CREDIT REPAIR SERIES: Understanding Credit Scores!
This week we will continue our series on understanding credit scores. The more you understand them more you are in control.
How Is the Credit Score Calculated?
It is calculated based on various factors such as missed payments, late payments, how many open accounts you have, the length of your credit history, negative events like bankruptcies, charge-offs and others like this. The points that make your score will be calculated based on all of these. Points are also deducted each time someone else accesses your credit score. So never make that application to different companies, because if you do, all these lenders will check your credit score, and this will undoubtedly reduce your credit standing.
There are various credit rating agencies, and all of them have their own way of assuming the importance of each factor. This is why your credit score can be slightly different from one agency to another. But overall, the score can give an indication to the lender about whether or not you are creditworthy.
Now that we have an idea about the credit score, and understand how it is calculated, let us find out about the credit score range next week.
Doug Ogburn
First United Bank
921 NW 164th Suite A
Edmond OK 73013
Office 405-340-2015 ext 5860
Cell 405-819-1166
Fax 855-526-6240
NMLS 233387