Credit scores, what are they and how do they help or hurt you?


            A credit score is what financial institutions use to determine whether you are credit-worthy or not. Every person who has a credit card or has had a loan of some kind has one. Your credit scores can either help you get a loan or a credit card or not. A credit score is usually made up of a three-digit code, and we get these scores for each of the credit bureaus. Our scores would each be between the numbers 300 and 850.

The way the three nationwide credit bureaus calculate is just a bit different from each other, But all use the same information. The information used is:

·         number of accounts

·         type of accounts

·         ratio

·         payment history

The basic way your credit score is calculated is:

·         35% payment history

·         30% ratio

·         15% length of credit history

·         10% new credit

·         10% types of credit used.

The higher your credit score, the better your chances of getting the loan with the best interest possible. Credit scores of 599 and below are considered less than poor. Credit scores between 600-649 are considered poor to fair. Credit scores between 650-699 are considered fair to good, and scores from 700 to 850 are considered good to excellent.


So, if you are thinking of getting a loan or a credit card, and you need help with your credit. You are not alone, and we can help!


A Goal without a Plan is just a Wish. Give us a call TODAY at 844-FIX-URCR or click on the following link to schedule your FREE consultation and create your personalized plan to achieve your credit and debt GOALS!