Credit Report & Score - Page 2

The FICO score (standing for the Fair Isaac Corporation) is the most used credit score. Under this model your score can be up to 850 or as low as 300.

In order of importance the factors that determine your credit score are:

1. Your track record in making credit payments on-time.

2. How much of your credit “capacity” you have used.

3. The length of your credit history.

4. The varying types of credit you have used.

5. Your past credit applications, as each application can affect your score.

The higher your credit score, the better your chances of being accepted for credit cards with the most favourable APR rates and the highest credit limits. However an assortment of credit cards are still available to those with “bad” and “fair” credit scores.

Do I need to know my credit score?

Students, business, and personal credit card users, or those seeking to apply for credit cards, will find these credit reporting services of benefit. All credit score and credit monitoring service users will be provided with (depending on the provider and the chosen package) access to instant score changes and fraud alerts. Also, daily credit score and credit monitoring services are offered.

Business users for example will be benefitted by access to credit monitoring and their customer’s credit scores. This information allows businesses to make good decisions in establishing lines of credit, and other financial planning decisions by having access to cutting edge market research reports.

If you would like to proceed with a trial with any of these service providers please read the small print of your agreement with them. If there are any terms you are unfamiliar with please look to the CardSight Credit Card Glossary for a clear explanation of terms.

Page 1 | Page 2
comments powered by Disqus