Does consolidating credit cards affect your credit score value not updating unbound ole object

20-Jan-2018 07:00

In the United States, the three main companies engaged in this business are Experian, Equifax, and Trans Union. Let’s say three people walked up to you and asked to borrow . Obviously, I’d loan money to the person I trusted, then the person I didn’t know, then the scoundrel.

You’ve known two of them for years: one is as trustworthy as can be, and the other one is the biggest backstabber and scoundrel you’ve ever known. Now, let’s say you’re a bank and three people come in and ask for a loan.

They do this by exchanging information with companies that offer financial items, such as loans, credit cards, and so forth.

The agencies generally care about three things: The agencies collect this information from everyone you’re indebted to and create a picture of how trustworthy you are in terms of credit.

“So, I’d define an ‘excellent’ credit score as one that ensures the best possible deals across all lending environments, which is 760 or above,” Ulzheimer says.

(FICO) and Vantage Score, and each uses a range of 300-850.The average American’s FICO score was 695 in 2015, an all-time high.“A score of 700 gets you to about the 50th percentile nationally,” Ulzheimer says.For instance, it can be difficult to get a low-interest mortgage with anything less than a great credit score, but you may still be able to get a decent auto loan even with mediocre credit.

That said, there are still some general guidelines, particularly since the two largest companies, FICO and Vantage Score, use the same overall point range of 300-850.Here are the most common scores you’ll see: Don’t get overwhelmed by the different credit scores that are out there.Simply be aware that lenders are much more likely to look at your FICO credit score than any other, and it’s up to you to double-check which score you’ll be getting before you pay to receive a your score from any service.Later on in this guide, I’ll detail several places where you can get your credit score and specify which one you’ll be receiving.