Your credit score Credit Score Facts
A credit score is only a number that determines the likelihood that you will repay a debt as agreed. Credit scores are formulated using information from your credit report as of the moment it is requested by a lender.
There is more than just one credit score. Do not be mislead by certain Web sites or financial advisors who state that there is only one credit score. To be quite honest there are many different credit scores used by lenders, although some scores are used more than others.
Credit scores are not part of your credit report. Scoring of your credit is a different process that lenders use to analyze the information in your credit report. Some credit scores are calculated by the credit bureau as the report is forwarded to the lender. These scores are known as credit bureau scores. Other types of credit scores may be calculated by a third party as a service to the lender.
Following are factors that influence your credit score:
- Major derogatory items on your report (bankruptcy, collections, foreclosure, slowpays)
- Time at present job.
- Occupation (professionals are given heavy weight).
- Time at present address.
- Ratio of balances to available credit lines (the lower the better).
- Are you a homeowner?
- Number of recent inquiries.
- Age (50+ is the best)
- Number of credit lines on your credit report.
- Years you have had a credit in the credit bureau database.
It's important to note that improving your credit score is a bit like losing weight. It takes time. Don't waste your time, put it in the hands of the professionals. Lexington Law can help you improve your credit score by removing negative marks on your credit report. The knowledgeable attorneys at Lexington Law Firm work hard to remove negative credit information from credit history. Let them put their expertise to work for you and make the whole credit repair process pain-free. Make your credit problems disappear. What You Should Know About Credit |