Wednesday, January 18, 2012

Credit Score

Have you ever wondered how your credit score is computed? Different agencies supply details to the credit bureaus.

Banks, service providers, credit card companies, and lenders supplied the details of your transactions to the credit bureaus this is done on a monthly basis. The credit bureau then calculates this data and determines your credit worthiness or score. Your score will determine if you will be eligible for a loan or a credit card. In years past a score of 600 was considered good credit but now it has risen to around 750. Many lenders will not take the time to read your full credit report and would just judge you on your actual score. So it is very important that you check with the credit bureau exactly what your score will be and if you need to improve it. If you contact a financial advisor in which many cases is free from various organizations they can advise you on exactly how to repair your credit score and worthiness.

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