What is my credit score based on?
Credit scoring is based on many factors that may include: Payment History Paying your bills 35% Balance to Limit ratios (Revolving Accts) 30% Length of Credit History 15% Inquiries (applications) for new credit 10% Types of credit 10% Under the Equal Credit Opportunity Act, credit scoring may not use gender, martial status, national origin, race, or religion as factors.
Credit scoring is based on many factors that may include: • Payment history • Amount of available credit • Amount of credit currently being used • Length of credit history • Recent requests for credit Under the Fair and Accurate Credit Transactions Act (FACT), credit scoring may not use gender, marital status, national origin, race, or religion as factors. Of course, lenders usually do not base credit decisions solely on credit scores. Lenders usually make other considerations, such as income and length of employment at current employer, when evaluating applications. Also, many consumers do not realize that achieving the best credit scores may take 20 to 30 years because lenders consider older credit histories optimal.
Credit scoring is based on many factors that may include: o Payment history o Amount of available credit o Amount of credit currently being used o Length of credit history o Recent requests for credit Under the Fair and Accurate Credit Transactions Act (FACT), credit scoring may not use gender, marital status, national origin, race, or religion as factors. Of course, lenders usually do not base credit decisions solely on credit scores. Lenders usually make other considerations, such as income and length of employment at current employer, when evaluating applications. Also, many consumers do not realize that achieving the best credit scores may take 20 to 30 years because lenders consider older credit histories optimal.
