You Can Fix Your Credit Score
Your credit scores are important. If you have struggled with bad credit, then a boost to your score can change your life. It means you’ll be accepted more often by lenders, employers, landlords and others who evaluate your credit profile.
For example, most employers are reluctant to hire anyone with poor credit. They are judging your responsibility and your character. This might seem unfair, especially when the bad credit is not your fault. Having a poor credit history is also frustrating when trying to rent an apartment.
Potential business partners want to know about your credit and so will lenders before giving you a loan to buy a home or even a car. Now many people on dating websites are demanding to see background reports and credit scores before meeting or interacting over the internet. People want this information for making decisions about their social life.
Whether it’s a rental, a job or a date, your credit scores can make a great difference in the opportunities available to you. Most of these situations require credit applications and fees to provide you with your scores. If the score reported in your credit profile is holding you back, then you should do whatever you legally can to fix it.
An Important Scoring System To Watch
There are several different types of measures used in scoring a consumer’s credit profile. For most people, there is some confusion about what these numbers mean and how credit scoring works. The FICO Credit Score is what most creditors, employers and landlords look at.
However, others such as the Vantage Score utilize similar scoring factors.
Generally, if you score high with one, then the other closely follows it. You can find your score and monitor it along with everything else in your report. This goes far in putting you in control of your credit.
The credit scoring system can be complex. Most credit agencies keep their credit formula a secret. Lenders and others who give you your scores in a credit report don’t know exactly how they are derived. Although you cannot know the number of points in the calculation for each component, there are general rules for understanding how your scores measure up.
- A FICO credit score between 680-700 is considered average
- Anything above 700 up to 720 is fairly good
- Scores between 720 and 740 are viewed as very good
- Above 740 qualifies you for the best interest rates, loan terms and credit offers
- If your FICO score is below 680 then you will want to take steps to raise it
Creditors can offer you an educated guess about the reasons for your specific scores. However, the exact number of points applied to scoring factors and how these are combined to generate your score are kept confidential, even from you as a consumer.
Credit bureaus don’t reveal this information because if everyone knew exactly how their scores are calculated they would be able to “game” the scoring system. This would skew someone’s credit profile making it appear better than it is. It would diminish the score’s value for lenders and others interested in it.
How Your Report Can Help Your Credit
If you want to improve your credit scores then you must take steps to improve how your financial history appears in your public file.
These are records about you made available by the credit bureaus. It’s one of the easiest ways to fix your credit, requiring you to simply review your public profile for errors.
This can be done by a professional or you can do it yourself. On this website we provide links to sources for your free credit reports to get you started.
Inaccurate information about your credit history such as account numbers, dates, balances and even misspelled names, are common mistakes you may find.
Disputing mistakes in your report and correcting them improves your profile over time. Sometimes restoring your credit can happen quickly but it often takes patience and diligence.
While you’re at it, you can easily check your credit score and take steps to give it a boost. You can gain a good sense of what the score emphasizes in its calculation by understanding what kinds of risks creditors are concerned about. Some of the risk factors in your report are:
- The total amount of debt you carry
- How long you have held the accounts
- The amounts of your monthly payments
- How much you owe on each of your credit accounts
- How consistently you make payments to your creditors
While the specific scoring calculations are not made known publicly, credit companies provide a list of reasons for your score being what it is at the time the report is generated. The importance of these factors may change over time as credit reporting agencies view their importance for consumer credit risks.
Knowing how the credit system works gives you an advantage. Your credit scores can be improved through various methods. To improve your credit score you have two choices:
- Do it yourself by learning all about credit repair and scoring.
- Sign up with a legal credit repair expert to clean your credit for you. Call Now: 855-649-4071
Many people want to save money and look forward to the challenge of repairing their own credit. We can support you with advice and information. The credit repair process can be complex, requiring you to learn consumer credit laws and how scores are calculated. However you prefer to fix your credit, this website can help you.
We make it easy for you to get free online credit reports and find out what your scores are (also free). You’ll find credit repair professionals and resources to help boost your profile and your credit scores while saving time and money.