Credit Score positively affected?
Some ways to improve your credit score include making payments on time, avoiding applying for more credit cards if not necessary, and having a low amount of outstanding debt.
Do too many inquiries still negatively affect my Credit Score?
The impact from applying for credit will vary from person to person. Within a short period of time credit scores are typically not affected by multiple inquiries when looking for new credit such as mortgage, auto or student loans. Typically types of inquiries like these have little effect on your credit score. But it does all depend on your unique credit history.
What is considered a good/bad Credit Score?
For the main credit reporting bureaus (Equifax, TransUnion, FICO, Experian) the higher your credit score, the lower the credit risk. Generally, a good credit score would be between 700-749. And a bad credit score would be anything under 650. However, it does depend on who is calculating the score.
How can I find out my Credit Score?
As a consumer, the easiest way to find out your credit score would be to use an online credit reporting website. Although, your credit score is available to a number of different organizations such as credit card companies, banks, brokerages, lenders, among others.
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