Free credit Erie

Over time, FICO developed the free credit Erie scoring model that is most widely used.

What does your credit score do for you? It gives lenders a quick and easy way to determine your probability of repayment. Before credit scoring, the task of obtaining a loan was slow free credit Erie and cumbersome, and often relied on the judgment of the person making the decision. Since credit scores have become widely used, free credit Erie loan processing has become quicker, fairer, and has had an effect on standardizing rates.

Not all lenders however, base credit decisions solely on your FICO score. Many consider other criteria like job time, residence time, down payment and other factors to determine whether or not to extend free credit Erie credit. What is a good score? Scores range from the low 400s to well past 800.

The higher the score, the better the credit rating. Most lenders use a break of somewhere around 620 as the determining factor of a regular loan versus what is called a sub prime or higher-risk loan. Some lenders will not extend credit to people free credit Erie with under 620 credit scores and other lenders will offer those loans, but at free credit Erie a higher interest rate. how to get a credit report free A few lenders do automatic approvals for people with 750 or higher scores with no questions asked.

Arent there several credit bureau agencies? Yes, there are three primary credit bureau companies: Equifax, Experian and TransUnion, and each of them refer to their credit free credit Erie scores by different names. At Equifax for instance, their score is called the beacon score. At Experian, it is the Experian/FICO score and at TransUnion, it is called Empirica. How do I find my credit score? You can purchase your FICO score right over the Internet at either www.myfico.com or at the Web sites of any of the major bureaus. Besides your FICO score, you will get your entire credit report, details on how to read your report and ways to raise your scores. What makes up a FICO score? Generally, there are five criteria that make up the score. www credit report The biggest driver is payment history...how you have paid your bills. Thirty percent of your score is based on the amount of money you owe lenders.

The length of your credit history makes up 15 percent.

New credit makes up 10 percent of your free credit Erie score and the remaining 10 percent is the types of credit you use. Things that have no effect on your score: race, religion, sex or marital status, your age, length of employment, job description, where you live or any items reported as child or family support.

How can you raise your score? Paying your bills on time helps dramatically, and is the biggest contributor or detractor to scores. Do not apply for credit unless free credit Erie it is absolutely necessary. Many mistakes are found and should be corrected immediately because they impact your score. By law, free credit Erie all three credit-reporting agencies must respond and report back to you within 30 days if you challenge any information on your free credit Erie credit report. How long does information stay on my credit report? Good or bad, it is with you for free credit Erie seven years unless it can be proven that it was a mistake. What is an inquiry? This is the record of any person who has checked your credit report. free credit report application This is another good free credit Erie reason to check your credit report yearly. A lot of inquiries will lower your FICO score because it shows you are applying for new credit. (However inquiries will not drastically change your score.) If you have inquiries from mortgage lenders or automobile dealers in a short period of time, this will not affect your score. Their systems consider this as one inquiry and recognize that you are shopping free credit Erie for a specific product. What if you are denied credit? If you are turned down for credit, the lender must free credit Erie notify you in writing within 30 days with the reason you were turned down. At this point, you have 60 days to request a free credit report from any of the credit reporting agencies.