Web Site checkcreditscores.net
Your credit score is a valuable tool for lenders when determining if you are credit worthy. Checking your scores can help you secure your financial future.
FICO Scores The first rule in understanding your credit score is that no one has just a single score. The FICO scoring model is used by most lenders use to determine your risk. But, most lending institutions and banks modify the existing scoring models with their own proprietary algorithms. To make matters harder to decipher, they tend to be not be very forthcoming about the specific scoring information that they use. So at any time you may feel like Bank A views you as credit worthy but Bank B, due to a different metric, may see you are a big risk and not financially fit.
The FICO score model, is made up with these components: Your Payment History – 35% Outstanding Balances – 30% Age Of Credit Accounts – 15% Recent Credit – 10% Different Types – 10%
The key is not the actual number but what category it qualifies you for: excellent, good, average or poor. If your category is not above the average mark, you would be well advised to trying to move up your ranking before applying for any type of loan.
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