How do they calculate credit scores?
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wade
Apprentice
Joined: 22 Oct 2005
Posts: 3
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 Posted: 08/06/08 - 04:32 Post subject: |
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| I was thinking about getting a loan in my bank. I never had any financial difficulties, but last couple of months I had unexpected problems. Now I need a loan in order to fix the problem. This is why I would like to know how credit score is calculating. I would like to what are my chances to get a loan. |
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farlie
Apprentice
Joined: 15 Sep 2005
Posts: 6
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| Posted: 09/04/08 - 23:13 Post subject: |
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| Well, as you said credit score is used in evaluating the risk of granting you a credit. Credit score is based on all kinds of information about your type and number of accounts. It is also important that you pay your bill on time because that also has effect on banks. So this way you will have points for accomplishing your duty on time. A total amount of those points creates a credit score. If your credit score is high, that means that you are probably going to get a credit much easier and without problems. |
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