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What do creditors look at when assessing if one is a high or low credit risk?
Wiki User
∙ 9y ago
A high credit risk is a person who owes a lot of money already or does not have a steady income. A low risk person owes little to no money and has a good, solid income.
Wiki User
∙ 9y ago
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What credit score of the three do creditors use?
When you have all three credit scores pulled, most creditors look at the middle score. If you have onloy two credit scores pulled, they will use the lowest one.
Which of the 3 credit report scores do employers look at?
Your credit score is important, not only to employers but also to creditors. The three big credit reporting agencies are Equifax, Experian, and TransUnion, and almost everybody looks at these three scores.
Does debt consolidation lower your credit?
Debt consolidation does not lower your creditworthiness. There are some creditors who may contact the credit bureaus and make a notation on your credit report indicating that you are undergoing credit counseling. But this is a neutral notation and does not lower your creditworthiness. However, individual creditors may look at this notation differently. Some may view it negatively and thus it may have an impact on your creditworthiness. Some creditors may view seeking help as a good sign that you are taking responsibility. It all depends on the creditor and his views. Many adopt a neutral position.
Which credit card should people with no prior credit history look for?
When one is looking for a credit card, and that person has no prior credit history, the most important things to look for are low interest and high insurance.
How do you define credit score?
More often than not, potential creditors look at your FICO score. Other companies offer `credit scores' that use varying algorithms to determine your `score', but they may vary widely from your true FICO score.
What credit score of the three do creditors use?
When you have all three credit scores pulled, most creditors look at the middle score. If you have onloy two credit scores pulled, they will use the lowest one.
Which of the 3 credit report scores do employers look at?
Your credit score is important, not only to employers but also to creditors. The three big credit reporting agencies are Equifax, Experian, and TransUnion, and almost everybody looks at these three scores.
Does debt consolidation lower your credit?
Debt consolidation does not lower your creditworthiness. There are some creditors who may contact the credit bureaus and make a notation on your credit report indicating that you are undergoing credit counseling. But this is a neutral notation and does not lower your creditworthiness. However, individual creditors may look at this notation differently. Some may view it negatively and thus it may have an impact on your creditworthiness. Some creditors may view seeking help as a good sign that you are taking responsibility. It all depends on the creditor and his views. Many adopt a neutral position.
Which credit card should people with no prior credit history look for?
When one is looking for a credit card, and that person has no prior credit history, the most important things to look for are low interest and high insurance.
Can unpaid collections be enforced on an individual who has moved out of the country and can that bad credit affect their credit in their new residence?
It depends! Let's face it any time potential creditors find out that you have stiffed previous creditors, those creditors don't care if the creditors were foreign or not. Generally speaking if you leave the country you will probably be able to walk away from your debts here because those debts are tracked by the credit bureaus through the social security number. If you leave the country those creditors will continually look for you here, see if you pop up somewhere to work, or purchase property. Once you leave you're outside the system, but if you wave a flag from across the border, they WILL come after you if its worth their while and never forget, if its enough money they will find you. If you're a dual citizen you're more likely to get away with it. If you're not and you emigrate, you're not likely to get away with it because when you apply for a visa generally the host country will want to check up on you and might even run a credit check on you which actually DOES appear on your credit report here. So when your creditors come and look for you they will see that 'such and such' country ran a credit check on you and know where you are..... Good luck
How do you define credit score?
More often than not, potential creditors look at your FICO score. Other companies offer `credit scores' that use varying algorithms to determine your `score', but they may vary widely from your true FICO score.
Can you get approved for new credit after a Debt Management Plan?
Yes you can. If you are still on a debt management plan, you may not get additional credit. But, once you have completed it you are eligible for a new loan. However, you should remember that a debt management plan can temporarily affect your credit rating. But do not worry. Most creditors look at debt management plan as a positive action from your side. So your chances of getting approved for a new loan are high.
When assessing the casualty what is the first thing you should do?
look for danger
How long before chapter 7 drop all your creditors?
10 years from discharge for most credit reports...as a mater of federal court record it is availale for those that look for much longer.
How frequently do credit reporting agencies update their records and the information they report?
The credit bureaus information are updated daily and really immediately once processed from the creditors. Basic credit information is reported and updated (usually once a month, sometimes less frequently) by the creditors. Your credit score is a calculation based on that data. The calculation is only performed when a score is requested. So, your score would be updated only when you request your score or a lender. If you want to learn more about credit scores and how to improve yours: Take a look at Phil Turner's Credit Bible. You should find valuable information on fixing and improving your credit.
Where can a person go to look up their credit rating?
There are many places a person can look up their credit report and/or FICO score, or credit rating, online. The most reliable way to look up credit ratings is to check directly with one or all of the three major credit bureaus themselves: Equifax, Experian and TransUnion. It is recommended to check all three if possible, as creditors do not necessarily report to all three, so accuracy as well as the mathematical formulas used to calculate the rating may vary. By law, these bureaus are each required to provide a free annual copy of your credit report.
Is high credit card debt or a high car loan more detrimental to your credit score?
Both are equally as bad. Credit Cards more so. Is easier to get things if creditors see your paying on one "big" thing. Where as it looks like you do not have control over your spending with High credit card debt. You have to be a little more specific with your question. Credit scores are computed using sophisticated computer alogarithms. But basically they look at the ratio of your credit card limit to how much debt you have actually used on each card. For example, if you have a $1000.00 limit on a card and you have used $900.00 of it, that will have more of a negative effect on your score than if you were only using $500.00 of the available credit. If you have multiple cards then the total of all is considered. With auto loans, it is different. The most important score determining factor is whether you've been making the payments on time.
