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Credit Report Score
Credit Report Score : What Is it?
Credit report score is a system creditors use to help determined whether to give you credit. Credit report score contain information about you and our credit experiences, like your bill-paying history, number and type of accounts you have, late payments, outstanding debt, is collected from your credit application and your credit report. Creditors will then apply statistical model to determined your total credit score. Generally consumers with a good credit risk have higher credit score.
The idea behind credit report score is to allow lending institution to assess a theoretical probability of the success of the loan. The credit report score system present a point average which decision on lending will be base upon. Most institutions will not lend money in credit report score falls into negative range.
Credit Report Score : General Overview
Each institution that issues loans or credit use their own validation system that is subjected to changes every 3 to 4 years. The credit report score list provided here by no means a definitive requirement list but rather a reference that will allow you to give yourself and arbitrary credit report score. You should score at least 17 points here to be above gray area in most institution credit report score.
| General Information | Credit Report Score |
| Phone listed in your name | 2 pts |
| Married | 2 pts |
| Dependent : none | 0 pt |
| : 1-3 | 2 pts |
| : 4 or more | 1 pt |
| Age Group | Credit Report Score |
| 21 - 25 | 1 pt |
| 26 - 64 | 2 pts |
| over 65 | 1 pt |
| Years At Present Residence | Credit Report Score |
| to 5 years | 1 pt |
| over 5 years | 2 pts |
| Years Previous Residence | Credit Report Score |
| to 5 years | 1 pt |
| over 5 years | 2 pts |
| Years At Present Job | Credit Report Score |
| to 1 years | 1 pt |
| 1-3 years | 2 pts |
| 4-6 years | 3 pts |
| 7-10 years | 4 pts |
| over 10 years | 5 pts |
| Spouse employed | 2 pts |
| Monthly Obligation (incl rent or mortage) | Credit Report Score |
| less than 500 | 2 pts |
| more than 500 | 1 pt |
| Type of work | Credit Report Score |
| Executive, Professional | 4 |
| Skilled worker | 3 |
| Blue collar | 2 |
| Others | 1 |
| Loan Experience | Credit Report Score |
| At bank where you apply credit | 5 |
| At another bank | 3 |
| Checking or saving accounts at bank you want to secure credit | 2 |
What will results in reducing credit report score?
Negative items on your credit history such as more than 2 or 3 credit inquiries without subsequent credit being granted within the last year will reduce your credit report score. Having more than loans will also have negative impact on credit report score.
Does credit report score system vary between different institution?
Yes credit report score required to secure a loan may vary from one institution to another, or from time to time depending of the lending policy of the institution and cash available for loan.
What should I do if my credit report score do not meet the requirement of a lending institution?
As the credit report score required by lending institution varied from one to another, it is advice to apply at a number of different institution. He may find his credit report score fall into the middle area where of some institutions may not wish to grant him credit while other institutions may be more likely to approve his application.