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I do not have much idea about credit score.

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perfectionj
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I do not have much idea about credit score.  Reply with quote  

I do not have much idea about credit score. Can anyone please help me know what it is?
Post Fri Jun 29, 2012 4:56 am
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kredythipoteczny
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A credit score is a numerical value based on a statistical analysis that represents a borrower's creditworthiness.
It is based on borrower characteristics, such as location, occupation, income - depending on these parameters the borrower gains points which are weighted and then combined into a single credit rating in order to facilitate the decision about giving the loan by a loan institution.
Credit score can serve not only to the loan decision in itself, but also for fixing interest rates and credit lines.
Post Mon Jul 16, 2012 8:57 am
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Grace_P
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A statistically derived numeric expression of a person's creditworthiness that is used by lenders to access the likelihood that a person will repay his or her debts. A credit score is based on, among other things, a person's past credit history. It is a number between 300 and 850 - the higher the number, the more creditworthy the person is deemed to be. A FICO score is the most widely used credit scoring system. FICO is an acronym for Fair Isaac Corporation, the company that provides the credit score model to financial institutions. There are other providers of credit scoring systems as well. Consumers can typically keep their credit scores high by maintaining a long history of always paying their bills on time and not having too much debt. A credit score plays a large role in a lender's decision to extend credit and under what terms. For example, borrowers with a credit score that is under 600 will be unable to receive a prime mortgage and will typically need to go to a subprime lender for a subprime mortgage, which will typically have a higher interest rate.
I hope this helps. Smile
Post Tue Jul 17, 2012 1:16 pm
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debedwards
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Credit scores are important for lenders because they use this to decide whether to give you a loan or not. Having a good credit score means that you will be approved for mortgages, car loans, personal loans and more. This is very important in order to find out if you are credit-worth or not.

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Post Fri Jul 20, 2012 10:54 am
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benzmen
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credit score  Reply with quote  

credit score plays important role while you want to get loans. Most lenders like to give loan for those people who have fair credit score. its a kind of digital score given by bank or credit union based on your financial assets that you own and other debts. Always keep to maintain good score and help you get approve for loan.
Post Sun Jul 22, 2012 5:19 pm
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kaskomat
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I know someone who just pulled their score via Experian...applied for an auto loan it was 120 points lower at the dealership because they use a different scoring system...although they use Experian scores,, the auto dealership can choose 1 of many scoring models to arrive at the score. In other words, pulling your score before hand is useless unless you specifically know how the lender is calculating theirs. Good luck getting that information too!

Come on, how useless is that and how can the consumer even begin to prepare themselves if there are almost 50 different scoring systems.

It's now a matter of realizing that a scoring system is part of our lives. You can't get jobs, rent an apartment or of course make larger purchases anymore without going thru the scoring process.

Yup, regulate the companies, pick a standard model and let it be.


Last edited by kaskomat on Sun Dec 02, 2012 10:01 am; edited 2 times in total
Post Fri Nov 30, 2012 6:22 am
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rockymountain
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Re: I do not have much idea about credit score.  Reply with quote  

When you apply for credit, responsible lenders want to make sure you can comfortably afford to manage any new borrowing.

To do so, they calculate a credit score this helps them to assess the chances that you will be able to repay what you owe. People with a high score are usually seen as lower risk, and are therefore more likely to be granted credit (possibly at better rates.
Post Fri Nov 30, 2012 11:55 am
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