| If you want to check your credit score so that you | | | | the following percentages. |
| can buy a house of get a loan for a business, you will | | | | The timeline of your bill payments will count for 35 |
| need to check with all o the three credit bureaus which | | | | percent and includes late payments, and missed |
| are Experian, Equifax, and TransUnion. | | | | payments. Outstanding credit is 30 percent and can |
| They each follow variations of the FICO credit scoring | | | | differ depending on how much the installments are |
| system. The beacon credit score is used by the | | | | compared to the loan amount. |
| Equifax bureau and this score is based on certain | | | | By reshuffling your money, you can improve your |
| factors of your life including jobs, income, changes of | | | | credit score dramatically. The amount of time that your |
| address, enquiries and debts. | | | | credit has been active is 15 percent and this means |
| The reason that banks will want to see your beacon | | | | that you should not close any accounts if you are in |
| credit score is that they can assess how able you are | | | | debt. |
| to pay back the loan that they give you. This score will | | | | Just pay them off and keep the account active. They |
| also determine how much the interest rate will be on | | | | want to see that you have been using your account |
| that loan. | | | | for more than a year to get better credit results. The |
| The credit scores range from 300, which is bad, to | | | | type of credit that you have counts for 10 percent so |
| 850 which is brilliant, but most people range between | | | | always use a reputable source and do not open too |
| 600 and 800. | | | | many small finance credit cards. |
| To get a favorable bank loan and good interest rate, | | | | Acquisition of new credit can lower your beacon credit |
| you beacon credit score must be above 750. This can | | | | score so do not open too many credit cards in a short |
| save you so much money per year because of the | | | | space of time. |
| amount of interest that you will have to pay. | | | | If you want to assess your beacon credit score you |
| The beacon credit score [ can be higher with low | | | | can find many places online where you can do that |
| interest rate banks wanting you to have a beacon | | | | and have the results in less than 24 hours. |
| credit score of 640, and middle to high interest rate | | | | You can also find calculators that will let you determine |
| bank wanting a score of at least 540. A perfect score | | | | your score and help you to improve it before you |
| would have to be close to 850. | | | | approach any banks and lenders. The trick to keeping |
| Even though this can be difficult to achieve, the banks | | | | a high credit score is to only take out a loan when it is |
| do use all three models to ascertain the loan that they | | | | absolutely necessary and to pay it back on time. |
| give. The factors that are looked at are arranged in | | | | |