Understanding credit scores can be confusing to some people. It is no wonder. While credit scores are one of the most important parts of living in today’s world, they are not usually taught in school. You, more or less, have to learn this on your own.
In simple terms, consider your credit school the way you would think of a grade in high school. The teacher uses all of the information he or she has on you (test scores, attendance, homework grades, etc) and comes up with a final grade for you. Some of the information he or she uses is more important in determining that grade than other information but in the end you are given a grade.
Credit scores are calculated in the same way, more or less, but instead of using test scores and book report scores it takes into account the information that is on your credit reports.
Credit scores would be useless to lenders if they were not standardized in some way, and they are. A score can range anywhere from 300 to 900. Where you fall within that range gives lenders an idea of how creditworthy you are. You want a high score. You should also understand that your credit score can vary with time and circumstances. It...
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