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UNDERSTANDING YOUR CREDIT SCORE

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.
 
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.
 
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.
 
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.
 
 
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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All information contained is deemed reliable, but not guaranteed.
Crown Jewelers reserves the right to change the terms of the credit program without notice.