Tuesday, May 23, 2017
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Tom Gilliam
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Inside This Edition
Great Returns
12 Ways To Invest Less Than $1,000 In Your Home And Sell It For More
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Insurance
Know-How For Making A Claim
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Sniff Test
Odor, Odor Go Away
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Numbers That Matter
What Is Your Credit Score?
Read More >
Buying Smart
The Best Way To Handle A Seller’s Market Is With Your Head, Not Your Heart
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File It Away
Conquer That Mountain Of Paperwork
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 4

Numbers That Matter

What Is Your Credit Score?

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Price. Lenders will want it. You should know it. Your financial practices affect it. So, what is it?

Your credit score is a number calculated by the credit reporting agencies of Equifax, Experian and TransUnion. Using various pieces of information from your credit report, they calculate your credit score, which, depending upon the number, indicates how good of a credit risk you are to mortgage lenders and others who might issue you credit. The higher the number, the better your chances of getting approved for loans and credit and for securing lower interest rates on loans.

Here is the generally accepted break down of credit scores according to Experian:

800+ exceptional (20% of all people)
740 to 799 very good (18% of all people)
670 to 739 good (22% of all people)
580 to 669 fair (20% of all people)
579 or less poor (17% of all people)

Here is how your credit score is calculated by the three credit reporting agencies:

35% of your score is comprised of your payment history

30%—your total amount of debt

15%—length of credit history

10%—credit mix in use (credit cards, mortgage(s), auto/student loans, etc.)

10%—new credit (how recent was your last account opened)

If you want to know what your credit looks like, you can check your credit report for free at www.AnnualCreditReport.com. Many credit card companies and banks now provide your credit score on statements. And, if you are denied for a loan or other credit, you have the right to see your credit report and score from the credit reporting agency used by the lender.


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