history
credit scores used to be scored...
manually
if you have a revolving credit card, and your balance is more than half your limit..
your score will go down
what is an excellent credit score
720 and up
what is payment history
Pay on time, avoid late payments. Automatic Payment(s) each month. Leave a small balance
What percentage of your credit score is payment history?
35%
If you were a auto lender or mortgage lender..
you did not need scores
if you have a revolving credit card, and your balance is less than 30% of your limit..
your score will go up
what is a good credit score
690-719
what is Amount Owed against your CREDIT LIMIT
The more room you have to borrow or the less credit you use, the better your credit score
What percentage of your credit score is amounts owed ?
30%
used to score using...
A-B-C or D for denied
a secured card is secured with
your funds that are deposited into a new savings account.
what is a fair credit score
630-689
what is the Length of Credit History
The longer you’ve been paying on time, the better the credit score (or the more points you are going to get)
What percentage of your credit score is length od credit card history?
15%
if the borrower did not pay...
the calleteral was taken back
only 16% of americans have a credit score above..
800
what is a bad credit score?
300-629
what is new credit
Every time you apply for credit, your FICO score drops.
What percentage of your credit score is new credit?
10%
why did scoring manually not work anymore?
it was too slow
research shows that before people go into bankruptcy..
they charge thier cards up to the max
almost half of the U.S have a score lower than ...
700
what is type of credit?
2 credit cards, 1 car, 1 mortgage( house)
What percentage of your credit score is types of credit used?
10%