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Understanding Credit Scores

Types of Credit Scores

Believe it or not, there are several different scoring models in use today. Even the most popular “FICO” brand carries over one hundred variations between many different industries including Auto and Mortgage Lending, Bankcards, Insurance, etc. Therefore, your credit score can vary between sources checking them. 

Factors that determine Credit Scores

Many people are aware of how untimely payments impact their credit score, and it certainly carries it’s weight into a credit score, but so does your balance history, your length of established history, and even the types of credit you have had experience with.  We can help you understand how your credit stacks up to these factors, and how to maximize your score potential.

“Good” Credit Scores

Most common scoring models have a range as low as 350 and as high as 850 with the higher the score the better.  In reality a “Good” score is the one that gets you the best terms and rates right? Depending upon what you are applying for a good score may be 650 or higher, where others may require a 720 or higher.

Bad Credit History

Missing payments, Charged Off/Collection accounts, Repo/Foreclosures, Bankruptcies, Tax Liens, and Judgments are common examples of Bad Credit History.  When this information is reporting inaccurately it is damaging to a credit score, and your ability to qualify for new lines of credit.