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What can I do to improve my Credit Score? |
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 Credit scoring systems are complex and vary among creditors or insurance companies and for different types of credit or insurance. If one factor changes, your score may change — but improvement generally depends on how that factor relates to others the system considers.
Only the business using the scoring knows what might improve your score under the particular model they use to evaluate your application.
Nevertheless, scoring models usually consider the following types of information in your credit report to help compute your credit score:
- Have you paid your bills on time?
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 Credit scoring is a system creditors use to help determine whether to give you credit. It also may be used to help decide the terms you are offered or the rate you will pay for the loan.
Information about you and your credit experiences, like your bill-paying history, the number and type of accounts you have, whether you pay your bills by the date they’re due, collection actions, outstanding debt, and the age of your accounts, is collected from your credit report. Using a statistical program, creditors compare this information to the loan repayment history of consumers with similar profiles.
For example, a credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points — a credit score — helps predict how creditworthy you are — how likely it is that you will repay a loan and make the payments when they’re due. |
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Credit Scores - How Do They Work? |
 By David Zwierecki
Credit scoring is a complicated process and each of the 3 major credit repositories have their own credit scoring models in place to determine a borrower's credit score. The 3 main credit repositories are Equifax, Experian, and TransUnion. Equifax has credit scores that range from a lowest possible score of 300 and a highest possible score of 850. Experian has a range of 340-820 and TransUnion 150-934. Just like computers have upgraded operating systems over the years such as, Windows 98, Windows 2000, and Windows XP, the credit scoring system versions update periodically also. Not all lenders use the same version or the most updated version when obtaining a credit report and credit score for a borrower. |
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