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Understanding Your Credit Score Information

Credit score info allows lenders in order to gauge a credit candidate if he or she is worth the chance of availing credit. After all, credit establishments are into a company and would want to make money from their investments in terms of lending their money resources. It is just fair which they try to lend it to people who are responsible enough to pay it well later on.

Lenders and also credit institutions try to evaluate each credit application simply by looking at the applicant’s credit report information. Through it, these institutions can determine if an applicant may be worth the risk. The credit score is obtained from info that is based on past credit activities of the consumer as well as other related details. All these can be found on the applicant’s credit report.

The credit score is calculated base don the many information contained in the credit report. Different factors come into play each time a credit score is determined. A designed formula is used by credit reporting agencies to come up with the particular credit score. The method takes into account the information from your credit report, both the pros and cons entries to come up with the right score.

In order for this kind of score to be determined, the credit report need to at least have one account for at least half a year as well as one that continues to be updated for the same period. This will ensure that there is enough recent info in the credit report from which to base their computations.

Payment history accounts for about 35 percent from the credit score. This includes promptly payments as well as past due one which is considered when calculating the credit score. Public records that discover its way into the actual credit report such as amount you are behind payments, bankruptcies, lawsuits, etc. may also be considered when computing for the credit score.

The amount of credit that you’ve availed in the past accounts for about 30 percent of the credit score. Not only is the total amount viewed but also the amount borrowed coming from different accounts. The particular balances on particular accounts may also modify the credit score. Maintaining a little balance for example, may have a positive effect on the particular credit report and may help to keep your credit score upwards.

The length of your credit history makes up about 15 percent of your credit rating. Your oldest account and the average age of your other accounts are taken into consideration any time computing for your credit score. Also being considered is the length of time that has passed since you have used certain accounts.

The number of new credits acquired account for about 10 % of your credit score. Including the length of time that has handed since you have exposed a new account. Additionally considered for this will be the number of credit requests you have made in a one 12 months period. Credit report questions from lenders will also be taken into account when computing for your credit score.

The types of credit that you have availed accounts for 10 percent of the credit report information that switches into the calculation of the credit reporting agencies. Revolving credit in terms of credit card debts along with installment credit in terms of unsecured loans and mortgages are usually taken into account when figuring out for your credit score.

The actual formulas used are usually proprietary tools employed by the different credit reporting companies in calculating for the credit score. But pretty much, this is how the information within the credit report is used to generate a viable credit report to assess your credit danger.

Comments: 31

  1. Mason March 15, 2013 at 10:14 am Reply

    I always see these advertisements for credit scores like “whats your credit score?”. Or something along those lines. What is a credit score and how do i find mine?

  2. Rebekah June 9, 2013 at 9:59 pm Reply

    I have two credit cards that I want to cancel, but my wife says that by doing so it will have a negative impact on our credit score. I never use these two cards (Discover and Master Card) but I can’t believe that I can NEVER cancel them without damaging my credit score. Is this fact, or just urban legend? Where can I find reliable and accurate information about this?

  3. Kristopher August 7, 2013 at 8:29 am Reply

    Apparently, there is new federal mandates requiring only Ohio and Arkansas to maintain compliance as far as risk-based pricing is concerned. The notice we received from one of our Fed-member banks states that we (automotive dealers) must provide credit score and ‘pertinent information’ to any and every customer whose credit we run.

    Outside of the politicking, and the ridiculousness behind this, I’m looking for specifics in regards to the new mandates. Any help? Can anyone shed some light here?

  4. Gregory August 20, 2013 at 3:28 am Reply

    Looking to see credit scores by race, income, age, sex etc.. Anyone know where this information is available?

  5. Raymond September 3, 2013 at 10:24 am Reply

    Everyone says free then try charging you after you already put in personal information. So is there a truly free way to find out what your credit score is?

  6. Zulma October 3, 2013 at 6:45 am Reply

    I want to repair my credit score from 540 to 720 or A+ credit. What is the best place or way to do it. i do have charge offs.

  7. Duncan October 4, 2013 at 3:44 am Reply

    I’m looking to start trading stocks and I wanted to know if losing could affect my credit score. Any information would be GREAT HELP. Thanks!

  8. Reita October 20, 2013 at 11:56 am Reply

    My credit score when I check it shows say 687 they get 630. Have made some corrections recently. Does it take a while to show? Is it updated only every month?

  9. Virgina October 30, 2013 at 3:16 am Reply

    I’m looking to get an auto loan, and my credit score is 615. The bank I talked to first wants you to have a 650, otherwise I need a co-signer. Some co-workers told me that if I went to a credit union (I have an account at one) that sometimes they are more lenient about giving you loans. Does anyone know if this is true? I’d really like to get pre-approved before I head out onto the car lot, so any information is appreciated!

  10. Felix November 15, 2013 at 10:21 am Reply

    I just contacted experian to get information on my credit score and I’ve been actively using a credit card from capitalone for almost 4 years now but they don’t have any credit score information for me at all…!!!!!!
    I usually spend about 500 to 600 dollars a month on my credit card.. I know it’s not much but it should’ve made some graphs jump.. Can anyone explain please or give me a phone number or something to inquire ?? ? Thanks…

  11. Verda December 16, 2013 at 5:07 pm Reply

    Credit score is presently in the low 500s. I am trying to purchase a home sometime next year.

  12. Virgil January 14, 2014 at 12:17 pm Reply

    i’ve was able to get a copy of my credit report online without using my debit card. is there a site that shows you your credit score without needing credit or debit card information for free?

  13. Elton February 21, 2014 at 7:11 am Reply

    How does a credit score go up and down? I have heard different things,and would like an educated answer from someone who actually knows. Thank you!

  14. Robert February 21, 2014 at 7:11 am Reply

    In terms of Delinquencies, is your Credit Score affected differently if you have a delinquent debt of $500 versus, say, $5000? That is, will a delinquent debt of $5000 hurt your score even more? Or is your score affected the same, simply because you have a delinquency, and regardless of the actual amount?

    Thanks.

  15. Sherill February 21, 2014 at 2:23 pm Reply

    what kind of credit score do I have to have to get a job?

  16. Laurence February 21, 2014 at 2:23 pm Reply

    My credit dropped from 700+ down to 380(?). If I make ALL of my payments on time and payoff my car 2 1/2 years earlier, does this boost my credit score?

  17. Jennifer February 21, 2014 at 2:23 pm Reply

    I have 2 credit cards on my credit report that I’ve never used. I’ve heard that the less credit you have avaible the higher your score will be (less cards/credit to max out on). But I’ve also heard that if you close accounts it lowers your score. Should I close them?

  18. Delma February 22, 2014 at 2:25 am Reply

    I have credit cards that I use and immediately pay-off once it shows on my activity. Is this something I can do to improve my credit score? Or should I leave the balance on the Credit card until the statement date and then pay off in full?
    Can you please tell me if I have to pay off the balance once it shows up on my activity or leave the balance on the credit card until the statement cycle and then pay in full when I get the statement in the mail? Which way will I be able to improve my FICO score?

  19. Keila March 10, 2014 at 7:48 pm Reply

    Hi all,

    I have a credit score of 508 and only 1,400 in debt ( store credit card.) I have already had a car loan in the past and paid it off without a hitch 3 years ago, for about the same amount, but my credit score is still crappy. I am now looking into getting a pre-owned truck for 12,000. Would I even be able to get a loan? what would the interest rate be? I live in california,

  20. Erma March 29, 2014 at 3:53 pm Reply

    How do corporations compute your credit score?

  21. Annetta March 29, 2014 at 11:24 pm Reply

    I know the basics like if you are making payments on something and you keep them up, it goes up, if not it goes down, same with bills and such, but what is the max score? what is a good score? what score do you start at?
    the reason i am asking is because i went to fill out a form for a Best Buy credit card, and I got denied because i had no credit, so my last question is, how do you build your credit?

  22. Carlos March 30, 2014 at 12:45 am Reply

    I checked my credit score last week, it came up as 627. A couple days later I applied for a tjmaxx credit card and my request got denied because they claimed my credit was the score of 449?? I checked my credit score with transunion, which from what I know it is a good source. My question is, is it possible the department store got my information wrong? I’d be a little worried and stressed if my credit score was that low…

  23. Joleen April 12, 2014 at 5:07 pm Reply

    My question is how to fix my credit score?
    Every time I apply for a credit card or apply to buy a car I got rejected!
    When I ask about it, they (The Banks) said you don’t have good score! I never had a late bill!
    So, I tried to see my credit report online through some trustworthy sites. And here is the answer my credit score shows zero! There is no history at all!
    How I can fix that? Is there any way to contact the three credits Bearue and fix it? Is there a phone number that I can call? Addresses? Any suggestion could help!

    Thanx

  24. Traci May 28, 2014 at 11:47 pm Reply

    is it possible to check your credit score without entering your credit card information?
    the second step in most online credit checks is to input your credit card information. Im curious if there is a way to obtain a credit score online without having to input that information.

  25. Danilo May 28, 2014 at 11:47 pm Reply

    Is 677 a good credit score

  26. Bernardo May 28, 2014 at 11:47 pm Reply

    Need info on how to raise credit score?

  27. Giuseppe May 29, 2014 at 9:58 am Reply

    Does having cash available in checking/savings effect my credit score? Or is it better to take that cash and pay any debts?

  28. Kristopher May 29, 2014 at 9:58 am Reply

    Okay I need details on what is a credit score and what are the rages from lows to highs??? Thank you!

  29. Florencia May 29, 2014 at 9:58 am Reply

    I just checked my credit score from experian and it was 750. I’m not sure if that is good or bad. I pay all my bills on time and never miss a payment. There were no real positives or negative factors on my credit score. I do have one credit card with a small balance on it. Do i have good credit or bad credit

  30. Wyatt June 20, 2014 at 4:21 pm Reply

    if i don’t pay my cell phone bill on time, but doesn’t go into collections does that affect my credit score?

  31. Mira June 20, 2014 at 4:42 pm Reply

    I don’t understand what credit score is..can someone explain in very simple terms? and what a good and bad credit score is? How do you get a good score or a bad one??

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