In Credit Score of CreditGuru (November 19, 2009 1:27 am)
Nowadays more and more people start to think about credit score. Actually it is a score which is based upon an individual report. To the best of our knowledge, here is reflected the individual credit worthiness which is based on the credit history. It is well-known that there is such called FICO score which means Fair Isaac Corporation score. It is calculated according to certain formulas.
So far as we know, there are as well other options to calculate this score, for example, Empirica and Beacon. Of course, there are some specific factors that may influence your FICO score. Among the others there are: duration of credit history, where there any delays in payments in the past, ratio of current debt to total credit, types of previous credits and latest credits. Your FICO score should count 300-850 points. If you have less than 600 points it is bad one, and the score with more than 720 is considered as good.
It would be useful for you to know that once a year you have right to obtain your own credit score in some certain credit offices, and moreover free of charge. As far as my personal account may be taken into account, all these reports may be ordered at the same time without any problems. But in some special cases this information can also be obtained more than once. Actually, these bureaus may also offer other services .
For example, the PLUS score, which show the individual credit risk. Mostly this information is required by some credit agencies or lenders when they examine the credit applications. Sometimes it may also be requested by employers and landlords. If you have high PLUS score then, consequently, you have good credit history and that means that you will have lower interest rates and easier loan processing. We have every reason to believe that these services may not be free. Other services may consist of some benefits, for instance, free credit score and credit reports or some free credit scores for a certain period of time.
Other companies also offer the following services: free alerts about amendments in the credit report and recommendations how to choose the best credit card company or loan lender that would give you credit suitable only for your specific credit score. Beyond any doubt you have to pay serious attention to the fact that the free offers are mainly used to attract more people to use their other services. You need also to be aware of that all these free services are only for some limited period. Usually it is also necessary to fill in the registeration form, which may also be used while entering the site and using other paid services.
Do you know that the knowledge of your credit score can assist you a lot in taking care of lots of problems with credit? And also do you know that you can get a free credit score?
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