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About 30 individual factors are used to determine the score. Certain factors, such as payment history, have more weight than others, such as the length of your credit history.
Also informative is the list of "reasons" that may be provided to account for why a score isn't higher. When lenders request your credit score, they also receive a list of the four most significant reasons your score is not higher.
The possible FICO reasons are:
* Amount owed on accounts is too high.
* Delinquency on accounts.
* Too few bank revolving accounts.
* Consumer finance accounts.
* Too many accounts opened in the last 12 months.
* Amount owed on revolving accounts is too high.
* Time since delinquency is too recent or unknown.
* Length of credit history is too short.
* Amount past due on accounts.
* Date of last inquiry too recent.
* No recent bankcard balances.
* Too few accounts with recent payment information.
What else can I help you with?
How can one improve their credit rating with no credit cards?
The best way to improve one's credit rating is to pay all of one's bills on time. This is the biggest factor in determining a credit score. Paying off loans, such as mortgages and car loans, can also help one's credit rating.
Do you need to have a good credit rating to get instant loans?
In today's economy, you need good credit for just about any loan and an instant loan is no exception. Also, the higher your credit rating, the lower your interest rate, which is an important factor in considering a loan.
What does the bond credit rating assess?
Bond credit rating is used to assess the credit worthiness of a corporation or government's debt issues. A bond credit rating is similar to a credit rating that an individual person receives.
What is the difference between credit score and credit rating?
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
What is the purpose of a credit rating?
The purpose of a credit rating is to determine a person's creditworthiness.
Do misdemeanors affect your credit?
Possessing a criminal record CAN affect your credit rating - but to what extent, is a confidential rationg factor the credit rating industry won't release.
How can one improve their credit rating with no credit cards?
The best way to improve one's credit rating is to pay all of one's bills on time. This is the biggest factor in determining a credit score. Paying off loans, such as mortgages and car loans, can also help one's credit rating.
Do you need to have a good credit rating to get instant loans?
In today's economy, you need good credit for just about any loan and an instant loan is no exception. Also, the higher your credit rating, the lower your interest rate, which is an important factor in considering a loan.
Is it common for an insurance agent to get a credit check on the insured?
Yes, It is common. Most Insurance companies will require your credit score as part of your risk rating factor.
Which among these is a credit rating agency?
Which among these is a credit rating ?
What does the bond credit rating assess?
Bond credit rating is used to assess the credit worthiness of a corporation or government's debt issues. A bond credit rating is similar to a credit rating that an individual person receives.
What is a poor credit rating?
a poor credit rating would be 0
What is a credit ratingvgggjgggg?
A credit rating is a rating of how well a person pays their bills. If bills are paid on time the credit rating goes up.
What is the difference between credit score and credit rating?
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
What is the purpose of a credit rating?
The purpose of a credit rating is to determine a person's creditworthiness.
When was Pacific Credit Rating created?
Pacific Credit Rating was created in 1993.
Can your credit rating or score improve without using your credit card?
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.
