Whats My Credit Score
Whats my credit score is a question more of us are now asking. Every adult who has held an open credit account in the last 6 months and one that has been updated in that same time period, will have a score which is based on a number of items in their financial records. The things that affect how you score are the amount of credit you have outstanding, the length of time you have held credit accounts, the types you have and your payment history. The last influencing factor is any new credit facilities you have applied for.
When you apply for any type of credit be it a car loan or a mortgage, the financial institution needs to access what type of risk they are taking in lending you the money. One of the aspects they will look at is your 3 credit scores i.e. those provided by Transunion, Experian and Equifax. Each credit bureau calculates the score slightly differently hence why the lender will usually review all three. Whats a good credit score is a question a lot of people also ask. The answer is over 800 while a very poor credit score will lie under the 550 range. Most people have a credit score around the 600 to 700 mark but it does very much depend on the individual. You should get free credit score check what yours is today.
When asking whats my credit score, you need to be aware of certain items that will not influence your result. These include your age, your race, religion, sex or marital status. It won’t be affected by where you live or the interest rates you pay on your existing financial arrangements.
The type of information that will affect the result will be the conduct on your current facilities i.e. do you pay on time, what type of account you hold, how long have you held it and how much you owe in relation to the total facilities available to you. How many accounts have you recently applied for, any arrangements you may have entered into and any adverse credit issues such as bankruptcy or wage garnishment orders will also affect your overall result. This is the same information you would be looking at if you were attempting to fix credit score.
When a lender looks at your application for borrowing they don’t just look at the answer to what is my credit score. They also look at your income, length of time in your job, your current commitments, your marital status and whether you have children. In other words, your credit score while very important is not the only thing that gets reviewed.
It is important that you know the answer to the question of whats my credit score.Some people ask how to check my credit score. There are ways to obtain a free credit score check. Your result will change so you should check your annual credit score. Mistakes on credit files are not unusual and must be rectified as soon as possible by contacting the original creditor. You need to keep a copy of all your correspondence as well. You may need to get the one of the 3 credit score bureaus involved if the creditor won’t correct the mistake. Knowing what your credit score is will help you to keep on track of any sudden changes in your file status. Don’t panic if the answer to whats my credit score isn’t too favorable as it can be improved.
You can also get a true credit report to check what the situation is if you so wish.