Free credit score free credit report Lubbock

This figure, a measure of your past ability to make payments on time and manage your credit, will be somewhere between 300 and 850, with the average American coming free credit score free credit report Lubbock in around 678, according to free credit score free credit report Lubbock Experian’s 2005 National Score Index. If your score is too low (most lenders consider anything below 620 to be "sub prime," or higher risk) you free credit score free credit report Lubbock may not get the loan you’re seeking or, if you do, it will likely carry a higher interest rate. With so much riding on this number, it’s important to understand what factors affect it. Unfortunately, there’s a lot of misinformation floating around about credit scores. Here are six of the most common myths and the facts to set you straight. The three major credit bureaus -- Equifax, TransUnion and Experian -- sell their services under different names, but they all use free credit score free credit report Lubbock the same formula to arrive free credit score free credit report Lubbock at their numbers. online credit reports Your score may vary slightly between the free credit score free credit report Lubbock bureaus, however, because each has different information in your file. For example, one bureau’s records may go back longer, or a previous lender may have shared its info with only one bureau and not the other two. Unless the scores are wildly at odds, many lenders free credit score free credit report Lubbock will use the one in the middle when they consider free credit score free credit report Lubbock your application. Having too many credit accounts can negatively affect your credit score, but canceling them may not improve it. To measure your ability to manage debt, credit bureaus look at the amount of credit you’re using compared with the total free credit score free credit report Lubbock amount you have available. free company credit check

So closing unused accounts reduces your untapped credit and may make you appear overextended.

Closing your oldest accounts is even worse because the longer a line of credit is open, the more history you’ve accumulated. If you do close an account, consider closing your newest one and transferring any balance to an older one. When a lender makes an inquiry about your credit, your score has the potential to drop up to five points. For this reason, some borrowers are afraid that comparison-shopping for a mortgage or auto loan will result in multiple deductions.

The score is set up to take into account that even though you are only looking for one loan, multiple lenders may request your credit report (i.e. For that reason, all mortgage or auto inquiries made in the 30 days prior to when you choose your loan will not affect your score. To determine your score, the free credit score free credit report Lubbock credit agencies also look back at any auto or mortgage inquiries that were made in the past two years (but are older than the 30 day window). If there are any within that 2-year window, all of the inquiries that fall into a normal "shopping period" are counted as just one free credit score free credit report Lubbock inquiry when determining your score. free credit score and report The length of the "shopping free credit score free credit report Lubbock period" varies depending on the version of the FICO scoring formula used by your lender and can be either 14 days (older versions of the free credit score free credit report Lubbock scoring formula) or 45 days (free credit score free credit report Lubbock newer versions of the scoring formula).