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| Prepared for: JOHN CONSUMER |
Report Date: Sept 27, 2003 |
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A Credit Score is a numerical representation of your credit worthiness. The
majority of lenders use some sort of credit scoring model to help predict what
kind of credit risk you may be. For each bureau’s score and analysis,
click on the colored tabs below.
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This Credit Score is based on information
from your Experian credit
report.
Your Credit Score is calculated using the information in your credit report.
Since information often differs among your three credit reports,
your Credit Scores based on those reports will also vary. |
| Your Score is: 768 on a scale of 330 - 830 |
Click here for 0-100 scale |
Your Credit Category is:
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| Percentile: Your credit scores higher than 80% of U.S. consumers.
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| About your Credit Score: |
| Your Credit Score is formulated using the information in your credit file. Credit scores can help potential lenders, landlords, and employers quickly gauge
your credit history and decide what kind of a risk they are taking if they
approve your application. Your Credit Score can range between 330 and 830, with a
higher credit score indicating a lower risk. There are many scoring models used
in the marketplace. The type of score used, and its associated risk levels, may
vary from lender to lender. But regardless of what scoring model is used, they
all have one purpose: to summarize your credit worthiness. Keep in mind that
your credit score is just one factor used in the application process. Other
factors, such as your annual salary and length of employment, may also be
considered by lenders when you apply for a loan.
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| What your Credit Score means: |
| Factors in your credit file indicate you have excellent credit. Lenders will
likely offer you the best rates and terms. Continue practicing good credit
behavior and you should have no problem receiving favorable loan terms and
offers with little to no down payments.
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| What this Means to You: |
| Credit scoring can
also help companies better understand how to serve you. And, the overall
benefits of credit scoring are passed on to the consumer, such as faster credit
approval, reduction in human error and bias, consistency, and better terms and
rates for you through reduced costs and losses for lenders. While lenders may
use different scoring models to determine how you score, and each major credit
bureau has its own method for calculating credit scores, the scoring models have
been fairly well standardized so that a score at one bureau is roughly
equivalent to the same score at another. Below are common factors that are both
positively and negatively affecting your Credit Score.
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| What factors lower your Credit Score: |
Each time a potential lender or landlord pulls your credit report for review, an
inquiry is placed on your file. Having too many inquiries to your credit report
is negatively affecting your score. Inquiries stay on your credit report for up
to two years, but they are not necessarily negative information. However, too
many inquiries may indicate to lenders that you are trying to take on more new
debt. Try to keep your inquiries to a minimum and apply for new credit
sparingly.
Your overall balances are close to your overall credit limits, which may be
lowering your score. Having high credit limits shows lenders that you are
responsible with your credit, but you should increase the cushion between your
debt and your limits by paying down your balances so lenders don't perceive you
as getting in more debt than you can handle.
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| What factors raise your Credit Score: |
You’ve paid your bills on time and currently do not have any
overdue accounts or derogatory information, such as a collection, charge-off, or
bankruptcy, on your report. You can be proud of the fact that you are building a
good credit score, so continue with the positive credit behavior!
Your average credit limit for your major credit cards, such
as VISA or MasterCard, is high. This tells lenders that you have enough
financial experience and will be more likely to see you as a good credit risk.
Keep paying all your bills on time and work toward minimizing your outstanding
balance and you should have no trouble obtaining high credit limits on future
credit accounts.
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DISCLAIMER
The Credit Score, developed by Experian, is not an endorsement
or guarantee of your credit worthiness as seen by lenders.
The different risk levels presented here are for educational
use only. The Credit Score provides factors that raise
and lower your credit score.
Please be aware that there are
many scoring models used in the marketplace, and each lender’s scoring model has
its own set of factors. How each lender weighs their chosen factors may vary,
but the exact formula used to calculate your score is proprietary. But
generally, the higher your score, the better your chances are of obtaining
favorable rates and terms.
Your Credit Score was calculated using your
actual data from your credit file on the day that you request your Credit Score,
making it comparable to most scoring models in the industry. But keep in mind
that other factors, such as length of employment and annual salary, are often
taken into consideration by lenders when making decisions about you.
Also
note that each bureau has its own set of data, resulting in a separate Credit
Score for each of your credit files.
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