The credit scores are the number that helps the lenders such as banks, credit institutions… decide to approve personal loans or not, and they are types of loans to offer to people. These scores are created by the computers scanning through the credit reports which contain information about customers’ borrowing history. Where can I check my credit score?
Indeed, based on these credit scores, there are more 60% Americans have less than $500 in savings and have bad credit. Since then, the personal loans for people with bad credit have been born depends on credit score. In the previous articles, our readers are understood properly about some loans such as instant cash loans, unsecured loans for bad credit. Now, let’s see: “What are the credit scores? Where can I check my credit score?”.
WHERE CAN I CHECK MY CREDIT SCORE
Like many posts before about credit score such as credit scores, guide check my credit score, good credit score… this post includes the main three parts which are: “What are the credit scores?”, “Where can I check my credit score?” and “How to improve my credit score if I have bad credit?”.
1. What are the credit scores?
The credit scores are the numerical expression based on the level analysis of a person’s credit files, to represent the creditworthiness of an individual. The credit scores are primarily based on the credit report information typically sourced from credit bureaus.
In the US, the FICO score is the credit scoring system that you will hear about most. The FICO score will be between 300 and 850 and with a higher score, you can get more loans than have a lower score.
The FICO score is divided into five main factors, including:
- 35% Payment History
- 30% Amounts Owed
- 15% Length of Credit
- 10% New Credit
- 10% Type of Credit
2. Where can I check my credit score?
Nowadays, there are more and more financial institutions offering free FICO scores to customers. Here’s a list of several banks offering the free score:
- Bank of American
3. How to improve my credit score if I have bad credit?
3.1. You need watch the credit card balances.
To improve credit scores, “pay your balance and keep your balance low,” said Pamela Banks, senior policy advisor for Consumer Alliance. People should merge them with a personal loan if everyone has multiple credit card balances. That can help to score better.
3.2. You need to eliminate credit card balances.
The nuisance is the small balance that people have about the number of credit cards. One of the items that score a review is just how many cards have a balance.
That is why charging 50 dollars for a card and 30 dollars for another card instead of using the same card can hurt the credit score. The solution to improving credit score is to collect all credit cards with small balances and pay them. Then choose one or two tags that can be used for everything.
3.3. You should leave the old debt on your report.
Good Debt – the debt you have handled well and paid under the agreement – is good for credit. The long history of good debt is better for the score.
One of the ways to improve credit score: Leave old and good debt as long as possible. This is also a good reason not to close old accounts where customers have a solid return record. “You never want things to come out of your history.”
3.4. You should use the calendar.
FICO points, credit scores are usually used by lenders, ignoring any requests made within 30 days prior to scoring. The length of time spent shopping depends on the credit score used. If the lender is using the latest scoring software, you have 45 days, says Ulzheimer. With older styles, you need to keep it for 14 days.
Older types of software will not take into account many of the student loan questions as one, no matter how close your application builds, he says.
3.5. You should pay the bills on time.
That could even extend to items not commonly associated with credit reports, such as library books, she said. That is because even if the “original” creditor, such as the library, does not report to the office, they may eventually call a collection agent for an unpaid bill. Dealers can list the categories on your credit report very well.\
3.6. You should not hint at risk.
Two of the biggies are missing the payment and suddenly pay less (or more) than usual, said Dave Jones, president of the Consumer Credit Counseling Association. Other changes can scare your card issuer (but not necessarily hurt your credit score): getting cash or even using your card at businesses can tell you. Current or future money, such as a pawn shop or divorce lawyer.
To improve your credit score from a bad credit score, all you need to do is study the steps we’ve outlined above. In the process of improving credit scores, it is important to check the current score. If you are not sure how to check them, please refer to our previous article on checking your credit score through the link Check credit rating.
Improving credit score is not an easy thing. If you live in the US and have bad credit scores but want to get loans immediately, fast loans to solve the work can refer to the loan as Bad credit personal loan lenders, Easy loans for people have bad credit, Secured loan bad credit…
Hillary (Team Content) – Info Credit Free