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UNDERSTANDING
YOUR CREDIT SCORE
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| Types
of credit scores |
| There
are primarily two types
of scores - generic scores
and custom scores. Custom
scores are generated by
individual lenders, who
rely on credit reports
and other information,
such as account history,
from their own portfolios.
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| VantageScore |
| VantageScore
is the first generic credit
score developed cooperatively
by Experian and the other
national credit reporting
companies. This score
uses the same exact formula
across all three credit
reporting agencies. Learn
more about VantageScore.
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| Why
lenders use credit scores |
| Before
credit scores, lenders
physically looked over
each applicant's credit
report to determine whether
to grant credit. A lender
might deny credit based
on a subjective judgment
that a consumer already
held too much debt, or
had too many recent late
payments. Not only was
this time consuming, but
also human judgment was
prone to mistakes and
bias. Lenders used personal
opinion to make a decision
about an applicant that
may have had little bearing
on the applicant's ability
to repay debt. |
| Credit
scores help lenders assess
risk more fairly because
they are consistent and
objective. Consumers also
benefit from this method.
No matter who you are
as a person, your credit
score only reflects your
likelihood to repay debt
responsibly, based on
your past credit history
and current credit status.
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| Credit
score factors |
| Score
factors are the elements
from your credit report
that drive credit scores.
For example, your total
debt, types of accounts,
number of late payments
and age of accounts affect
credit scores. Score factors
indicate what elements
of your credit history
most affected the credit
score at the time it was
calculated. Score factors
are the key to improving
credit scores. They tell
you what you must address
in your credit history
to become more creditworthy
over time. Score factors
are usually consistent
from one score to another,
so addressing the items
identified by the score
factors can help you improve
other credit scores. Lenders
are required to provide
consumers with the most
significant score factors
when they are declined
credit. |
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This
information is provided as a
general educational tool and
Crown Jewelers makes no representation
as to accuracy or it's relevance
to your particular situation. |
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::
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All purchases at Crown Jewelers are totally risk-free.
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Shopping
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Day Money Back Guarantee
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Certificate with purchase of diamond product of $300 or more
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with every purchase
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Trusted By Many
Crown Jewelers has been in business Since 1988, thousands of customers
have found Crown Jewelers to be their online jeweler of choice.
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