Every year, a credit repot comes out with a corresponding score at the bottom. This could be from 350 to 800 and it varies from person to person depending on their consumer behavior.
Your credit score is based on different things. This includes your credit history, outstanding debts, credit length, number of inquiries made and the types of credit that you have.
The one that carries the biggest weight is the credit history since this takes into account what has happened over the past 7 to 10 years. During this time, you may have incurred late payments or filed for bankruptcy. If there are none, then you get a perfect score.
The second biggest chunk comes from any outstanding debts that you may have. This could be a loan that you applied for to pay for a house or a car. If this was paid for already, then that is good. A more recent loan could affect your credit score.
Half the percentage value of the second is the length of your credit. If you have had this for 5 years or more, then you are a better off than someone who is just building it.
The next ten percent comes from the number of times you have made inquiries about applying for a...
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