How to Determine Your Credit Score ‘Score de credito’ or Credit scores are great basis of lenders before providing loans to borrowers and as such, its importance can’t be neglected as well as the intricacies and complex process on how it is identified per individual. If you already have your fair share of loaning then, you definitely have noticed already that there are 3 diverse repositories of credits where lenders get their details of you, which is then processed in different standards to come up with a certain score. Different repositories may provide different types of scoring systems and they may even experience sudden changes through technology but one area that’ll remain, are the factors involved in identifying the scores. Some of the components involved in judging your score includes your history of payments for loans you’ve done in the past, the duration of each credit you have made, your current liabilities VS your current assets , your recent credits and others. Below are some of the in-depth knowledge about the components for score de credito, which would help those who are planning to loan or even just to satiate the minds of those who are curious about it. The payment history you have on credit companies would provide a huge percentage for your score de credito and it is an essential aspect to focus on as well because it establishes your image in the loan industry – whether you’re a trustworthy loaner or not. It is common knowledge and an understandable fact, that getting loans would surely be a lot easier if you have a record full of great payment history but if you have the total opposite that’s filled with late or no payments, bankruptcy claims and more, then you could forego the idea of succeeding in getting your loan.
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Credit scores would also reflect a certain percentage derived from your management of revolving credit. Your management of revolving credit, just like your payment history, would reflect your discipline as a creditor and there’s no doubt that having a maxed out revolving credit would not bode well for your future loaning plans. If you manage to do well just like other creditors, and minimize your revolving credit expenses down to only 50% at max, then there’s no doubt that creditors would view you with positive gleams in their eyes.
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You may think that after having one credit paid off in your first year of loan would greatly influence your credit scores but in fact, a record with more history or length would be viewed more favorably by scoring companies. It is also vital for a creditor to understand that even if you have great credit scores, it does not mean that you can have a lot of credits at the same time because doing this would surely inflict negative points to your credit scores. Having different types of credits would also do well for your score because this may indicate that you’re progressing in your life and as such, your chances of being deemed as a good creditor would skyrocket.