Related article: How to Establish Credit
Showing posts with label building credit. Show all posts
Showing posts with label building credit. Show all posts
Wednesday, September 9, 2015
What is my Credit Score?
Related article: How to Establish Credit
Wednesday, March 11, 2015
Credit Scoring
Source: Greenpath University
Understanding Credit Scores
Can you tell me how your credit score is calculated? A credit score is based on the information provided in your credit report and it indicates how likely you are to pay your bills. The score typically ranges from 350-850. The higher the score, the better. That’s it you say? Why yes it is. Then why is it so hard to figure out what your score is at any given time? Part of the problem is that there are multiple types of credit scores. There’s the FICO Score, Vantage Score and even scores geared toward specific purchases such as an automobile scoring model. But for the most part, scores all look at the basic same things. Let’s break down the FICO Scoring Model as that seems to be one of the most popular:
Understanding Credit Scores
Can you tell me how your credit score is calculated? A credit score is based on the information provided in your credit report and it indicates how likely you are to pay your bills. The score typically ranges from 350-850. The higher the score, the better. That’s it you say? Why yes it is. Then why is it so hard to figure out what your score is at any given time? Part of the problem is that there are multiple types of credit scores. There’s the FICO Score, Vantage Score and even scores geared toward specific purchases such as an automobile scoring model. But for the most part, scores all look at the basic same things. Let’s break down the FICO Scoring Model as that seems to be one of the most popular:
Using Credit Wisely
Source: Greenpath University
Using Credit Wisely
When I was a freshman in college, a sorority was pushing credit card applications for JC Penney. I applied and voila, a few weeks later I had a silver card in my hand that allowed me to spend $500 on whatever JC Penney sold. I had power in my hand! I marched right off to the store and used my card to buy a new outfit. (I wanted to look good for a party after all!)
Using Credit Wisely
When I was a freshman in college, a sorority was pushing credit card applications for JC Penney. I applied and voila, a few weeks later I had a silver card in my hand that allowed me to spend $500 on whatever JC Penney sold. I had power in my hand! I marched right off to the store and used my card to buy a new outfit. (I wanted to look good for a party after all!)
"When the bill came, I did the unthinkable. I paid my bill in full."
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