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How to recognize whether is my credit score good enough or not. Economists and experts have a problem to fix it. Why? Becouse rate of credit status does not have a direct correlation. Good or bad can be very relative term. How it sounds in the caption, credit score in the United States (a person's ability to repay debt) is a number representing the creditworthiness of a person. There is a couple of degrees - read below. Did you know, that over 50% of the population has a credit score over 700, with 42% scoring below that level? America is a big and different states have different approaches to the credit history of individual citizens. Look out, how average (bad credit / excellent credit) credit scores vary by different US states.
People have very similar questions regarding the "credit history". How much of the credit score do i need if i wanna to get a mortgage (home equity loan). I forget to pay bank debt - my credit number will be different? What are the advantages of high credit status? What are the worst drawbacks of very bad credit situation? Very interesting infographics for the answer to these questions is in the picture. You can see the where you stand and compare credit scores by state, age and email in United States.
Calculation of a credit score in the US is quite complicated. As we said earlier, these rules vary by state and may be very different. Scoring model is a magic formula that is used to calculate an individual number (credit score) for every American citizen. FICO scoring system is the usual standard in many states of the US, but also in Canada and other areas of the world. Do you have any debts, currently? Are you repaying the outstanding amount of this? Did you had any problems with repayments in the past? How you stand with your payment history? Are you using any credit cards (debit) or bonus cards? Calculating a credit score on wikipedia.
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