Myth: My score is a reflection of my creditworthiness.įact: There are many factors that go into calculating your credit score, and just one of those factors is how much you owe. If there are any mistakes on one of your reports (like an incorrect balance), contact the creditor immediately to have it corrected.Īvoid opening new accounts until at least 6 months after applying for a mortgage or auto loan otherwise, it may look like you're applying for more than one loan at once-and that could hurt your chances of getting approved! Keep track of all of your credit accounts and check them regularly for accuracy. The sooner you can pay them off, the better! This includes credit cards and loans, as well as medical bills and utilities. To improve your Equifax score, you should: If your goal is to secure better loans and interest rates on those loans (which it should be), then aim for an ideal score of 740 or higher. Your score ranges from 300 to 850 however, there are different categories within this range: The higher the number, the better off you are financially-and therefore, more likely to get approved for loans and credit cards. It's calculated by looking at the information in your Equifax report, which includes information about where you live, how much money you make and whether or not you've paid bills on time. Your Equifax score is a number that represents your creditworthiness. To check your Equifax score, you can either use their website and enter your information to receive a free credit report summary from Equifax, or call 1-80. You may also want to get a free copy of your credit report from Equifax every four months just in case there are any errors on it that could be detrimental to your financial well-being. If you want to see what your Equifax credit score is, then it's important that you check it at least once a year. Length of time since last delinquency - The longer it has been since any negative information was reported about an account holder by their creditors or lenders means less risk associated with lending money out again because, statistically speaking, people who haven't had any problems paying off debts within 30 days tend not to have any future problems either! A high percentage could indicate that you may be overextended on your cards or using them for unnecessary purchases such as luxury items when there are more important things like food and shelter that need paying for first! However, if you used all ₹10k then your utilisation rate would be 100% (or 1). For example, if you have ₹10,000 in available credit and only use ₹1,000 of it then your utilisation rate would be 10%. Credit utilisation ratio - This refers to how much of your available credit you use at any given time. Payment history - This includes late payments, collection accounts and bankruptcies. The following is a list of the most common factors: There are many aspects that can improve and damage a person's Equifax score. Better chances of getting approved for credit cards and other loans The higher your score, the better it is for you. It's important to understand the importance of your Equifax score. It's important to know what goes into making up your score so you can work towards improving it over time. This report will show an individual's credit history and any errors or issues that may be present on their report.Ī Credit Score Report is a more in-depth look at everything that makes up your credit score. It's important to note that there are several different versions of this report available depending on what you need it for:Ī Free Credit Report is available to anyone once every year from each of the three major credit bureaus. You will need to enter some personal information, such as your name, address and date of birth, before receiving the results in about 15 minutes or less (depending on how busy their servers are). It's one of the three major credit reports, along with Experian and TransUnion.Ī personal Equifax Score Report can be obtained by visiting this website. Equifax report is a credit score that is based on your financial history.
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