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get to know ur credit history

本文发表在 rolia.net 枫下论坛Credit report scores are used by lending institutions to determine your credit-worthiness. Credit scores offer creditors a systematic and efficient way to evaluate individual credit applicants.

Credit report scores are determined by FICO (Fair, Isaac & Co) which are provided to the three major credit bureaus. Most people's credit report scores are between 300 to 850. To be considered as a good credit risk, you should have a credit score of at least 660. Many mortgage lenders generally require credit report scores of at least 620 to consider you for a loan. Statistically, people with credit report scores between 620 and 659 are three times more likely to default on a loan, and people with credit report scores under 620 are eight times more likely to default.


How Credit Report Scores Are Determined



Payment History - determining about 35% of credit report scores. Includes:

Any bankruptcies, judgments, liens, collections, suits, and wage garnishment

Types of credit and payment information

Late payment information



Amounts Owed - determining 30% of credit report scores. Includes:

Total amount owed to all creditors

Amount owed on specific types of accounts (credit cards, installments, etc)

How many accounts show balances

How much of your total credit is being used

How much you have paid down on installment loans

Length of Credit - accounts for about 15% of individual credit report scores. Includes:

How long individual credit accounts have been established

Age of the oldest account, and the average age of all accounts

How long it has been since certain accounts have been used

New Credit Accounts - determining about 10% of credit report scores. Includes:

How many of your accounts are new

How long has it been since a new credit account was established

How many credit inquiries have been made on your credit file

How long has it been since these inquiries were made

Types of Credit in Use - determining approximately 10% of credit report scores. Includes:

Credit cards

installment loans

mortgage loans

finance company accounts

retail accounts



Improving Credit Report Scores



It is important to remember that credit report scores change over time in relation to your credit practices. Here are some ways to improve your credit rating.

Pay off outstanding balances or at least pay down as much as you possibly can (credit report scores increase as you debt load decreases).

Review your credit file, and request that any outdated or erroneous information be removed (delinquent marks from creditors will lower credit report scores).

Don't apply for more credit (which increases the number of inquires, and thus lowers credit report scores).

Stay current on your payments (late payments lower credit report scores).

Keep accounts that you've had for a long time open (established credit improves credit report scores).

Close out newer accounts with high limits that you aren't using (lowering the amount of overall credit available will lower credit report scores).更多精彩文章及讨论,请光临枫下论坛 rolia.net
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