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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 explanation,
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 PLUS Score is formulated using the information in your credit file. Your PLUS Score can range between 330 and 830, with a higher credit score indicating a lower risk. Since 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 help you understand your overall credit rating and help companies better understand how to serve you. Overall benefits of credit scoring have included faster credit approvals, reduction in human error and bias, consistency, and better terms and rates for American consumers 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 may be affecting your PLUS 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
PLUS ScoreSM, 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. Your PLUS Score can help you understand what factors impact 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. In general, the higher your score, the better your chances are of obtaining favorable rates and terms.
Your PLUS Score was calculated using your actual data from your credit file on the day that you requested your report, making it comparable to most scoring models in the industry. Keep in mind however 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 PLUS Score for each of your credit files.
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