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| Credit Scores (Ratings) |
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Credit Scoring
- Score is separate from report, companies DO CHARGE for the scores, about $10 each
- To get your scores contact...
- May have different scores from each company, ranging from 300-850, based on how they weigh...
- Home ownership
- Residential & job stability
- Education
- Income
- Regular use of checking & savings
- Proper use of checking & savings (rate of overdrafts)
- Amount of available credit
- Amount of outstanding debt
- Previous credit repayment history...
- Experts suggest four active credit accts with clean payment history
- Eventually good references outweigh old ones
- Credit Card repayment history...
- Timely regular payment of even the minimum amt due is SINGLE BIGGEST FACTOR in FICO score
- Payoff card with newest debt - has bigger impact on score than older debt
- Types of credit used
- MAY NOT USE: age, gender, marital status
- About the scores
- Range 300-850
- Median 723
- The higher the score the better
- Some things that affect your score
- Eliminate credit cards - each one can lower your credit score by as much as 12 points
- A credit score drop of 50 points can cost you as much as $110/month in mortgage interest on a $150,000 loan
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