DO YOU KNOW WHAT YOUR CREDIT SCORE IS?
BIG BAD JOHN R.
2012/07/17 15:32:51
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Best Answer - Chosen by Asker
Credit scores are based on the following 5-factors;
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Credit to debt ratio 30%
The exact calculations are a industry secret.
The amount of credit you have available has nothing to do with your score just the amount you are using. Never exceed 30% of your credit limit on credit cards or your score will take a hit.
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Credit to debt ratio 30%
The exact calculations are a industry secret.
The amount of credit you have available has nothing to do with your score just the amount you are using. Never exceed 30% of your credit limit on credit cards or your score will take a hit.
Source(s):
Finance Manager for over 7-years.
I pisses me off though, that they force you to purchase your actual Score if you want it. Which is what everyone really wants to know - their score!
What I always wonder, is there anyone who ever achieves a score of 900, which is the absolute best score you could achieve according to the scale!
I think it is impossible to get a MAX Score!
But then, your score value depends on what score you are talking about... The FICO credit score ranges between 300 and 850 (EquiFAX FICO goes to 900). The VantageScore score ranges from 501-990