The credit scores are a number that helps the lenders such as banks, credit institutions… decide whether or not to accept personal loans, and they are types of loans that are provided to people. These scores are generated by the computers scanning through the credit reports which contain information about the customer’s loan history. Where to check credit score?
Based on these credit scores, there are more and more people who have a poor credit score. Therefore, the personal loans for people with bad credit have been born. In the articles before, the people were well informed about certain loans such as unsecured loans for bad credit, instant cash loans… Now, let’s see: “What are the credit scores? Where to check credit score?”.
WHERE TO CHECK CREDIT SCORE
Just like a lot of previous posts about the credit score such as guide check my credit score, credit scores, good credit score… the post today includes the main three parts which are: “What are the credit scores?”, “Where to check credit score?” and “How to improve the credit score if have poor 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 indicate the level of trust of an individual. The credit scores are mainly based on the credit report information that is usually originated from credit bureaus.
In the US, the FICO score is the credit scoring system you will hear about most. FICO scores range from 300 to 850 and with higher scores you can get more loans than lower scores.
The FICO score is divided into five main elements, including:
- 35% of payment history
- 30% of the amounts of ownership
- 15% credit term
- 10% new credit
- 10% credit type
2. Where to check credit score?
Nowadays, there are a lot of credit institutions offering free FICO scores to people. This is a list of some banks offering the free score:
- Bank of American
3. How to improve credit score if have poor credit?
3.1. People need watch the credit card balances.
In order to improve the credit scores, “pay your balance and keep your balance low,” said Pamela Banks, senior policy advisor of the Consumer Alliance. You should merge with a personal loan if has multiple credit card balances. That can help the score to better.
3.2. People need to eliminate credit card balances.
The annoyance is the small balance that people have about the number of credit cards. One of the scoring items is just the number of cards with the balance.
That is the reason 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 that can improve the credit score is to collect all credit cards with small balances and pay them. Then choose one or two cards that can be used for everything.
3.3. People should use the calendar.
The length of spend time to shopping depends on the credit score used. If the lenders are using the latest scoring software, people have 45 days, says Ulzheimer. With the older styles, people need to keep it for 14 days.
The older types of software will not take into account many of the student loan questions as one, no matter how close the application builds, he says.
3.4. People should pay the bills on time.
When you pay your debts on time, that will give your creditors the next. They will have faith in you, assuming that you are reputable, on time.
People can completely improve their credit history from bad to better by studying the steps we’ve outlined above. In the process of improving the 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