You credit score would likely be so bad no financial institutions would be willing to loan you money.
A five star credit rating usually refers to the credit worthiness of borrower. This rating gives a confidence to the lender that the credit under the same circumstance will be returned by the borrower.
The Beacon version 5.0 is the formula which was created by FICO (Fair Isaac Company) and is used by Equifax to calculate a credit score. Considering that the average FICO score in the US is 680, your score would fall just below average.
no...the note goes back with the bank...your credit is ruined for five years
I the world of credit, your credit rating is represented by a score. Eight hundred is the highest score or rating available. Many different things contribute to ones score, and I do not fully understand them myself. A score of five hundred fifty is, I believe slightly below average. Which translates to higher down payments and higher intrest rates on any financed purchase or money loan.
There are many places to get a credit history. Going to college and having student loans, are a source of credit. If you have a credit card, you are building or losing credit. Paying bills on time, paying of vehicles and houses will all give a person credit.
yes!
A five star credit rating usually refers to the credit worthiness of borrower. This rating gives a confidence to the lender that the credit under the same circumstance will be returned by the borrower.
The Beacon version 5.0 is the formula which was created by FICO (Fair Isaac Company) and is used by Equifax to calculate a credit score. Considering that the average FICO score in the US is 680, your score would fall just below average.
The credit score is generally made up of five main categories: payment history, amount owed, length of credit history, new credit, and types of credit accounts. These factors weigh different aspects of your credit behavior to assess your overall creditworthiness.
no...the note goes back with the bank...your credit is ruined for five years
Yes, credit card consolidation will affect your credit score. It will show on your credit report for at least five years, it doesn't hurt as bad as bankruptcy however.
1. Payment History 2. Amounts Owed (Credit Utilization Rate) 3. Length of History 4. Credit Variance 5. New Credit
I the world of credit, your credit rating is represented by a score. Eight hundred is the highest score or rating available. Many different things contribute to ones score, and I do not fully understand them myself. A score of five hundred fifty is, I believe slightly below average. Which translates to higher down payments and higher intrest rates on any financed purchase or money loan.
There are many places to get a credit history. Going to college and having student loans, are a source of credit. If you have a credit card, you are building or losing credit. Paying bills on time, paying of vehicles and houses will all give a person credit.
It is important to have a good credit score so that you can get financial help for yourself. But before you go checking your score to see what it is, it is important that you understand that you can lower your score each time you check it online. In general, a person loses five points off of their credit score each time they check it. You are only allowed to check this number once a year without worrying about losing anything. The more you check your score, the lower it will become and the more you will hurt your financial stability.
35% Payment History 30 % Amounts Owed 15% Length of Credit History 10 %Types of Credit used 10% New Credit for more information go to www.thecreditguy.tv
Every time you fill out an application for a credit card, you're giving the company permission to request a credit report from one of the credit reporting agencies. Those requests are kept on file on your record for anywhere from three to five years, and the number of requests are just one of the things that determine your credit score. If you've applied indiscriminately for any credit card offer you see, it could lower your credit score and make it more difficult to get a loan when you really need one.