Many people do not know that your credit report and credit score are two separate things. Here is a rundown of each of the two so you can have a better understanding of your credit.
Since each credit provider decides the acceptable level of risk they’re willing to take, it’s really hard to say what a “bad” or “good” credit score is. Despite this fact, there are generally accepted score levels within an overall credit scoring range that can be called “excellent”, “good”, “fair”, “poor” and “bad”.
Even if you know that you have a credit rating, and that the number associated with this score is important, do you know where this number comes from? While there are different scoring models (with FICO being the most popular), all credit scores are based on the information contained in your credit reports.
If you’re surprised by your FICO score, you’re not alone. Your score is determined by a few contributing factors, and each one is weighted differently in terms of how much it affects your total credit rating. Basically, there are 5 different components to consider.
You’ve noticed that there are some great lease deals out there, so you’re thinking that you might want to try leasing your next car. But you’re wondering just how good your credit needs to be in order to qualify for a lease contract. And while there is a general guideline, it really comes down to the individual discretion of each leasing company.
The lender formerly known as GMAC has started a pilot program that offers account holders access to their FICO Score