CREDIT SCORE WHAT IS IT??? - University of Tennessee...Credit Score Rating % of People Impact...
Transcript of CREDIT SCORE WHAT IS IT??? - University of Tennessee...Credit Score Rating % of People Impact...
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CREDIT SCOREWHAT IS IT???
Henderson County 4-H
Loren Stanford, Extension Agent 11
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NEED TO KNOW
What is a credit score?
What influences credit?
When is your credit score
important?
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WHAT IS A CREDIT SCORE??
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WHAT IS A CREDIT SCORE??
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WHAT IS CREDIT UTILIZATION??
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WHAT INFLUENCES YOUR CREDIT SCORE??
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WHAT INFLUENCES YOUR CREDIT SCORE??
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WHAT DOES NOT INFLUENCES YOUR CREDIT SCORE??
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WHAT IS YOUR CREDIT SCORE IMPORTANT?
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NEED TO KNOW
I looked up my credit score
but it was different. Why?
What is a good credit score
Questions?
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YOU MAY HAVE MANY DIFFERENT SCORES
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WHY DOES MY SCORE DIFFER?
Credit Report Data
A score uses data from a credit reporting company, and each may have slightly
different data:
- Equifax
- Experian
- TransUnion
- OthersTiming
Your scores are not calculated on a fixed
schedule, so they depend on:
- When data is updated at a reporting company
- When your score is actually calculated
Scoring Models
Companies have created multiple versions of their scoring models and update
them frequently:
- FICO
- Vantage Score
- Other custom models
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WHAT IS A GOOD SCORE?
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Credit Score Rating% of
PeopleImpact
300-579 Very Poor 17%
Credit applicants may be required to pay a fee or
deposit, and applicants with this rating may not be
approved for credit at all.
580-669 Fair 20.2%Applicants with scores in this range are considered
to be subprime borrowers.
670-739 Good 21.5%Only 8% of applicants in this score range are likely to
become seriously delinquent in the future.
740-799 Very Good 18.2%Applicants with scores here are likely to receive
better than average rates from lenders.
800-850 Exceptional 19.9%Applicants with scores in this range are at the top of
the list for the best rates from lenders.
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HOW TO MAINTAIN A HEALTHY SCORE
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THANK YOU
ANY QUESTIONS?