What’s Your Score? 300 – 850Credit card companies and lenders rely on credit scores, which determine someone’s chances to borrow money – and how favorable the terms will be.
How To Improve Your Credit Score?
Dated: May 5 2022
Views: 223
What’s Your Score? 300 – 850
Credit card companies and lenders rely on credit scores, which determine someone’s chances to borrow money – and how favorable the terms will be. Scores range from 200 to above 800. Scores below 620 are considered risky; 720 and over are excellent.
There are five categories of scoring: payment history (35%); amount owed (30%); length of credit history (15%); new credit (10%); and types of credit (10%). Lenders receive your score and “reason codes,” which are the keys to improving your score.
Check your own score yearly by ordering reports from the three major credit scoring companies: Equifax (www.equifax.com), Experian (www.experian.com), and TransUnion (www.tuc.com).
Notify the credit bureau of inaccuracies, along with copies of documents that dispute incorrect entries. Close accounts not in use. Request that late payments older than seven years be removed. Verify and update accounts and account numbers. Verify your address and Social Security number.
To improve your score: Pay your bills on time. Reduce outstanding debt. Build up your savings. Don’t fall for illegal schemes that help create a new credit identity.
William Suarez
I have been in real estate since 2006 and have worked with multiple family and investors in all aspects of real estate from standard sales, short sales, foreclosure and investment opportunities.....
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Based on information from California Regional Multiple Listing Service, Inc. as of June 30, 2022 7:12 PM UTC This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
