Credit Score Scale

Credit Score Chart

Credit Score Scale

The credit score chart is a way of measuring your credit rating against those of others.

But did you know that you have to monitor 3 credit bureaus? So there is a different score chart for each bureau. And even worse, there is different rating systems used depending on what you are using it for. Home loans have a chart, so do auto loans, and the list goes on.

This credit chart is associated with FICO for the calculation of credit score that is actually provided from the 3 major credit-reporting bureaus – the Experian, Equifax, and TransUnion. This credit chart will list all the credit information that a person has from his or her recent or active credit accounts. With this, the credit chart itself will provide all the credit information that will help each borrower from understanding their credit score and how FICO itself have calculated the exact credit rating suitable for the record that they build on their credit report. But remember, FICO is just one score.

A unique credit score chart is used when applying for any type of loan support. Lenders usually seek for this chart before they will make any decision of giving a person with the specific amount needed or any loan assistance such as auto loan or housing loan. And since this chart will list all the borrower’s credit account and payment performance, lenders could then figure out on how a borrower performs their debt payment, their list of active credit accounts, type of credits, amount of credit accounts being active, and etc.

FICO as well will use this credit score chart which is evaluated from the 3 major credit bureaus when calculating all the entire and recent credit score pertaining on how a person manage their credit responsibilities. This credit chart will simply describe a borrower’s reliability from performing a good credit feedback such as paying their debts on time and applying for debts that is only suitable for their monthly income rate.

On the other hand, credit ratings in general have a very huge role from every person’s lifestyle. It will help the lender from deciding if a borrower is eligible or not while at the same time it assist every individual from obtaining any loan support or any other assistance that requires a credit check from their credit score up to their credit chart.

The one thing I would highly recommend before doing anything else, is making sure you have a current copy of both your credit report and your credit score from each of the three major bureaus. Then form there check for issues you would like to correct. Yes, you can fix issues that are hurting your score!

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