Credit Score

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Icon Mini Profile hanth23




Joined: 22 Jul 2007

Posts: 23

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PostPosted: Sun Jul 22, 2007 6:05 am    Post subject: Credit Score

How is a "Credit Score" computed.
Icon Mini Profile sara
sara
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Joined: 05 Jul 2006

Posts: 1679
Location: New Brunswick, New Jersey
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PostPosted: Mon Jul 23, 2007 1:02 am    Post subject: RE: compute score

Hi hanth,

Credit scores are calculated by the credit bureaus. The bureaus go through your credit report and then determine the scores based on how you have been managing your debts all throughout.

The scores are calculated on the basis of methods known as the Scoring models. For instance, the FICO score is determined on the basis of the FICO Scoring model. similarly there are various other scores which are calculated by using diffrent scoring models.

Take Care
Icon Mini Profile Niicss
Niicss



Joined: 03 Oct 2005

Posts: 2620
Location: New Jersey
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PostPosted: Mon Jul 23, 2007 2:43 pm    Post subject:

Credit score is computed after taking many factors into consideration such as:

Outstanding Debts

Types of credit in use

What is the average balance on debts?

Payment History

Credit History

Amount of new credit

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Icon Mini Profile miller_st
miller_st



Joined: 17 Jan 2007

Posts: 917

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PostPosted: Wed Aug 15, 2007 3:59 pm    Post subject:

This page explains how credit scores are determined, you should go through it - http://atg.wa.gov/askcolumn.aspx?&id=11934
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