Because there are different credits scoring systems, there are several types and ranges of score values. Generally, the higher the score, the lower the predicted risk to the lender. (FICO scores, for example, range from approximately 300 to 900.)
It is very important to ask the lender or creditor to interpret your score for you. Because the scoring systems and the numerical ratings vary, never assume that your score is good or bad until it has been fully explained to you by a credit industry professional.
In addition, some credit scoring companies publish a distribution of their scores and the likelihood of a borrower to repay.
There are no quick fixes. Only perseverance and long-term, responsible credit management practices will provide you with a good credit score.
It is very important to ask the lender or creditor to interpret your score for you. Because the scoring systems and the numerical ratings vary, never assume that your score is good or bad until it has been fully explained to you by a credit industry professional.
In addition, some credit scoring companies publish a distribution of their scores and the likelihood of a borrower to repay.
There are no quick fixes. Only perseverance and long-term, responsible credit management practices will provide you with a good credit score.
