Latest Money Related Forum Topics:

  • Is there usually a delay with direct deposit of stimulus payments? (13 posts)
  • How you make money from home? (7 posts)
  • How many of you were supposed to have your stimulus check mailed by 16th and still don't have it? (9 posts)
  • can i buy a car that costs 20k if i have bad credit and a recent repo a year ago? (9 posts)
  • slow response from banks? (10 posts)
  • The cost of gas / saving money? (6 posts)
  • Better job? (7 posts)
  • Need a credit card with a high limit but I have bad credit? (16 posts)
  • Is too much new credit going to hurt my credit??? Pls help? (6 posts)
  • Is there a telephone number to call to find out about your federal Income tax refund? (10 posts)
  • Can a person file "Bankruptcy Chapter 13" over the Internet? (4 posts)
  • Get Stimulas checks w/ Direct Deposit.? (6 posts)
  • Got my stimulus check today May 19th? (10 posts)
  • Apartment Issues...Is A/C required? (5 posts)
  • is it Illegal? (9 posts)
    		•

     

    6 Facts about Credit Rating - #2

    FACT #2: Factors Considered in Calculating Credit Scores

    When you borrow credit, the lender will want to find out how likely you are going to repay what you owe. Hence, they contact any of the three national credit bureaus to get a copy of your credit score.

    The credit score predicts, based on your past behavior, what kind of a borrower you are – whether you are the sort who makes repayments regularly or one who regularly misses following up on your obligations.

    Typically, lenders will use your credit score to help them determine the following:

    What loan types you are eligible for

    Whether to approve your loan or not

    What your interest rate will be

    The law does not mandate specific factors to consider in credit scoring systems. Therefore, credit reporting agencies are more or less free to consider whatever factors they may feel is important to determine how willing you are to pay your bills.

    But while the law does not specify what factors to consider, it is however very specific about what may not be considered in a credit score. Credit reporting agencies, credit bureaus, and lenders are prohibited from considering the following factors in credit scoring systems:

    Race

    Religion

    Gender

    Marital status

    Nationality

    Age

    Receipt of public assistance

    If there is one thing you need to remember about credit scores is that they reflect credit behavior patterns. This means that no one factor will be considered as the only cause of a “risky” score.

    So even if you have a previous collection or a bankruptcy, there is a chance your credit score could still be around the neighborhood of “average,” which is actually good and entitles you to generally low interest rates.

    As your credit behavior improves, so does your credit score. There is no quick fix to improving your credit score. Any short term improvements will not cause a risky score to improve dramatically. So instead of relying on quick fixes and instant solutions to poor credit scores, change your credit behavior by paying your bills regularly and on time and refraining from opening any new credit accounts.

    Sponsored Ads:

    Related Articles:

    Time Share Investments / Time Share Vacations: Vacationing Like The Rich And Famous
    Insvestments / Stabilize Your Current Situation Before You Invest
    Credit Score / Credit Report Scores
    Real Estate / The Basic Truth About Selling Homes In Victoria
    Savings / Savings Account
    Credit Repair / Avoiding Bad Credit And Repair
    Credit Cards / Credit Card Reward Cards
    Retirement / Retirement Jobs
    / Assets And Liabilities
    Credit Repair / Building Credit History
    Credit Repair / Assumptions In Credit Repair
    Debt Consolidation / When Should I Consult Debt Consolidation Services Non Profit Companies?
    Bankruptcy / Advice On How To File Bankruptcy
    Payday Loan / Quick Payday Loan No Faxing
    Charity / Helpful Hints For Dealing With Charitable Solicitors

    Also In This Category:

    Credit Rating
    - 6 Facts about Credit Rating - #5
    - 6 Facts about Credit Rating - #6
    - 6 Facts about Credit Rating - #4
    - 6 Facts about Credit Rating - #3
    - 6 Facts about Credit Rating - #1

    Currently Online :

    4 member(s), 15 guest(s):
    Camel, CaptainCrunch, Goldriver, SecretHoarder, Crawler.de, Google, MSN.com, Slurp

    Search :

    No comments yet
    estat check track mail air auditor types quotes paid economy person kites out dream buying secondary certified news ezpaydaycash outstanding tufts renter future refinancing spend cars light write organiza period hours freedom bow advantage receivable attach plan products share location bad style occasions sa approvals calendar lights s scores today closing
    Categories: Foot Relief Health Insurance Employment Discrimination Traditional vs. Roth IRA Valuable Skills and Traits Free Grant College Scholarships Credit Reports Employment Background Refinancing Your Mortgage Refinancing Your Home Personal Finance Guru Penny Stocks Money Saving Tips Investment Club Save Money with Energy Bills Save Money at the Gas Pump Student Grants Financing Your Education Generate Cash In An Emergency Contract Security Student Loans Make 700 Dollars in 7 Days Credit Rating Debt Persuing Wealth Financial IQ Offshore Banking Insvestments Debt Consolidation Accountancy Save Money Effortlessly Better Money Handling Mortgages Online Trading Options Trading Payday Loan Personal Loans Retirement Planning Real Estate Refinancing Renting A House Or Apartment Retirement Savings Stock Trading Time Share Investments Trading Trading Company Commodities Trading Credit Cards Currency Trading Day Trading Extra Income Forex Trading Futures Trading Gold Home Equity Investing Charity Budgeting Life Insurance Loans & Mortgages Credit Repair Financial Training Debt Consolidation 529 College Savings Plan Travel Health Insurance Student Health Insurance Insurance For Self Employed Medical Health Insurance Low Cost Health Insurance Individual Health Insurance Health Insurance Quotes Health Insurance Plans Health Insurance Companies Group Health Insurance Family Health Insurance Business Health Insurance Affortable Health Insurance Insurance Mortgage Fundraising Bankruptcy Foreclosure Credit Score Credit Repair Brokerage Banking Charity Grant Money Refinance Family Budget Accountancy Debt Relief