Credit scores are used by lenders to determine credit worthiness based off various credit score ranges. Learn what the different ranges are and what they mean.
Many consumers confuse credit reports and credit scores, and they are equally confused about what they are entitled to see and when. Consumers can see their credit scores in a number of ways. For example, when they apply for a mortgage, lenders must reveal the scores they used in their cre...
If you’ve ever wondered what goes into a business credit score and why it matters, think about it this way: Knowing your business credit score and managing it well is crucial if you ever need funding to grow your company. What is a business credit score? Most of us are familiar with ...
Although the reports do not contain your score, they include detailed information about your credit history and background and could reveal issues that may affect your score. How can you get the best score possible? Because payment history is the most important part of your credit score, it ...
What factors affect your credit score? Credit agencies focus on all aspects of your financial history that they have at their disposal, such as your bank account – for your overdraft use – and credit card providers. The patterns of behaviour they pay special attention to include: When your ...
How much credit scores are impacted by specific activities within the five categories that make up your score is difficult to measure. The credit bureaus don't reveal such specifics, and even if they did, the algorithm is so complex with so many combinations of factors that it would be diff...
Although we would love to explain the exact formula to calculate credit score, due to the proprietary nature of the FICO score, the Fair Isaac Corporation does not reveal the exact formula. What’s Not in Your Credit Score? FICO scores take into account a wide range of information on your...
How much does a specific change affect a credit score? The answer is usually "it depends," and for good reason. Credit score developers don't reveal the exact point deductions. The weight of any given activity can also vary for different credit histories. ...
There are many myths about what affects your credit score, so we’ve outlined some common misconceptions to help you understand what’s fact and what’s fiction. The previous occupants of my home can affect my score. It doesn’t matter who previously lived in your home, whether they had...
A credit score is designed to measure your risk as a borrower. FICO does not reveal its proprietary credit score calculator formula, but the calculation incorporates five major components, with varying levels of importance. These categories with their relative weights are: ...