Credit score-based

Have you heard what is credit score is? Do you know if there good or bad pages, credit score? How to Score calculation, what is "of the FICO" or "Lighthouse"?

In this issue, a credit score is a number, the loan must be repaid likelihood of heart. The lender decide the number of how many loans you quailify, what should be your interest. Low credit score could lead to higher prices, and even loans denied, and the highMay "help you in your customer a better mortgage interest rate, and even car insurance.

Many institutions lending the use of computer software development, Fair Isaac, and choose your credit score, based on lending fees. Collection of information about you to your credit card application forms and other various sources. This information is collected for your credit history.

Let your credit record, including how you pay the bill number andType in your account, delayed payments, actions, outstanding debt, your account and other related information age. Creditors, equity, Isaac statistical items to compare the data, similar to the profile and the factors that help predict who is most likely to repay the debt reward points consumer credit performance. Therefore, it places "the word of the FICO score," from - Fair Isaac credit score is a company (FICO based)Predition repayment terms.

Credit information, weighted according to their nature and history, more current information, heavy emotion - good or bad. As a weighted example is a very old 90 days, may be less, as the last 30 days too late. The data type is also weighted:

1. Past performance pay (35% or at least the heaviest weight)

2. Credit cards (30% or next weight)

3. Credit history (15% or one-third weight)

4. Types of credit(10% or minimum) weighted

5. Problems (10% or minimum) weighted.

A FICO score is your credit picture at a particular point in time snapshots, and beneficial to the lender to determine which type of credit risk are.Fair Isaac said, "computers do not make lending decisions, lenders. Computer, credit analysis, information , the production goal, but the decision to individual lenders, indicating acceptance of different loans or credit cards. "

U.S. generalPopulation FICO score are as follows:

* First 780-20%

* 740-780 - 20%

* To 690 and 740 - 20%

* To 620 and 690 - 20%

* In the 620-20%

Although you may want from each of the major credit burueas free credit report once, by http://www.annualcreditreport.com you know your credit score and one year. A full report from the Procurement Fair, Isaac will let you from your credit history and any loan burueasFICO score from each of the buruea.