Experian Credit Score

experian credit score

When you enroll in the services provided by Experian, you get the Experian Credit tracker which includes support by telephone, which is invaluable when going through your credit report. Here you will receive valuable suggestions from experts who deal with credit issues all of the time.

Lenders evaluate your credit score when determining how credit worthy you are. If you are buying a car, a home, or anything where a loan is involved, you want your credit score to be the best that it can be.

experian credit scoreA credit score is dynamic, meaning that it is changing all of the time based upon information that is received from creditors about you and your buying habits and how you pay back various credit situations.

Checking your credit score on a regular basis can help you to keep track of any changes, or mistakes on your report.

Your usage of credit is an indicator to creditors as to how you pay back the money you have borrowed, and gives them an idea of how you would pay them back if they were to extend credit to you. When you borrow money and pay it back, this record is sent to the different credit reporting agencies, of which Experian is one.

Credit usage tells how much you have spent in the way of credit cards, car loans, mortgage payments, store credit, and so on. The amount borrowed compared to the payment record and your balances compared to your credit limits is called the utilization rate. High utilization, meaning high balances can lessen a person’s ability to get new loans.

The most important factor in calculating your credit score is your payment history. If you pay on time, then that is good, but if you don’t that will adversely affect your score. Payment histories are kept for 7 years on your credit report.

The scores for Experian credit for the most part fall between 600 and 750. If a score is above 700, that means that a person is managing credit in a responsible way and will receive the better rates. If the score is below 700 the rates will be a little higher. The total range for Experian scores lies between 330 and 830, as there are a variety of credit score models for different purposes.

A mortgage lender and a lender for a car dealership may have different lending models for their customers, so Experian is prepared to tailor the models for individual industries and businesses.

When a person gets their credit score from Experian, they also get an explanation of what the score means in respect to how lenders view it as a measure of the person’s credit worthiness. If a person’s score is good with Experian, it is likely that the lender will think the person is a good risk for a loan.

If a person has a poor credit score, they should concentrate on improving their score, and the people at Experian can help with that. They have specially trained agents who can work with you to help you improve your score and explain how it all works.

experian score