What is a credit Score?
Want to buy a house? Get a new car? Send your child to college? Get insurance? Sign up for a cell phone plan? Or, in some instances, land that dream job? Each of these activities may be related. So, what is common about these/ Being able to do each of these will likely depend on one thing: your credit history!
Besides your credit, much of this will actually depend on one particular part of your credit history; that “special” number, also known as your credit score, which ranges from 300 to 850. It is a numerical expression, based on a statistical analysis of a person’s credit report (we will discuss more about your credit report later), to represent the creditworthiness of that person. Your creditworthiness is the perceived likelihood that you will pay debts in a timely manner.
Although there are several methods for calculating credit scores, the score most commonly used by lenders is your “FICO” (originated by the Fair Isaac and Company). Fair Isaac is an independent company that came up with the scoring method and software used by banks and lenders, insurers and other businesses. Each of the three major credit bureaus (Experian, Equifax and TransUnion) worked with Fair Isaac in the early 1980s to establish this scoring method.
Call us for the entire free report to be sent to you. Call 804-755-7755