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How Is My Credit Score Determined?
The three main Credit Reporting Agencies are Experian, TransUnion, and Equifax. Since some lenders only report to one of these three companies, you will probably have three different Credit Scores based on the different information each one has about your.
Your Credit Score is determined by the following estimated % breakdown:
* 35% Payment History
* 30% Outstanding Debt
* 15% Length of Your Credit History
* 10% Recent Inquiries on Your Credit Report
* 10% Types of Credit in Use
Some lenders look at all three reports and some only look at one. Remember you don't lose points if you check your own Credit Report. You will however lose points if there are a number of credit inquiries over time for applications such as credit card applications, car loans, store credit cards, etc. that you asked for. So think twice before you except that new offer of 10% your next purchase to apply for store's credit card.. it could cost you more in the long run.
You should never apply for credit if you are not very confident that you will get approved. You might save $20.00 now, but you could lose so much more later from having a low credit score. And if you forget to make payments, it will have a very bad effect on your credit and then you could have to pay late fees on top of that.
Also if you are shopping for a car or a new home, try and keep all the inquiries within two weeks since credit scoring companies will treat all these as one "inquiry" on your Credit Report instead of multiple.
Something else that you need to take into consideration is that your Credit Score is not based on how clean your Credit Report looks. You may have things on your Credit Report that drag on for years, but remember these are good things since they show a credit history. As long as they don't show very late payments, they are adding points to your score because you have proven to be a reliable consumer who can pay back debts in a timely manner. Lenders are looking for this!!!
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Testimonial
Credit Repair Express is a dream come true. I had very good credit for years until I was divorced in 2000. The costs and strain of the divorce caused me to fall behind on some of my financial obligations and even though I had excellent credit before hand, my credit report and score became a disaster. I tried for years to clean up my credit report and improve my score. I found dealing with the credit reporting agencies a complete nightmare. I looked high and low for someone to help me but there was no one. I was at a total loss until a friend referred me to Credit Repair Express. In 30 days I saw a dramatic improvement in both my credit report and score. I now have my credit fully restored, a very good credit report and wonderful credit score. Thank you, Credit Repair Express. I could not have done this without your help. - Henry R In Miami, Florida
Testimonial
Like many others I came to this country few years ago from Venezuela. Among all the cultural changes, the hardest one was try to make sense of the Credit System of this Country. Without much knowledge about it we were getting into the System, finding difficulty in finding information to understand it. The debts were accumulating until the failure was inevitable. The regret sensation of not being approved due to my poor credit score was painful and of course to talk about it is shameful it’s awful to say “I have a bad credit”. A good friend referred me to Credit Repair Express and it was the light at the end of the tunnel. They gave me faith and the education necessary to learn from our mistakes and how to avoid them in the future with the right tools to establish good credit, which is the principal key to the well being in this Country. Thanks to the team at Credit Repair Express I am now proud to say, I have great credit. I can now enjoy the American dream, providing my Family with a more secure upbringing! - Lorena In Miami, Florida
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