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105 votes. |
Consumers can now find out what their previously kept secret credit score is. This score is the sole source used by many lenders to determine if you'll get that loan and at what interest rate. If you are considering buying a home, a car or needing a large amount loan, it's very important that you find out your triple-digit credit score. Otherwise, there is no need to spend the $12.95 fee for a copy. It is, however, a wise idea to request a free copy of your credit report six month in advance of purchasing a home and six weeks before buying a car. You will be able to make necessary corrections if needed before lenders pull your report. To help us figure these new scores out, I paid the fee for his my score. I was given a 723 score, or a "neutral level of credit risk". That means that I have a 5% chance over the next two years to be delinquent on my debt three months or longer. Consumers with a score of 750 to 800, given to 40% of Americans, are 2% likely to fall behind on payments. Less than 1% of consumers are likely to fall off of a debt cliff with a score of 800. I was given four explanations for his score: - Too many revolving credit card accounts, or more credit cards than others with similar credit history. - Credit card balances too high regardless if balances paid in full. The score report is based on card balance - not on payment patterns. - Too many accounts with a balance (I have only three card with no balances). - No auto or home loan (I am debt-free). Ready to see your credit score? Purchase your $12.95 copy from: - Equifax at http://www.equifax.com - myFICO at http://www.myfico.com |