What do you mean by credit score?

hi to all on sitepoint forum can somebody tell me exactly what does the credit score means does it seems to be same as ficco score?

There is no such thing as a universal credit score, it is one of those urban myths. Most companies use on of the big credit reference companies to get a credit report; they then use their own criteria against that credit reference to apply their own risk assessment. Why don’t you get one of your own free credit reports to see what it is that is making lenders regard you as a poor risk? Remember you are entitled to challenge anything and ask for a correction of anything within your credit reference that you know is incorrect; you are also entitled to submit an explanation of why you didn’t keep up payments etc which some lenders may look at sympathetically.

There are 3 major credit scores which lending institutions may use one or more of to help determine credit eligibility. As mobyme indicated, some companies go beyond the score to determine eligibility. You can get a free score through dozens of companies, just watch out for the attached “credit monitoring” programs.

FICO is one of the most popular ways of generating of credit scores, and is widely used in the lending industry. There lots of other formulas for generating credit scores, so it’s certainly not the end-all score, and many lenders evaluate credit manually.

HI…thanx to all who gave such a good suggestions…

The following elements are all considered when credit scores are determined: How much currently owed, payment history, amount of new credit, mix of credit types, length of credit history.

Did you realise this thread was 2 years old?

If so then it’s generally bad etiquette to wake up very old threads unless there is good reason.