Credit Report
- What is it?
A
report detailing a person’s financial history specifically related to their
ability to repay borrowed money.
- What's a good score and what's a bad score?
Your
credit score is calculated from your credit report. However, lenders look at
many things when making a credit decision including your income, how long you
have worked at your present job and the kind of credit you are requesting. It’s
sometimes hard to pin down. Some break from the 300-850 scale. The VantageScore
ranges from 501-900.
A good credit score is generally considered a 720 or higher.
A bad credit score is between the low 300's.
- How can you raise your credit score?
Pay
your bills on time, keep balances low on credit cards and other revolving
credit, apply for and open new credit accounts as needed, pay off debt rather
than moving it around.
- What are some reporting agencies?
Three agencies are Experian, Equifax, and TransUnion
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