Some of the ways you can improve your credit score are hard, (earning more money, paying off debt), while some are easy. The following tips fall into the latter category. Continue Reading…
Too many people suffer from a lack of credit history, a condition that deprives them of access to homes, cars – even jobs. They are the “credit invisibles” and some new data sheds light on ways to improve their lot in life.
The Differences in Credit Score Ranges
As we previously mentioned in Part 1 and Part 2 of our Credit 101 series, not all credit scores are created equal. What does that mean? The credit score you receive from Equifax will be different than the one you receive from Experian or TransUnion. Then there is your FICO (Fair Isaac Corporation) score. This is the most commonly used credit report by lenders and since they have their own “scoring system,” it will be different from the other three.
Just as your score will be different in each credit report, the agencies each have different score ranges:
|Credit Report||Score Range||How to Obtain||Notes|
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Now that you know how to obtain your credit report, from our Credit 101 Part 1 Article it’s important to understand how the credit reporting agencies determine your credit score. According to www.myfico.com, your score is calculated from several different pieces of credit data in your report. This data is grouped into five categories, each of which is weighed differently. The five categories break down as follows:
Do you know all you should about your credit score? Most people know they need credit to receive a loan from their lender, but do you really know how the credit reporting bureaus come up with your individual score? If you don’t, you should. Peach State is here to help clear up some of the confusion when it comes to your credit score. Continue Reading…