What Exactly Is A Credit Score. By Martin Gandhi

What Exactly Is a Credit Score? By Martin Gandhi | Submitted On November 30, 2012 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest When you apply for a loan in order to buy the house or car of your dreams lenders will look at your credit score and they will use it to decide if they should give you the loan or not. There are lots of Americans who don t know what a credit score is or how it is calculated. If you belong to this group of people, then don t worry†¦show more content†¦Where Does It Come From? Now you are probably wondering Where does my credit score come from? This is a very common question and the answer is simple: Your credit score comes from your credit report. This credit report is created by the three major credit bureaus in the states and it contains the history of your payments, the amount of loans that you have, how much you owe, and a few other things. The bureaus use the information contained in your credit report to calculate your score. The three major credit bureaus use the FICO scoring system, which ranges from 300 to 850. What Exactly is Your Credit Score Made Of? Your credit score is made of five different parts: Payment History (35%) Payment history refers to the ability to pay your bills on time. It represents 35% of your credit score. Your history is considered the best indicator of your future financial behavior. Late payments, missed payments, loan defaults, unpaid taxes, and the worst of all, bankruptcy, will all hurt your score. It s also important the amount of negative events and when these events happened. Newer events affects your score more than older ones. More severe events (like bankruptcy) are worse than less severe events. And many events hurt your score more than only a few of them. Amounts Owed (30%) Amounts owed represent 30% of your credit score. It refers to the amount of debt you have in comparison to your credit limits. This is also called the debt to credit ratio and it worksShow MoreRelatedTrait, Skills, and Situational Leadership Approaches: a Comparative Examination7410 Words   |  30 Pages David C. Greenhalgh Submitted by: Ronald Greilich Eastern University April 15, 2011 Introduction There are many theories of leadership but three of the more formative are the trait approach, the skills approach, and the situational approach theories. 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