Mine

Credit Scores

Arrell Garcia

COM/156

May 9, 2011

Lawrence W. Daly

Credit Scores

Lenders measure credit scores in many ways. A low score will have consequences, but a low score is not always the persons fault. There is information that the lenders look for when they run someone’s credit score. Such as their credit history, payment history and even the different type of credit they have. Some people may have a low credit score which in some cases are not always their fault but in some it is their fault. There are always consequences to having a low credit score. All of this information the lenders look for on the credit report.

There are many things that credit lenders look for when checking credit scores. Levels of debt, income and payment history are three of the most important things when determining a credit score. Credit card lenders also look for your credit history to determine if you have ever had a credit card and if so how well did you keep up with it. Credit types are also another large factor in determining eligibility for a credit card lender because they want to know what types of credit has been accounted for.

There are many levels of debt ranging from poor to great. When a person has a great credit score they are most likely going to be able to pull any type of credit that they apply for because that shows that they keep up with their financial responsibly. Poor credit means that there are too many negatives on the credit report and there for there is a chance the person applying will not be approved because they have negatives on their account. There are many things that do factor into someone not being able to keep their credit great. Income is one of the major issues that most people have not being able to keep their credit in excellent status. Losing a job could result in someone not being able to pay their financial responsibilities and therefore their credit will get ruined. There are some people that do not realize how important...