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Credit Score & Report

Do you know your credit score history? You should! A good credit score or rating is one of the most valuable assets that you can own. A good or bad credit rating can affect some of your most important decisions you will ever make. Whether you want to buy a car, buy a home, need a personal or emergency loan, or simply would like to have a certain credit card, your credit score or rating plays an important role.

How is your Credit Score Determined?

  • Payment History: Approximately 35% of your score.

  • Amounts Owed: About 30% of your score.

  • Length of Credit History: About 15% of your score.

  • Pattern of Credit Use: About 10% of your score.

  • Types of Credit in Use: About 10% of your score.

Credit Score Guidelines

A credit score of 650 or above indicates a you have a very good credit history. If your credit score is this high you will usually find the loan process quick and easy, and will have a good chance to obtain a loan at a relatively low rate of interest.

Scores between 620 and 650 indicate basically good credit. (Average FICO scores fall into this range.) If your credit score is in this range you have a good chance at a loan at a good rate, but you may have to provide additional documentation and explanations to the lender before the loan is approved.

A score below 620 may prevent you from getting the best interest rates, as you may be considered a greater credit risk-but it does not mean that mortgage funding can't be found.

Factors than can affect your credit score.

Inaccuracies, as the result of simple human error are very common and very easily disputed. Such inaccuracies relate to payments not credited, late payments, or data mixed in from the credit file of someone else with a name similar to yours. 

If you have an error on your report such as that it can very well affect your credit score and cause you to pay higher interest rates or maybe not even receive the loan that you are applying for. As long as you know about these inaccuracies they are very easily disputed and cleaned from you credit file.

As stated before, of the most important factors of determining your credit score is related to your history of on time payments. Always pay your bills on time to maintain a good credit score

There have been many instances where even though someone has paid on time they were charged with late payments because the check was delayed in the mail or for some reason or another they didn't receive the payment on time. These instances can be dropped in most cases if you will call your creditor and explain the situation.

Identity theft has become more common than you might think. For example, if a thief has intercepted a pre-approved credit card offer in your name and sent it in with a change of address, your credit report will include the account. And therefore your credit score would be affected.

Also, anytime you apply for more credit or a loan, whether it's for a credit card, car loan, personal loan, home loan, etc...  it is shown on your credit report. And many times your credit score is affected to the negative.

As you see, your credit score can be affected in several different ways but safeguarding your credit is simple.

  • Make loan payments on time and in the correct amount

  • Avoid overextending your credit ... unsolicited credit cards that arrive by mail may be tempting to use, but credit card debt mounts up quickly. Think before you charge!

  • If you encounter any problems repaying your debts, always call your creditor to make repayment arrangements. Never ignore past-due bills.

  • Know what is on your credit report so you will be able to correct it and keep your credit score in good standing - inaccuracies, human error, mixed credit files, identity theft, etc...

By obtaining a free copy of your credit report & score you are able to find and dispute anything that may be counted against your credit score. They even give you helpful information and dispute tips that you will need when confronting these matters.

With Experian you can rest assured that  your credit rating will NOT be affected when your FREE credit report is accessed on your behalf! 

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