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Credit Scoring 101 in California Credit Scoring 101 Don't worry, Credit Scoring 101 doesn't require any prerequisite courses, but you'll want to be ready to learn about a few tricky algorithms and number crunching. Grab your #2 pencil and let's get started! History - The credit scoring system became prevalent during the 1980's as a way for lenders to quickly evaluate a potential borrower's creditworthiness. The system was found to accurately predict financial risk over time and grew to several different industries. Now credit scoring is used by lenders, insurers, landlords, employers, utility companies and even judges to evaluate your credit behavior. Algebra - Thousands of different credit scoring formulas exist today for various evaluation purposes. Each unique credit scoring system is accurate and correct for its own application. The credit scores you can order online use an algorithm created for consumers that approximates these different formulas. Your online credit score may vary a bit from the score your lender uses, but they should be in the same range. Chemistry - The basic credit scoring formula takes into account several factors from your credit report. The impact of each element fluctuates based your own credit profile: Payment history - A good record of on-time payments will help boost your credit score. Outstanding debt - Balances above 50 percent of your credit limits will harm your credit. Aim for balances under 30 percent. Credit account history - An established credit history makes you a less risky borrower. Think twice before closing old accounts before a loan application. Recent inquiries - When a lender or business checks your credit, it causes a hard inquiry and a slight ding to your credit score. Apply for new credit in moderation. Types of credit - A healthy credit profile has a balanced mix of credit accounts and loans. Economics - When you are preparing for a major purchase make sure you check your credit scores and credit reports from all three credit bureaus: TransUnion, Equifax and Experian. Looking at your scores and reports a few months before your loan application will help you get a complete picture of your credit health. Worried if your credit score makes the grade? If your credit score is above 650 you will probably qualify for a standard loan. Under 650, you may have trouble receiving new credit. If your credit score is a little low, pay your bills on time, reduce your debt, remove inaccuracies and avoid new inquiries for a few months to give it a boost. Plus, don't forget that your credit score is not the only factor a lender may look at when they are evaluating your financial standing. Click here to see your 3-in-1 Credit Report PLUS all three of your credit scores. Back to Articles - Send this Article to a Friend Credit Report - Free Get a free and easy-to-understand credit report and credit score from Experian. Instant access online.  Click here Get a FREE credit report, FREE credit score and FREE debt analysis in seconds! Plus enjoy a 30-day trial of credit monitoring.  Click here Credit Report - Merged Get your 3-in-1 credit report and FREE credit score. Check data from all three credit bureaus: Experian, Equifax, and TransUnion.  Click here Get a free 3-in-1 Credit Report and Triple Score which merges your credit information and scores from all three credit reporting bureaus.  Click here Credit Report - Single See your credit report and credit score online! Easy-to-read report with personalized tips on ways to improve your credit rating. Security guaranteed.  Click here

Copyright © 2008 Finance-Center.com Your Guide to Online Loans in California Partners - Disclaimer - Privacy Policy - Contact Us Most offers available in these California cities: Agoura Hills, Alameda, Alamo, Albany, Alhambra, Aliso Viejo, Alpine, Altadena, Alturas, Anaheim, Anderson, Angels Camp, Antioch, Apple Valley, Aptos, Arcadia, Arcata, Arnold, Arroyo Grande, Artesia, Atascadero, Atwater, Auburn, Avalon, Azusa, Bakersfield, Baldwin Park, Banning, Barstow, Beaumont, Bell, Bell Gardens, Bellflower, Belmont, Belvedere Tiburon, Benicia, Berkeley, Beverly Hills, Big Bear City, Big Bear Lake, Bishop, Bloomington, Blythe, Bonita, Boulder Creek, Brawley, Brea, Brentwood, Brisbane, Buellton, Buena Park, Burbank, Burlingame, Calabasas, Calexico, Calistoga, Camarillo, Cambria, Campbell, Canoga Park, Canyon Country, Capitola, Carlsbad, Carmel, Carmel Valley, Carmichael, Carpinteria, Carson, Castro Valley, Castroville, Cathedral City, Ceres, Cerritos, Chatsworth, Chester, Chico, Chino, Chino 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