Credit
Score of 625 Loans - Part Two
Credit score of 625 Loans -
Part Two
By: Cameron Knophler
A
credit score of 625 is very common if you have had some credit
problems and no bankruptcy. I bet you are wondering how the Fair
Isaac algorithm decided you have a credit score of 625. The Fair
Isaac score starts at three hundred and goes as high as nine-hundred.
Just be glad you don't have three hundred. Ain't nobody talking
to you then!
Anyways...a credit score of 625 would be calculated 10% on the
"types of credit you have", 10% on "recent inquiries
on your credit report", 15% on the "length of your credit
history", 30% on your "outstanding debt", and 35%
on your "payment history". As you can see, if you outsanding
debt and your payment history is OK then you are not doing too
bad.
Factor 1 = 35% on your payment history.
Factor 2 = 30% on your outstanding debt.
Factor 3 = 15% on the length of your credit history
Factor 4 = 10% on recent inquiries on your credit report.
Factor 5 = 10% on the types of credit you have.
So lets figure out a credit score of 625 shall we. Above I stated
the range starts at 300-900. The half way mark between 300 and
900 is 600. So taking in the factors listed above, a credit score
of 625 is 25 points above the half way point. You could score
a zero, goose egg, nothing, on factors 3-5, but if factors 1 and
2 are good, you are usually golden.
For
more direct information on Fair Isaac and their fico scores, or
more information about a credit score of 625, you can find all
of this information at www.fairisaac.com. This is a very good
website and their is lots of information all to do with credit
scores and credit concerns. I have used this site to glean new
and updated inforamtion on the subject of "bad credit loans".
I highly recommend checking out the Fair Isaac website.
If
you need a loan and you have bad credit you can use the "fix
your credit score" link just below. All the best and good
luck getting your loan or your credit fixed.
This
"credit score of 625 loans" article starts at: Credit
score of 625 Loans - part one
This
"credit score of 625 loans article" continues at: Credit
score of 625 Loans - part three
To
fix your credit score click
here
Cameron
Knophler is a successful author and publisher of http://www.auto-loan-4.com.
He has sense of humour that is a little warped at times. Any of
Cameron's off color jokes are purely for entertainment purposes
and he, nor I, have any ill will towards any brands, labels, companies
ore persons therof.
He lives with his wife Michelle in Carlsbad, U.S.A. (she is also
real nut bar.........in Cameron's words of course)
