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Precisely What Is Your Credit Score And Exactly How Can It Affect Your Ability To Raise A Loan?
Most of us know that we have a credit record which is maintained by a number of major credit bureau and a particularly important element of your credit record is your FICO score. But just what is your FICO score and just does it influence your debt management decisions?
FICO is an acronym formed from the first letters of the Fair Isaac Corporation who devised this system of credit scoring and is a number which is normally between 350 and 850 which ranks your credit worthiness according to a proprietary algorithm formulated by the company,[link widoczny dla zalogowanych], with 350 being the poorest score and 850 being the best.
Though the details of the algorithms are a tightly guarded secret,[link widoczny dla zalogowanych], over the years many people have reverse engineered many of the important factors. For example, late payments will reduce your score and the greater the number of late payments you have and the later these payments are the more heavily the credit score is affected. The total amount of debt carried each month is yet another factor. A not quite so important factor is the number of credit cards you hold and the number of credit checks undertaken out on your account.
Any FICO score of under about 620 is considered as marginal and a FICO score of below 580 is decidedly poor. A FICO score of 720 or more is very good to excellent. A FICO score which comes in between 620 and 720 represents something of a gray area in which items other than your simply your FICO score will play a more significant part in loan decisions.
Mortgage companies, banks,[link widoczny dla zalogowanych], credit card companies and other lenders will use your FICO score as an extremely important element in deciding whether or not to make a loan. Lenders will also take your FICO score into consideration when deciding what interest rate to charge you. Everything else being equal the higher your score the better the interest rate you can obtain.
A lot of the time of course all other things are not equal and prevailing interest rates in general, the present demand for loans, the overall economy and a host of other factors will have a heavy influence on whether or not lenders will grant loans and at what rate.
Yet another very important factor these days is the use of computers which has changed the financial industry greatly over the past 20 years and also provided consumers with far more direct access to services and products using the World Wide Web.
Even with all these changes the FICO score is still a primary tool for the majority of lenders and,[link widoczny dla zalogowanych], though it may not determine the final decision, it clearly influences the 'first cut' when lenders are presented with a pile of loan applications to approve or disapprove.
Happily for those who are having some financial problems there are choices and even if your FICO score is not very high you nevertheless will have several options open to you. The first thing you should do however is to set get yourself a plan to better your score.
As you slowly remove your overdue debts by paying them down or by negotiating with the creditor your score will slowly increase. And do not forget that the age of those 30 and 60 day past due and late payments is an element in coming up with your score.
While you are raising your credit score you can also look around for other lenders who are willing to take a higher risk by lending you money. The problem of course is these loans almost always carry a higher rate of interest. If you can your best approach is to try to forego borrowing for a while while you work to increase your FICO score. TheDebtAssistanceCenter. com provides information on a range of topics including personal bankruptcy and exists to provide help with debt problems for borrowers.Topics related articles：

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