Credit Score in the Credit Bureau – What is it?

Credit Score in the Credit Bureau – What is it?

The way in which you manage your personal finances speaks more about you, in such a way that you can not imagine, since it reflects values ​​such as responsibility and hard work. It may sound exaggerated, but it is not; Having healthy finances requires commitment, perseverance, order and planning.

According to a study called “The Anatomy of Credit Score”, many companies in the United States have proposed that for their recruitment processes the Score be taken into account since, in addition to having information they use For security issues, they can also discover key information about the personality of their prospects.

And what is the Credit Score?

And what is the Credit Score?

It is a score that is calculated taking into account relevant data about your credit behavior, such as:

  • how many credits have you requested
  • number of accounts you have active
  • if you have been late in payments or if you have been a good payer
  • Which is your pay capacity

It is worth mentioning that in this subject (as in many others) time is a very important variable, there is the importance of starting to build a credit history from now on.

How does it work?

How does it work?

This score can go from 300 to 900 points, and the higher it is, the better for you, since that means that you are a person that financial institutions can trust, so they will authorize loans or credits as if by magic.

Otherwise, if your Score is very low, insurance will affect you when you find yourself in need of acquiring financing, for example: requesting credit for a house, a bank loan or even a credit card.

Do you want to know what your Score says about you?

Score: 760 or more

Those in this range, wow !, They really know what they do. They do not go around, understand the meaning of responsibility and prefer to do things right from the beginning. They fulfill their goals, promises and obligations, which makes them a trustworthy person.

Their financial life is going well, they know very well what their ability to pay and what responsibilities they can take. They are not very vulnerable to impulses, do not support unpunctuality and prefer to make full payments (totaleros of heart), this gives them a plus, since the institutions trust them so much that they could even offer them loans with lower interest rates.

Score: 660-750

It is not so bad to be in this range. Here are responsible, but distracted people. Probably the reason they are here is simply that they forgot some payment date or that, even knowing their card limit, they got carried away and overdrawn it. They know the limits but sometimes they get carried away.

As for their financial life, they continue with the doors open for almost any type of credit, but, unlike those in the highest range, they do not have the opportunity to pay interest lower than the average at the time of Request financing.

These types of people are on time to change and improve their behavior with credits. We suggest you improve your score before asking for a larger loan.

Score: 600-650

These people describe their relationship with credits as “it is complicated.” They are impulsive people who, due to lack of administration and commitment to their obligations, are a bit stuck between their income and what they allocate to their debts.

They stay afloat, it will depend a lot on their future decisions if they cross the line towards a better score or they definitely collapse. They are people who tend to help others a lot, regardless of whether it is money.

They could still get a credit card, but it is better that if they request it they agree not to fail, since any false step could cost them their entry into the world of credit.

Score: less than 600

Disaster is his middle name, they are people who get carried away at all times by the emotional, all their credit cards are overdrawn and the only thing they think about is how to get another. Even you already have backlog problems.

Your finances are dominated by impulses. It is urgent that they take actions to finish paying off their debts and improve their score.

But where do I find my Credit Score?

The score or score is generated from your Credit Bureau Report, which you should review once a year. In your Special Credit Report you can find this tool that has a cost of $ 58 dollars (it is not expensive, or start).

There are many places where you can get an approximation of your Score, but if you have any doubts, I recommend paying to get it here: I want to know my credit score. Do not leave it for later, managing your personal finances in an appropriate way will allow you to plan a better future for you and those you want.

Don’t you want to discover your score?