Credit Score Scale

My Credit Score Scale

Credit Score Scale
Within the credit world, your credit score scale is extremely important, if you are asking the question what is My Credit Score Scale, you will need to take some steps to find out. However, let us first discuss what a credit score is. The information found in your credit report is used to generate a mathematical formula, resulting in a three digit number, referred to as your credit score.

The main aim of your credit score is for the purpose of risk assessment. A lender will use your score to determine how much risk there is associated with lending to you. The higher your score, the less risk you pose to the lender. Each month lending facilities that you have credit with, will send a report to one of the three credit reference agencies, either Equifax, Experian and TransUnion. The report will contain information regarding your payment history. The information supplied will determine your credit score.

What is my My Credit Score Scale is a question asked by many, the only way that you can find out is by checking your credit file.  The scale that the credit score is based on ranges from 300 to 850, your credit score scale will fall between this range, and a lender will make a decision based on this information.

If a credit score is lower than 579, it is considered extremely risky. Individuals who have experienced a foreclosure, bankruptcy or a consistently poor payment history will fall in this category. It will be difficult to for a person with this score to obtain credit.

If you are asking what My Credit Score Scale is, and it falls within 620 to 679, you are considered a medium risk, a score of 800 and above is considered a low risk, rewarding you with the lowest possible interest rates and monthly payment plans.

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