Credit Score

A Credit score is calculated based on FICO Score 8 model. In general, the only type of credit score that really counts is the FICO credit score. Equifax offers your FICO score and Equifax credit report for $19.95. Your credit score is a numerical number assigned to reflect your credit worthiness based on your credit report. Your credit report and credit score are two different things. A high credit score means you have good credit. Soft inquiries, such as checking your credit score, won't change your credit score one way or the other. FHA loans only require a 580 credit score, and VA loans have no credit score minimum for mortgages. Mortgage payments, car loans, even credit card payments will be less when the credit score is higher. The bread and butter of a good credit score is the mundane, month-to-month bill payments you make. Your credit score is calculated using information in your credit reports, such as credit limits, loan amounts and payment history. You can achieve a good credit score with a poor payment history when the negative marks are less severe. A number of credit score myths exist that could completely wreck your finances and credit score if you aren't careful. Here are, in no particular order, 11 of the worst credit score myths. It may negatively impact your credit score by shortening your credit history or decreasing your total available credit. A credit score is a numerical representation of your credit history. A credit score is a statistical analysis of a person's credit history that represents the credit-worthiness of that individual. Just a few late payments can begin to alter a person's credit score range for the negative.

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