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YOUR CREDIT SCORE



Your credit score (or credit rating) is a number attached to your credit report that tells a lender how likely you are to pay a loan or make credit payments on time.
The actual number will be between 350 and 850, according to the FICO score, and between 510 and 990 according to the VantageScore score.
A higher score will mean a better chance for a credit application to be approved. It is important to be very careful paying your debts on time, as your score will change according to the history you are building. For example, if you stop paying a loan, your score will go down. Equally, if you start paying all your bills on time, your score will improve.
Most credit rating systems consider at least the following factors:


Payment History: Do you pay your bills on time?
Debt Amount: Do you owe a lot of money, and in many different accounts?
Credit History Extension: How Long Have You Had Credit?
Types of credit: Do you have a mix of credit (credit cards, installment sales, mortgage loans, etc.), or just one type of credit?
New credit: Are you taking on many new debts