Credit Score: What Is It and How to Get Yours For Free
Banks and credit card Providers analyze your score.Just imagine you want to start your own business,that you need to get a loan .With a low or bad credit score, chances of getting that loan approved are lower or you may get a loan but with high interest rates. The same thing applies when you try to get a credit card. Credit card companies or banks that issue credit cards will always look at your credit rating before they can approve your application . A high credit score gives you a greater chance of getting the best credit card deals .These are the ones with a lot of most wanted features and with lower interest rates .
Especially if you are applying for a mortgage, a automotive loan and most other kinds of loans, your credit score plays the main role in it. This is why it is very important for you to have a high credit score and maintain it that way or increase it.
First of all, you need to get what a credit score actually is. A credit score is expressed as a three digit number from 300 to 850. This number shows the calculation of the scoring companys opinion on the likelihood of whether you will pay your bills or not. This means that if you have a high credit score, creditors will be more confident that you will pay your bills or make your loan payments.
In the United States, FICO [ abb. Fair Isaac Corporation ]is the common credit score model . They calculate your credit score using a formula developed by the Fair Isaac Corporation. The system is used primarily by credit providers and consumer banking companies all across the US.
Credit scores are calculated in the following Categories:
• Punctuality of payments – This will be 35% of the calculation weighting. If you pay your bills on time or before the due date, this score number will tend to be higher.
• Capacity used – This will amount to 30% of the calculation of your total credit score. It shows the proportion between the current revolving debts to total available revolving credit line. If you use your credit card and if you don’t use its entire credit limit, you will get a higher credit score here.
• Length of credit history – This will amount to 15% of the total score.
• Types of credit used – This is 10% of your total credit scoring.
• Recent search for credit or the amount of credit obtained recently – This is 10% of the total reporting of your credit score.
Not many people know their actual credit score and often end up wondering why they got turned down for their loan or credit card .But it's easy to obtain a copy of your credit report.Simply request it from FICO or from the other credit reporting agencies. They will be able to provide you with a free copy of your credit report every year. This is also a great way to find out if there are any errors in your credit report that may be resulting in a lower credit score. You can have the legal right to have errors removed to get you have a higher credit score than with the errors.
Remember that your credit score is a very important factor in your life. Keep your score up and you will get the best deals on loans, and credit cards.
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