Anne-Marie Saint-John, Alva, Long Island City, NY >

Your Credit Score

Your credit score is a number attached to your credit report that tells a lender how likely you are to repay a loan or make credit payments on time.

The number will be between 350 and 850, based on the FICO score, and between 510 and 990 based on the VantageScore.

A higher score will mean a better chance to get a credit application approved. It is important that you be very careful paying the debts you have on time since your score will change according to the history that you build.

For example, if you default on a loan, your score will go down. Likewise, if you start paying all your bills on time, your score will improve.

Most credit scoring systems consider at least the following factors:

  • Payment history: Do you pay your bills on time?
  • Amount of debt: Do you owe a lot of money, and in many different accounts?
  • Length of credit history: How long have you had credit?
  • Types of credit: Do you have a mix of credit (credit cards, installment sales, home loans, etc.), or only one type of credit?
  • New credit: Are you taking on a lot of new debt?

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