Hard to Get a Lender’s Exact Score: It’s often impossible to predict exactly what type of credit score a lender will use, especially since many lenders customize over-the-counter credit score models to suit their particular needs. And if you can’t get the specific type of score your lender of choice is going to use to evaluate your application, there’s really no reason to be picky.
Anna, his wife, let him direct the strategy for managing her accounts—whether to apply for new credit, when to ask for higher limits, how much of those limits to draw on. Her husband, a self-described credit card-obsessive, was also working on his own record. Six months ago, when some big credit blemishes finally dropped off his report, his score reached as high as 842. Within a year, Kelman thinks he can reach 850, too.
Credit is simply the ability for a consumer to be able to borrow money in order to purchase a product or service. You can get credit from a grantor (for example, from a bank), to whom you will need to pay back the full amount and possible interest charges that might add up over the period of time. There are four different types of credit starting with revolving credit, charge card, service credit, and installment credit. When you get credit and pay it back on time your credit rating improves over time and allows you the opportunity to borrow more from grantors. You have several credit scores you can check from the three top credit bureaus to see where your stand in the range. Check your credit often to see where you stand.
The system of credit reports and scores in Canada is very similar to that in the United States and India, with two of the same reporting agencies active in the country: Equifax and TransUnion. (Experian, which entered the Canadian market with the purchase of Northern Credit Bureaus in 2008, announced the closing of its Canadian operations as of April 18, 2009).
Your credit score and credit report are separate from one another. Your report is your entire credit history of all your installment (loan) and revolving (credit card) accounts. Your credit score on the other hand, is a number calculated from your credit history that shows where you stand in terms of credit health. Even though the two are related, you do have to request them separately.
A: It’s up to you. Because nationwide credit reporting companies get their information from different sources, the information in your report from one company may not reflect all, or the same, information in your reports from the other two companies. That’s not to say that the information in any of your reports is necessarily inaccurate; it just may be different.
help guard against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.