Credit Score: A Guide To Credit Scoring And Improving Your

Credit Score: A Guide To Credit Scoring And Improving Your Credit Score

Don’t get excited guys, this is not that kind of score and its impact lasts much longer than 30 seconds. We are talking about credit scoring and credit score that is also known as FICO (Fair Isaac & Co.) score.

So what is credit scoring? You have heard of personality profile that dating services use to find the best match between people. Well, credit scoring is a mathematically calculated financial profile lenders use to match applicants with loans. Credit scoring is a way for lenders to determine how much risk is involved in lending money to you and based on that risk they may decide not to lend money to you at all or change the terms of the loans to match the risk.

Who uses credit scoring? Credit scoring has been around forever, that is since 1950s, and it was first used for issuing credit cards and auto loans. Now all sort of creditors including home mortgage lenders use it. But they also consider other factors such as your salary, your employment and your assets.

So what’s in a credit score? Pick a number, any number between 300 and 850. That would probably...

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