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Your credit
score is available to you whenever you want. The creditors and lenders
use the information on your various credit reports to determine the
state of your finances and how much of a risk you might be to them. The
reporting agencies use your credit history and credit score to determine
if they want to do business with you.
A bank
uses an arithmetic average credit score, by adding the score from all
three of the reporting agencies, Experian, Equifax and Trans Union, then
dividing by three. Seeing as your dealing with banks for most of your
credit decisions, from opening new credit cards to getting a mortgage,
you can use their guide as your guide.
It is good to be informed. Why not know what
everyone else knows about your finances? Whether applying for a
mortgage, buying a car, or simply looking into your overall credit
rating, making calculations based on your credit score is the smartest
way to answer tough financial questions. |
