Credit Education

Your Credit Score and How It’s Calculated

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Calculate Your Credit Score

Your credit score is a reflection of a number of different pieces of information on your credit report. Lenders use this information to determine the likelihood that you will make regular on-time payments on a loan. If you are unsure how to calculate your score, or want to know how to improve it, then call 360 Credit Consulting today to see how we can help.

HERE ARE SOME OF THE WAYS THAT CREDIT REPORT ERRORS CAN HAPPEN:

  • Amount and type of accounts
  • Payment history
  • Available credit
  • Derogatory accounts
  • Outstanding debt
  • Age of accounts

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Credit Score Information

The items that are gathered to create your credit score are important pieces of information that you should be aware of. It is important to pay your bills regularly and on time to create a solid payment history. You also want to be careful to limit outstanding debt to bigger items such as a mortgage or auto loan. While we have mentioned just a few of the items that are used to calculate your credit score, be sure to contact 360 Credit Consulting for more information.

Credit Score Changes

Your credit score will fluctuate based on changes to your report. The way that you manage your money will have a large impact on whether the fluctuations are positive or negative. For example, if you pay your bills late or incur additional debt, then your credit score may go down. If you pay down an outstanding balance on a credit card or mortgage, then your score may go up.

How a Credit Card Impacts Your Score

If you are considering closing one of your credit card accounts to boost your credit score, then please be sure to contact one of our FICO experts first. We typically do not recommend doing this because of a credit score factor called “credit utilization ratio.” This ratio compares your total used credit to your total available credit. The higher this ratio is, the more it will negatively impact your overall score. Keeping your credit card account, especially if you don’t use it, allows you to make sure that the ratio moves in your favor.

Where to Get Your Credit Score

In some cases, a lender may tell you your credit score for free when you apply for credit. If you apply for a mortgage, then you will receive the credit score that was used to determine whether your lender would extend credit to you and the terms of your loan. If you are interested in purchasing your credit scores, then you should go directly to the credit bureaus by calling them or visiting their websites listed below. Improving your credit score and understanding your report does not have to be difficult. Call 360 Credit Consulting today to get the help you need or get started with a free credit analysis.

Equifax: Call 1-800-685-1111 or
visit www.equifax.com/compare-products

Experian: Call 1-888-397-3742 or
visit www.experian.com/consumer-products/personal-credit.html

TransUnion: Call 1-800-493-2392 or
visit www.transunion.com/corporate/personal/creditTools.page

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360 Credit Consulting can help you save! Are you trying to get credit approval? Improving your credit will save you thousands of dollars each year with better interest rates.

Do you know what’s reporting on your credit report? Do you know what can make it better or worse? Do you know how to maintain a good credit score? Take advantage of our free educational resources and start saving money today.

Don't let a few bumps in the road hurt your financial future. Errors and inaccuracies on your credit are costly, and you might not even be aware of them. We find them and help you remove them.

We can help calculate a realistic time frame for you to achieve the results you want. 360 Credit Consulting analyzes your credit and guides you through the process.