Why credit score is important for better loan products

Why Credit Score Is Important For Better Loan Products CREDIT SCORES RANGE FROM 300-850 AND MEASURE THE LIKELIHOOD OF A PERSON BEING 90 DAYS PAST DUE ON A DEBT IN THE NEXT 24 MONTHS. NATIONAL DISTRIBUTION OF CREDIT SCORES 28% 19% 16 % PERCENT OF U.S. POPULATION 12% 11% 8% 5% 1% 499 & 500- 550- 600- 650- 700- 750- 800+ LOWER 549 599 649 699 749 799 CREDIT SCORE RANGE NO CREDIT SCORE SAYS WHETHER A SPECIFIC INDIVIDUAL WILL BE A "GOOD" OR "BAD" CUSTOMER AND THERE IS NO SINGLE "CUTOFF SCORE" USED BY ALL LENDERS. THERE ARE MANY FACTORS THAT LENDERS USE TO DETERMINE YOUR ACTUAL INTEREST RATES. WHAT'S IN YOUR CREDIT SCORE Type of Credit Used 10% Payment History 35% New Credit 10% Amounts Owed Length of Credit History 15% 30% CREDIT SCORE IS CALCULATED FROM A LOT OF DIFFERENT CREDIT DATA IN YOUR CREDIT REPORT. THIS DATA CAN BE GROUPED INTO FIVE CATEGORIES AS MENTIONED ABOVE. TOP TIPS TO SWEETEN YOUR CREDIT SCORE Be Diligent Don't Be Late Know The Process Make Repairs Get Smart Piktochart Designed & Isued In Public Interest By: B make information beautiful