There are a lot of different ways your credit score can be calculated from you credit report. There are five different categories that the data can be grouped into.
Most important is Payment History. Credit Cards, Retail Accounts, Installment Loans, Finance Company Accounts and Mortgages are some of the different accounts used. Adverse public records such as a bankruptcy, judgments, suits, liens and more. Severity of delinquency or how long past do. Also the amount past due and the number of past due items.
Amounts Owed is the second biggest category viewed. The amount you owe on your accounts and the number of accounts you have. How close to the credit limit the balances are.
Length of Credit History consists of how often and how many times accounts are opened.
How much New Credit you have. Like the number of recently opened accounts. The number of credit inquiries. The length of time between account openings and the amount of time since the last inquiry.
Various Types of Credit Used is also considered.
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Drew Gainor
http://www.drewshomes4sale.com/
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