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Credit Score Rating Scale: How It Is Done and What It Does To You

Your credit history is a very important document that creditors, certain companies and certain landlords will take a look in order to determine your credibility. For banks and credit card companies, they look at your credit history in order for them to determine if you are a person that pays bills on time. This means that when you apply for a loan or a credit card, banks, creditors, and credit card companies will determine if you will be approved for the loan or the credit card or not by simply analyzing your credit history and taking a look at your credit score.

This is why it is important for you to know how credit rating works. It is very important for you to know what a credit score actually means to you and your future. In fact, not many Americans know what a credit score is. A bad credit score will mean the denial of getting approved for a phone line in your own home. This is how important it is for you to get a good credit rating. Now, the next question you may want to ask is how your credit score is determined in the first place.

First of all, creditors, such as banks, lenders, and the credit card company will make reports about your credit history to credit reporting agencies. If you don’t pay your bills on time, the creditors will be making negative reports and submit them to credit reporting agencies. This will hurt your credit score.

It is important for you to remember that your credit score isn’t static. It will go up if you pay your bills on time and it will go down if you don’t pay your bills on time and create a negative credit report. Your credit rating or your credit score changes all the time. This is why it is very important for you to pay your bills on time, such as your loan, and your credit card bills in order to continually raise your credit score.

If you don’t know what your credit score is, you can order it through the three major credit bureaus in the United States. The credit card report can be obtained for free every year. You can order all of it at once in order to compare it and spot some errors that may be hurting your credit score.

By doing this, you will be able to check your credit score before you apply for a loan or a credit card. If you applied for a loan or a credit card if you have a bad credit score, this will further contribute to a bad credit report.

So, it is very important for you to know about your credit score before you even think about applying for a loan.

Always remember that having a good credit score will mean getting good apartments, getting some of the basic necessities, such as a phone line in your home, getting the best loan deals, and also getting the best credit card deals.

By having a good credit score, you will increase your chances of obtaining loans and other financial opportunities that may cross your path in the future. Always keep in mind that your credit score means a lot in today’s society. Maintaining a good credit rating nowadays is a must.

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  1. Dear ShaDonna, this article is mean to help you think better before you apply for a credit and for you to know what does scoring mean, but not to show you the actual scoring calculator.

    But since you’ve asked, imagine an excel workbook that contains the following fields:

    Your sallary:
    Other incomes:
    Family members:
    For how long do you wish to make the credit / rates:
    Other people who might help you pay:
    Potential warranties:
    .. and so on.

    After they fill these fields, at the bottom of the page appears a message:

    Customer is ELIGIBLE or NOT ELIGIBLE

    Salary must be above $2,500
    Or Mortgage required

    If you need more information, feel free to post here and I might even send you such a score calculator. But please be aware that European banks have some special fields, other than those in United States. I suggest you should directly contact credit officers from the banks or access their websites and find more useful and detailed information.

    Greetings and thank you for dropping by.

  2. There are a few inside secrets that will instantly allow you to build credit score ratings. They are by no means difficult to perform. It is just a matter of knowing how. By using the credit scoring system to your advantage, you can quickly turn a bad history into a great loan rating. You’ll fool lenders into giving you more money, cheaper rates, and better terms on your new home, car or personal loan. n just 5 minutes, for example, you can use a dispute letter that is already written out for you, simply insert your account number and personal information, sign it, and drop it in the mail.The secret is knowing how the system works and then using the system to your advantage. When you use these build credit score techniques, you’ll have near perfect credit and fool lenders into approving you for more money.

  3. Great page, I have really bad credit and debt but have great job and income now, and really want to invest in real estate! its good to know there are ways and hard lenders out there!

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