To Know your credit score

To Know your credit score

Meeting date March 5, 2021 2:00 am
Password: gafg443t1
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The credit score rating system is meant to develop a snapshot of the risk you currently represent to a lender. Several parameters in your credit report, including payment history, length of account history, number of open accounts, loans, mortgages, public records, and others are formulated to produce a 3-digit score between 300 and 850. There are other scores used by lenders and insurance companies (some of which are developed by FICO) such as Application and Behavior scores. These other scores take other information into account. Usually a lender will use a combination of your credit score along with other factors, such as income, debt ratio, or current assets when determining your risk. They all have the same objective, to determine the borrower’s potential risk. Regardless of whether the score was generated by FICO or a system based on FICO parameters, they all yield an industry standard 3 digit score. This score usually places you in one of 3 main categories.