Credit Score

Submitted by Andrew on Fri, 06/19/2009 - 04:44
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I do not have a credit card, neither do I have any loans or any relation with any financial institutions. So I guess I do not have a credit score. I would like to know what should I do to have a credit score in the first place and what is a good credit score and how do I maintain the score in future.

Hi Andrew,

The credit score is a number, the credit bureaus give to individuals who have credit accounts. A credit score that is calculated by the Fair Isaac Corporation( FICO) is accepted as standard by most creditors. The score ranges from 300 to 850. The credit score is the measure of your credit worthiness. So the higher your credit score, the greater will be the chances of qualifying for a new line of credit.

To get a credit score you must have credit accounts. Credit accounts can either be revolving or installment accounts. When you make purchases through your credit accounts and repay the due amount, you start building a credit record. To have good credit records you must make timely payments for all your bills. To know more, you can read the articles here on credit score

Fri, 06/19/2009 - 05:12 Permalink

A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information, typically sourced from credit bureaus.The system of credit reports and scores in Canada is very similar to that in the United States, with two of the same reporting agencies active in the country: Equifax and Trans Union.

Fri, 06/19/2009 - 11:47 Permalink