Credit score guide

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Credit score ??Numbers and Factors

Your credit score is influenced by a number of factors, from how many credit cards you have and how much you owe on them to whether or not you have paid on your bill son time. Making sense of the somewhat confusing world of credit scores and credit scoring can often be quite a challenge, but it is important to understand which factors are the most important. After all your personal credit score is one of the most critical number is your financial life.

Payment History Counts

While many other factors are used to determine your personal credit score, your payment history is the single most critical factor. A history of on time payments is the surest way to raise your credit score, while a history of missed payments and late payments is the quickest way to take a good score and ruin it. There is just no getting away from it, if you want to raise your credit score you need to make a commitment to paying each and every bill on time. In fact it may be a good idea to start sending those credit card bills in the day you get them, instead of waiting until a few days before they are due.
Payment history is the largest factor in Credit Score
While our credit score can often elude us, it is a crucial component to our financial life. A personal credit score is a reflection of a consumer ability to repay debts and is what lenders use when creating a lending decision.
What is Experian Advanced Risk Score 2.0
The world of credit reporting is a murky and confusing place. While most consumers are familiar with FICO scoring as a traditional credit rating method, the Fair Isaac Company has developed a new method called "NextGen FICO® 2.0"

Don?t Count on the Phone Company to Raise Your Credit Score

Many consumers are under the impression that paying utility bills, cell phone bills and other routine charges on time will raise their credit scores, and some utility companies have perpetuated this belief in their advertising. But the truth is that these items are generally not reported to the credit bureaus, so if you are waiting for the phone or cable company to raise your credit score you may be barking up the wrong tree. Of course it is still important to pay all your bills on time, just keep in mind that cell phone bills and utility bills may not necessarily have an effect on your overall credit score.
Utility and cell phone bills do not improve your credit score.
Did you know that items like utility bills, cell phone bills and checking accounts are generally not reported to the credit bureaus until they have become delinquent? Many people are under the false impression that paying their monthly utility bills and cell phone bills on time every month will result in a higher credit score, but this is not the case.
The Vast Majority of Consumers Do Not Know What Credit Model Applies to Them
The world of credit scores is confusing enough, but to make matters worse creditors use a variety of different credit scoring models when evaluating would be borrowers. It has been estimated that some 96% of consumers do not know which credit scoring model applies to them. That means that even if you have been diligently checking your credit score every couple of months you still may not know the whole story. That is why it is so important for consumers to understand the different kinds of credit scoring models, and how those different models could affect their financial lives.
96% of consumers do not know credit score model that used by lenders
While keeping an eye on your credit report and checking your credit score regularly is a good idea, your credit score alone may not be telling you all you need to know. In fact some 96% of consumers have no way of knowing which credit score model potential lenders will be using, and that can make it difficult to determine the true value of checking their credit scores.
FICO 08 ??how the newest FICO Scoring Model will affect your credit score
Fair Isaac has been working on a new credit scoring model for well over a year. It was originally slated to become active in second quarter of 08 but was delayed by a lawsuit with Equifax. Differences have been settled and FICO 08 is ready to roll in
Having a good credit score is important ??in more ways than one
Everyone understands the importance of a good credit score when it comes to borrowing money or shopping for a mortgage, but what about when you are looking for a new job or trying to buy car insurance? Your credit score is used in a wide variety of ways, and everyone from potential landlords and prospective employers to your car insurance agent has access to that score. In fact your credit history follows you into virtually every corner of your life, so it pays to make sure your credit history is accurate and up to date.
Credit scores explained
Any time that you apply for any type of credit account, creditors want to know one thing and one thing only: When their company lends you money, will they be able to get it back from you in a timely manner and without any trouble?
Credit score guide
2 years ago
How debt affects your credit score
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2 years ago
How to boost your credit score and use it to get your small business off the ground
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2 years ago
Obtaining a personal loan with a low credit score
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Do's and Don'ts when you improve credit score
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How to build your credit score using credit cards
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2 years ago
Why credit scores differ
One common question asked by people who have just received their credit report is: why do credit scores differ between the three credit bureaus (Equifax, TransUnion, and Experian)?...

3 years ago
Credit scores explained
Any time that you apply for any type of credit account, creditors want to know one thing and one thing only: When their company lends you money, will they be able to get it back from you in a timely manner and without any trouble? ...

3 years ago
Checking your personal credit report does NOT lower your credit score
A review of your personal credit report will NOT lower your credit score. It is considered a "soft pull" or "soft inquiry" of your credit history and might even appear on your credit report. Similarly, pre-approved credit applications or information verification checks are considered "soft pulls"...

3 years ago
What is Experian Advanced Risk Score 2.0
The world of credit reporting is a murky and confusing place. While most consumers are familiar with FICO scoring as a traditional credit rating method, the Fair Isaac Company has developed a new method called "NextGen FICO® 2.0"...

3 years ago
A Primer on Credit Scores (or why they invented credit score)
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3 years ago
Tips on how to improve your FICO credit score
There is no quick fix for improving your FICO Credit Score, but following a few tips consistently can help along the way. It does take time and effort to repair a credit score even though it only takes a few bad moves to destroy your credit. ...

3 years ago
96% of consumers do not know credit score model that used by lenders
While keeping an eye on your credit report and checking your credit score regularly is a good idea, your credit score alone may not be telling you all you need to know. In fact some 96% of consumers have no way of knowing which credit score model potential lenders will be using, and that can make it difficult to determine the true value of checking their credit scores....

3 years ago
Understanding the importance of having a good credit score
When you are trying to take out a loan, the only thing that hurts your prospects and costs for a loan more than having a low credit score is having no credit history at all. Ideally, of course, you want to have a high credit score. This will not only make it easy to get a loan, but will allow you to get a loan at the best possible terms....

3 years ago
Utility and cell phone bills do not improve your credit score.
Did you know that items like utility bills, cell phone bills and checking accounts are generally not reported to the credit bureaus until they have become delinquent? Many people are under the false impression that paying their monthly utility bills and cell phone bills on time every month will result in a higher credit score, but this is not the case....

3 years ago
Payment history is the largest factor in Credit Score
While our credit score can often elude us, it is a crucial component to our financial life. A personal credit score is a reflection of a consumer ability to repay debts and is what lenders use when creating a lending decision....
3 years ago
The Truth about Credit Rescoring
Do not hesitate to ask your mortgage broker or loan officer if he or she can try to get someone to do your credit rescoring. Most reputable companies have legitimate contacts that have more clout than a simple consumer complaint in getting inaccurate information out of your credit file....

3 years ago
How your credit score affects your car insurance rates
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3 years ago
Strategies you can use to help Improve your Credit Score
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3 years ago
Simple ways to improve credit score in 2009
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3 years ago
FICO 08 ??how the newest FICO Scoring Model will affect your credit score
Fair Isaac has been working on a new credit scoring model for well over a year. It was originally slated to become active in second quarter of 08 but was delayed by a lawsuit with Equifax. Differences have been settled and FICO 08 is ready to roll in...
4 years ago
What every consumer needs to know about the Vantage Credit Score
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4 years ago
Surprising things that may affect your credit score
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4 years ago
Factors that affect your credit score
Your credit can affect everything from your ability to get a credit card or loan for a house or automobile....

4 years ago
Tips to raise your FICO credit score
Your FICO credit score is more than just a number, it is a statistical method used to determine the likelihood that you will pay the money back. ...
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