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Read our latest tax news, and search for other articles related to the IRS and tax filing. Personal Credit
Personal credit scores are based on standards of the major credit rating bureaus: Experian, Equifax, and TransUnion. Lenders average the fixed score from each of these to determine a borrower’s eligibility and terms of financing. The rating system looks at several factors and gives a points rating to each one. Positive and negative factors can affect the score.
Factors that can affect credit scores:
* Payment history accounts for about 35% and the way debts are paid, for example if they are paid in a timely manner or paid late. It reflects the number of past due items and how long they were delinquent, or if there was any collection activity. Another factor is any public records like bankruptcies, liens, and wage garnishments.
* Current total debts accounts for around 30% and considers the total amount of debts owed. This is the number of accounts and each balance owed and it influences FICO scores. Credit bureaus will look at outstanding debts in relation to the available credit. Getting out of debt by paying down debts can help raise scores over time.
* The length of credit history is a factor concerning the amount of time accounts have been open and the account activity.
* New credit is any recent accounts established. This also includes any credit inquiries indicating attempts to get new lines of credit.
* Types of credit considered is the total number of the types of credit that has been secured. This includes revolving debt on credit cards and retail accounts.
Some lenders may not view past performance as a guarantee of future performance. This is not always true as a credit rating is an indicator of past borrowing and repayment performance. This can give lenders an idea of how likely it will be for a borrower to repay a new loan in full, on time. They use a consumer's credit rating to determine their risk in loaning money.
A person who has a good credit rating may not have to pay high interest fees or may not have to give a large down payment. Personal credit scores are used to determine whether to loan money to small businesses and corporations. Factors like age, race, ethnic background, religion, sex, and marital status, do not influence scores. Employment history, current employment, wages, and assets are not taken into consideration as part of FICO scores, yet some lenders may look at these areas when evaluating a person's credit worthiness.
Qualified borrowers have a FICO rating of 750 or better, yet people with a score of 650 may be able to get a loan that has higher interest rates. These scores can change monthly to reflect any changes to the criteria used to determine the score. If a loan is paid off it could improve scores. If a bill is not paid or bankruptcy is filed, it could lower scores. Monitoring scores can help identify any problems that may need correcting. AnnualCreditReport.com is the site to visit to request a free credit report, and get credit information almost immediately, but it can take longer when not using the Internet. Credit services can help monitor FICO scores but it usually requires a monthly fee. |
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