Credit Scores





Home Secured Credit Cards Apply for secured credit cards Secured business credit cards Bad credit car loan Bad credit home equity loan Bad Credit Student Loans Bad credit home loan Bad credit mortgage loan Bad credit personal loan Bad Credit Small Business Loan Consumer Credit Counseling Consumer credit counseling service Debt consolidation credit counseling Credit Bureaus Creditors report to the credit bureaus? Reporting bad debts to credit bureaus No Credit Check Loans No credit check personal loans Credit card no credit check Credit Repair Credit repair services Do-it-yourself credit repair Credit Scores Credit score scale What is a good credit score?	Credit Scores The credit score is a number that can greatly influence the decision of lending agencies and creditors. A person’s credit score, which is a simple three-digit number, can determine if that person is eligible for a loan or not. But who determines the score? The score is computed by FICO (Fair Isaac and Company), a private company engaged by the country’s major credit bureaus. Until now, the exact scoring method created by FICO is still confidential but here is a rough calculation of the factors that affect the credit score. About 35% of the score is affected by the payment history; 30% is affected by the outstanding debt; 15% is affected by how long credit has been established; 10% is affected by the credit report inquiries made; and 10% is affected by the types of credit utilized. If one of these factors does not provide sufficient information, such as the case of a young adult who is just starting out, the other factors will exert greater influence. With all these factors in mind, how then can a person obtain a good credit score?
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