When it comes right down to it, we are just a number. There used to be a time when people applying for a loan would be judged by the Three Cs; namely, Credit, Collateral, and Character. Yes, there was a time that you could get a loan just because the banker liked you.
Times have changed. With the age of technology, everything has become impersonal, including the lending business. The Three Cs have been reduced to one: Credit Score. Your best chances of obtaining a loan, then, depend on your understanding of this vaunted number.
Your credit report is a report card of how well you manage your debts. Like your grades in school, the higher your score, the better your chances of success.
Scores range from 300 to 800, with most credit reports scoring in the range of 480 to 760. There are three major credit reporting agencies. They are Equifax, Experian, and TransUnion. Each of these three credit bureaus has its own proprietary formula for calculating your credit score.
Similar to being judged at a figure skating competition, each bureau has its own interpretation of your performance as a borrower. Factors that go into calculating a credit score include...
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