Free Credit Report
Not Knowing Could Cost You
The credit score ranges from 300 to 800. Your specific score is result of a special formula, called an algorithm which compares your credit information to the credit information of tens of millions of other people. The number that they get as a result is a very accurate prediction of how likely you are to pay your debts.
This may seem unfair, but your credit score is based on a number of factors. It looks at your payment history, the total amount of outstanding debt you have, and the length of your credit history.It is also contains information about any derogatory credit information, such as bankruptcies, charge-offs, and collections. And finally, it is all calculated together and your credit score is outputted.
Knowing your credit score can help you get a better picture of what the information on your credit report means. For example, a credit score of 720 or higher will get you the best rates on home loans. And a credit score of below 500 will cost you hundreds, perhaps thousands of dollars in high interest rates, if you can qualify for a loan at all.
If your credit score is very low (bad credit risk) and you do not have any significant derogatory entries on your credit report, it's time to take a good look at that report and find any inaccuracies. Be sure that all the debt you have paid off shows up as a zero balance, and double-check your available lines of credit. There is nothing wrong at being sure.
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