Colombia Credit Score Chart

A credit score is a rating between 300 and 850 points that is used to determine the probability that a person will repay a debt within the established term. In the United States, a country whose economy is based on credit, the credit score is one of the most important pieces of information about any individual.

Although there are several credit scores, the most widely used is known as FICO (Fair Isaac Corporation). It is compiled from a credit report created by one of the three major credit bureaus-Equifax, Experian and TransUnion.

The credit report is a compilation of information about how a person manages his or her credit and debt. It includes how much you owe, where you work, how you pay your debts, where you live, whether you have filed for bankruptcy, had a home repossessed, default judgment, a car repossessed, etc.

Insurance companies depend on the insurance score to decide whether to insure a driver and the cost of the policy. One of the factors that make up the insurance score is the driver’s credit history, along with his or her accident and prior insurance history.

Mexico Credit Score Chart

The FICO score is the brand of credit score used by most consumer lenders, so it gets the most attention. FICO credit scores generally range from a low of 300 to a high of 850. (A few custom FICO scores for auto loans or bank cards range from 250 to 900, says Can Arkali, senior scientist in score analysis and development at FICO.)

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FICO says there is no “cut-off” where, for example, a good credit score becomes a very good credit score, or a very good credit score becomes exceptional. But Experian, one of the 3 major credit bureaus that supply data used in the FICO score, sets the cutoffs this way:

– 579 and below: Poor. FICO doesn’t trust this group at all; an estimated 61% could become seriously delinquent on their payments. If you can get credit, you will probably have to post collateral or a deposit. You may also have to pay a fee that borrowers with higher scores don’t pay.

How to raise your credit score fast

For a score in the range of 300-850, a credit score of 700 or higher is generally considered good. A score of 800 or higher in the same range is considered excellent. Most credit scores fall between 600 and 750. Higher scores represent better credit decisions and can make creditors more confident that you will pay your future debts.

There are many different types of credit scores. FICO® scores and VantageScore scores are two of the most common types of credit scores, but there are also industry-specific scores.

Not only does an excellent credit score almost guarantee acceptance when applying for most types of credit, including almost any of the credit cards you like best, but it also ensures the best interest rates and lowest fees.

Still above the average for U.S. consumers, those who fall in the “very good” range have credit histories that demonstrate reliable credit behavior. Those within this score are likely to qualify for almost any type of credit with little difficulty and receive favorable interest rates.

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How much your score goes up per month

When a lender looks at your credit report, they want to see if you pay all your debts on time. Your payment history greatly influences your credit score. It reflects your consistency in paying off debts and paying on time. It also shows accounts with delinquencies and bankruptcies, judgments and liens. A bad credit history can have a significant negative effect on your credit score.

Credit diversity is another factor in your credit score. A mix of credit types can positively affect your credit score because it signals to your lender that you can manage different types of debt well. Having a mix of credit types (such as credit cards, mortgages, personal loans, etc.) can boost your score a bit.

Credit utilization refers to the percentage you use of the credit you have. To find your credit utilization ratio, divide your total debts by your total available credit. A high credit utilization ratio can lower your credit score; for creditors, it’s best if you don’t meet or exceed your credit limit often. It is important to keep balances low on your credit cards to maintain a low credit utilization ratio.