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What is the difference between credit score and credit rating?


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Answered 2010-06-15 01:23:16

The difference between credit score and credit rating is simple

Credit score (or credit history) is the history of paying back debt

where as credit rating the the reputation for paying back money owing


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Mortgage scores are different from credit scores. Credit scores are assessments of a borrower

Equifax is one of the major three credit bureaus. According to their rating system, a good credit score is between 725 and 759.

A free credit report is a list of your debt history. It shows all of your personal information, creditors, account balances, and paid-off balances. A credit score is basically just a rating given to you by credit card companies to show your standing with them.

A credit score is a credit evaluation rating. The British use score to mean the number twenty, as well.

There are various websites where one can get a free credit rating score. Some such websites are Equifax, AnnualCreditReport, Credit Karma, and myFICO.

People with a lower credit rating score present a higher risk to lenders than those with a higher credit rating score. Therefore, those who present the highest risk will receive the highest interest rates and those who present the lowest risk will receive the lowest interest rates. While this may not seem fair, the bank sees someone with a 650 credit rating score as a higher risk of defaulting on their loan than a person with a 750 credit score. This is because, statistically speaking, those with a 750 credit rating score do default less than those who a 650 score.

The FICO score ranges from 300 to 850.

There are services online to help you find your current credit score rating. You can go to or

AnswerDo you mean does a loan balance impact your personal credit differently than a credit card balance? Your rating and score are both contingent upon your pay history. The loan company is irrelavent.will a deliquent credit card hurt my other creditors or ruin my credit history

Your beacon score is basically an equifax branded FICO score, there is no difference except that a beacon score uses data found in your equifax credit report only. So if data furnishers do not report to equifax it will not appear on their credit report and thus this information will not be reflected in your beacon score.

A high credit score rating means someone is in good standing credit wise. They are prompt in payments and always pay payments in full. A good credit score is sought after by many people, because its a mark of a responsible person.

How long does it take for credit score to go up in rating after paying off debt?

You can't score a 1000. The highest your FICO score can go is 850.

Yes closing a credit card can damage your credit score. But as long as everything else is good it should not affect you credit rating to much. Look for tips to keep a good credit card rating.

A debt settlement offer has no bearing on your credit rating or score. It is only an offer, a proposal. Your credit rating is based on how you have paid the debt in the past 7-10 years. Your credit score is a numerical picture of your assessed risk as a borrower, based on the information in your file at the time the score is requested.

Just curious what the difference is between a Vanguard score and a Beacon score?? Which is the most credible and respected in the credit world and which one should your average consumer be most concerned about?

A credit score rating is not hereditary. If your parents have bad scores, it doesn't affect you, unless they are deadbeats and applied for a loan under your social. You build your own credit score, which under 650 is generally considered poor.

Yes, your credit rating is based upon all forms of credit, not just your credit card. For example if you have a telephone on a plan, this is a form of credit and that will add to your credit history which increases your credit rating.

Due to the high rate of loan defaults over the past few years, banks rely heavily on a borrower�s credit score to ensure that they will pay back their loans as agreed. � If you have a poor credit score rating and need to apply for financing, there are things that you can do to improve your score quickly.� One of the most effective ways to improve your score would be to pay down your credit card balances.� Having a high rate of credit card utilization will negatively affect your score.� Paying these down will result in an immediate improvement to your credit score rating.�

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.

A high fico score means you could have anywhere from a good credit rating to an excellent credit rating. If you have a high fico score, it means you pay your bills on time with no late or missing payments.

I got an apartment with this credit score, actually pretty good.

He could probably find out about them if he found out what his credit score was, then use the given credit score to get an accurate rating. If that doesn't work, he can fill out a form to get contacted by phone to discuss the ratings.

Yes, it fits in the "Poor score" category. See link:

It is possible to get a prepaid credit card with a bad credit score. Although it is possible to use a prepaid credit card, using one will not improve your credit score.

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