Real Truth About Credit Scoring
The credit scoring system awards points are awarded for each factor toward your credit worthiness. Using this system, creditors can then offer credit to individuals with the most points. For example earning over $1,200 per month gives you 15 credit points whereas earning $800-$1000 per month gives you only 12 points. Age is also a factor 21-28 year old gives you 11 points whereas 28-35 gives you only 5 points. The age discrepancy stems from the fact that most people in their thirties and forties generally have high amounts of debt already. Also having a telephone registered in your name and also in the directory earns you more points. In this day and age many more factors contribute to credit scoring sometimes as many as 15-20 factors can contribute to this, many of these factors are also variable and can be manipulated by the consumer to earn the best credit rating possible.
Credit score cannot legally discriminate on race, sex, national origin as many people would assume but the cumulative factors can exclude many groups of people therefore creating a general trend toward certain groups. In fact some creditors will even use factors like ownership of a car title and the age of the car. The fact is if you know all the cumulative factors that go toward earning a good credit score you should be able to sort out the variable factors and let them work to your advantage. To learn more about credit scoring go to http://www.1800aaacredit.com
Related Tags: credit repair, bad credit, debt, credit score, fico, no credit, credit letters
The Asani Wells financial group is dedicated to helping ordinary people change their lives for better and erasing the stigma of having a bad credit score. The Asani Wells financial group consists of ex-Bureau employees and agency solicitors who have combined years of knowledge of the credit score system into this easy to read downloadable EBOOK. Please visit http://www.1800aaacredit.com for more details.
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