Credit Score

Written by Breean Murel
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A credit score is the result you get after a credit check is run. The end credit score gives you and any prospective lenders a clear view of your credit standing. Your credit score is also known as your FICO. By looking at it, a lender can quickly know a summary of your credit history.

Credit Score Basics

If you get a low credit score, it can result in a higher priced loan or even complete denial of a loan. Many things contribute to a low credit score such as unpaid bills, filing for bankruptcy or any bills that needed to be sent to a collection agency. If your problems are more recent, your score will be lower.

The biggest percentage of your credit score is your basic history of payment which includes unpaid bills and the like. They then assess any outstanding debt you have such as high balances on credit cards. They also calculate the length of your credit history; the longer you have had good credit, the better.

Credit inquiries also show up on your report which means those times when you apply for any kind of credit. It's best to keep the amount of times low since you don't want to be taking out too many credit cards or loans. The last factor that comes into your credit score is current loans you have out. They calculate in how many loans you have and the amount of each loan.


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