Posted on: 19th Jul, 2009 11:06 pm
Which one of these is the best to use when trying to rebuild credit score after a voluntary repo of a vehicle?
FICO score or just a credit score from the credit companys?
FICO score or just a credit score from the credit companys?
Hi,
There are three major credit bureaus, namely Experian, Transunion and Equifax, that offer you credit scores. All three credit scores are important as the lender checks all three of them. However, it is the middle score that counts. Of the three scores, the middle score is considered for the approval of the loan. However, the FICO scores are the most widely known among the three types of credit scores.
There are three major credit bureaus, namely Experian, Transunion and Equifax, that offer you credit scores. All three credit scores are important as the lender checks all three of them. However, it is the middle score that counts. Of the three scores, the middle score is considered for the approval of the loan. However, the FICO scores are the most widely known among the three types of credit scores.
for the most part, "FICO" is used as a generic term for credit score, even though it's the one that Fair Isaac invented.
what you want to improve is all three of your credit scores - pay your bills when they are due, keep balances to a minimum and don't go berserk in seeking new credit.
what you want to improve is all three of your credit scores - pay your bills when they are due, keep balances to a minimum and don't go berserk in seeking new credit.
HI, the only score you need to worry about is Fico. This is the only true and real score that actually matters. All 3 major credit bureaus report a score and are different.
strive to achieve the best score period, whether it's from experian, equifax or transunion. the higher your scores - all 3 - the better.
Credit Score:
sstrickland81
Welcoem to the forum
Your credit score and report is based on the following
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
As you can see 35% is payment history, as you are making payment on time now, it will help you to improve the score quickly and the next 30% is how much you owed. As you keep making payment it will reduce the amoutn you owed helping again to improve your score and report.
15% is length of credit history.
Your credit score or FICO score is calcuated based on these facotrs.
You will have different score with three different agencies and normally most of the lender take the middle score
Good luck and feel free to ask
sstrickland81
Welcoem to the forum
Your credit score and report is based on the following
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
As you can see 35% is payment history, as you are making payment on time now, it will help you to improve the score quickly and the next 30% is how much you owed. As you keep making payment it will reduce the amoutn you owed helping again to improve your score and report.
15% is length of credit history.
Your credit score or FICO score is calcuated based on these facotrs.
You will have different score with three different agencies and normally most of the lender take the middle score
Good luck and feel free to ask