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Understanding Your Credit Score

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Understanding Your Credit Score

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  1. Understanding Your Credit Score  People often get confused between credit score and credit report. However, credit score is different from credit report. Credit scores are calculated from information extracted from the credit report. Primarily there are two types of credit scores: Generic Credit Scores Custom Credit Scores Your credit score is a very important factor that loan officers consider before lending a loan to you because it represents your creditworthiness (i.e. your ability to pay back the borrowed money). There are different methods of calculating credit scores; however, FICO® scores are most widely used and generally range between 300 and 850. FICO score is determined on the basis of 5 factors: 35% Payment history 30% Debt burden 15% Length/time of credit history 10% Type of credit used 10% Recent/new searches for credit 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 8426 Fountain Circle San Antonio, TX 78229 210-340-0404 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 2422 E. Main St. Gatesville, TX 76528 254-248-0029 1980 E. Baseline Rd., Ste. 103 Tempe, AZ 85283 480-752-3110 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 5290 McNutt Rd., Ste. 105 Santa Teresa, NM 88008 575-589-4706 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com Image Source: Designed by Freepik

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