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Credit Score Concerns

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It is very common that you see ads on television for how to check your credit score using this new program or how to get help if your credit score is low. However before even considering responding to those advertisements you need a fair amount of information about credit scores in general and your own personal credit score.

First and foremost, what is a credit score?

A credit score is a measure that is used to determine the level of risk you have when trying to get a loan. Banks use it to determine whether or not they should allow you to borrow money for various reasons from as paying off debts to purchasing a house or car.

What are the levels of credit scores?

  • Excellent Credit: 781 - 850
  • Good Credit: 661-780
  • Fair Credit: 601-660
  • Poor Credit: 501-600

How is my credit score calculated?

The exact formula for calculation has not been released by the Fair Isaac company, the company that calculates credit scores. There is a way to estimate how it is calculated. Your credit score is broken down into categories with different percentages of importance.

  • Payment History (35%)
  • Amount Owed (30%)
  • Length of Credit History (15%)
  • New Credit (10%)
  • Type of Credit Used (10%).

Understanding this breakdown can help you learn how to get a better credit score and make smarter purchases to prevent future debt and poor credit.


Read more: How is my credit score calculated? | Investopedia

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We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

 

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