ChargeItCredit Score
Good things will come to those with good credit scores.
Three reporting agencies are responsible for your mean credit score. Experian, Equifax, and TransUnion track your spending, bill payments, and other aspects of your credit history. Based on the data from these companies, three Fico scores are created, one for each company. Lenders want to know what kind of a risk they are taking offering credit and use any one or multiple scores to determine your eligibility.
Your credit score has a great impact on your life. When you sign up for a credit card, the calculations are based on your current credit score. If that score changes (you miss a payment or you continue to run up high balances on your cards) your card company has the right to increase your APR. Think of your credit score as a “report card” for your ability to handle credit. The higher the score the better.
There are several important calculations that affect how the score is created.