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ImproveCreditScores asked:

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Jesse

Abigayle Drysdale asked:




What’s a good credit score? That depends upon the reporting agency assessing your history. Some scores are lower than others, depending upon a person’s financial behavior. Some people find the need to increase their scores after a time of lower trending scores. Maintaining and repairing a credit score can take as little as two months, depending on how low your score is.

Pay down all revolving cards. Your overall score may be decreased by late payments, missed payments, or high balances on your cards. Paying credit cards completely off every month can actually cause a lower FICO score while keeping the balances low and paying regularly above the minimum required can help raise your score. Credit cards are excellent tools for credit and should be treated as such.

If your debt is larger than what you earn, your credit score will be lower. Lowering your debt in relation to your income can help increase your FICO score. If you are unsure where your score currently lies, you may check your credit score online with one of the three major credit reporting agencies (Equifax, TransUnion, Experian). Also, you should always choose wisely the credit you apply for. The more checks that are performed on your account, the lower your score will be.

It is not impossible to raise your score but it must be maintained once raised. Enlisting the help of a good credit counseling service as well as a financial planner can help in doing this. Though it may take as little as two months, you should be prepared to work at raising your score over two or three years. There are some items, such as defaults or bankruptcies that can take ten years to disappear from your history. The most important thing to remember is that you should responsibility for your own financial life. Work to keep your score high and reap the financial benefits.

Danny

ramitsethi asked:

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Pedro

CTBranson asked:

Hilarious video of dog catcher snatching up bad credit scores!

Nathaniel

Jo Jude asked:




How your credit score is calculated

Credit score information allows lenders to gauge a credit applicant to see if he or she is worth the risk of availing credit. After all, credit institutions are a business and need to profit from their investments in terms of lending their money resources. It is sensible business practice that they try to lend it to people who are responsible enough to pay them back later.

Lenders and credit institutions try to assess each credit application by looking at the applicant’s credit score information. Through it, these institutions will be able to determine if an applicant is worth the risk. The credit score is obtained from information based on the past credit activities of the applicant as well as other related information. All these can be found on the applicant’s credit report.

Your Credit Score

A credit score is calculated using the various information contained in the credit report. Different factors come into play when a credit score is calculated. A designed formula is used by credit reporting agencies to come up with the credit score. The formula takes into account the information from the credit report, both good and bad, to come up with the appropriate score.

In order for this score to be calculated, the credit report must have, as a minimum, one account which is at least six months old & one that has been updated for the same period. This will ensure that there is enough recent information in the credit report from which to base the calculation.

Payment History

Payment history accounts for about 35 percent of the credit score. This includes payments made on time as well as late payments. Public records can find their way into the credit report such as late or non- payments, bankruptcies, lawsuits, etc. These all may be considered when computing the credit score.

Amount of outstanding credit

The amount of credit that you have availed in the past accounts for about 30 percent of the credit score. Not only is the total amount looked upon but also the amount borrowed from different accounts. The balances on certain accounts may also affect the credit score. Maintaining a small balance for example, will have a positive effect on the credit report and may help keep your credit score up.

Credit History

The length of your credit history accounts for 15 percent of your credit score. Your oldest account and the average age of your other accounts are taken into consideration when calculating your credit score. Also considered is the length of time that has passed since you have used certain accounts.

The number of new credits availed accounts for about 10 percent of your credit score. This includes the length of time that has passed since you have opened a new account. The number of credit requests in a one year period is also considered.

The various types of credit that you have availed accounts for 10 percent of the information that goes into the calculation of the credit report. Revolving credit, such as credit card debts and personal loans or mortgages, is also taken into account.

Conclusion

The formula used by the different credit reporting agencies in calculating your credit score do vary slightly from company to company but they all follow a very similar process.

Hector

ethanwa asked:

Credit Score Tracker iPhone App

Alan

Scott Paul asked:




Do you know your credit score? How do you interpret your score and repair it if necessary? Credit scores are a big part of our financial stability and future. In order to secure the best future for you and your family you NEED to have good credit. A huge step to improving your credit is to understand the credit bureaus and how they formulate a credit score.

If you own your own home, or car, or taken out a car loan you are probably familiar with credit lines. If you have good credit you can get low interest rates and if you have poor credit you will have high interest rates or maybe secured loans. Credit score scales are basically all formulated the same way.

They look at you previous credit history, which would include poor credit history, faulted loans, late payments, amount of the payments, number of payments, number of loans, length of time you have had credit, credit cards, checking account lines of credit and so on and so forth. All these things impact your credit and if you are late on payments or are never using credit at all it will take a long time to improve your credit. The best advice to get good credit is to use it often, but use it in small amounts that are easy to pay off on time so you don’t shoot yourself in the foot.

Another thing people don’t often think of is that credit inquiries and credit applications also affect your credit score and make you look suspicious.

Barbara

Robert S Holland asked:




Lenders check your credit when you apply for credit. If you are looking to buy furniture on credit, buy a new car, get a mortgage on a new home, your credit is reviewed. When the lender pulls your credit report it is considered an inquiry. Those inquiries count against you on your credit report.

They count against you because lenders think that you are looking around for credit and if you get all of the credit you may be a bigger risk. That risk relates into a problem for you. The credit bureaus will count that risk into their calculations on your credit score. Because it is a negative risk, it so reflects on your credit report.

Some people say that inquiries don’t hurt your score and other say they only affect your credit score a little. But they can affect your credit score and if you have a lot of inquiries, you will see a definite change in your credit score.

So try to keep your inquiries down. If you need a car, then I suggest that you apply for any automobile loans all at one time. This will give you several inquiries all at once and will appear that you are “shopping” for a car loan. When the bureaus see a group of inquiries all at one time they group them together and they do about as much damage as 1 inquiry rather than several.

The same is true for other things as well, such as a Home Mortgage. If you apply at several mortgage places and they all run your credit, it will appear that you were shopping for a Home mortgage. The damage is greatly reduced.

Just remember if you get accepted for all that credit, you will have a new problem. You will have a lot of “new credit”. This new credit will lower your score (because of the age of the account(s) and raise your available credit limit (in comparison with your income). But if you see any hard inquiries (the ones that count against you) that you did not apply for, dispute them and do the credit repair.

Andrew

bionicturtledotcom asked:

The logistic function can be used to transform a credit score into a probability of default (PD). The advantages of the logistic are (i) it easy to calculate and (ii) as a cumulative distribution function (CDF) the output is, appropriately, a probability between 0 and 1.0. In this video, I show two approaches to the exponent, which itself is the negative of a product of vectors (-b*x). First, the two-factor linear probability model that produces a “credit score;” the credit score is then transformed into a PD. Second, an illustrated usage which starts with “internal credit ratings” from 0 to 100, with 100 representing perfect credit quality; in this case, the internal credit rating is adjusted to a scale usable to the logistic, then the logistic function is again used to compute a PD. The spreadsheet is available on our website!

Frederick