My family's credit score .

Blash · medicine forum beginner Joined: 16 May 2005 Posts: 11

Here is the small print from TransUnion(whose scores go to 950)

About your TransUnion Personal Credit Score:
Your TransUnion Personal Credit Score is displayed above. Your credit score
is a snapshot of the contents of your credit report on the day the score was
calculated. Using objective, impartial formulas to translate the contents of
your credit report into a 3-digit score enables lenders to evaluate your
application for credit in a faster, fairer and more consistent manner.
Remember, we constantly update the information contained in your credit
report, so your TransUnion Personal Credit Score only represents the score a
lender would receive if they requested it today.

Summary
Given that you have a high credit score, lenders should be able to conclude
that you are capable of repaying your debts. This would then enable lenders
to provide you with better interest rates and loan offers. Credit cards may
be harder to obtain because lenders still see room for improvement. To
improve your credit score, continue to pay your debts on time. Lender offers
will differ based on the attribute information you provide concerning your
monthly income, employment history, and monthly debt. This information will
aid in the determination of whether you receive an excellent offer, or just
a respectful offer.
1. Not enough revolving debt experience:
More revolving accounts, containing longer credit histories, provides more
payment behavior information.
2. Too few premium bankcard accounts:
Not enough premium bankcard accounts has a negative impact on your credit
score.
Answers About Credit Scores
· How are credit scores used?
A credit score is just one of several factors a company will usually use to
decide whether to extend credit, give insurance coverage or provide
financial services to you. A variety of other factors will always be
considered, such as length of employment, income or previous experience with
you. Depending on what you are applying for, different companies give
different weights to each of these factors. By using a credit score, they
can evaluate your application faster, fairer and more consistently.

· How can I improve my credit score?
A credit score is a snapshot of the contents of your credit report at the
time it was calculated. The first step in improving your score is to review
your credit report to ensure it is accurate. Long-term, responsible credit
behavior is the most effective way to improve future scores. Pay bills on
time, lower balances and use credit wisely to improve your score over time.

· How do inquiries affect my credit score?
Only regular inquiries affect your credit score; and typically they have
only a small impact. Delinquencies, balances owed, and the length of time
you have used credit are all more important. Also, if inquiries actually did
affect your score, we will specifically inform you of this. Inquiries have a
greater impact if you have a limited credit history.

Additional Information
The TransUnion Personal Credit Score is provided to help you better
understand how lenders view your credit report. It is not an endorsement or
a determination of your qualification for a loan. The scoring model used for
this Score Analysis is not necessarily the same scoring model that may be
used by a lender, and the resulting credit score may not be identical in
every respect to any consumer credit score produced by any other company.
Any credit information that has not yet been reported to TransUnion will not
be reflected in your Personal Credit Report or score. Also, some items
disputed directly with creditors are not incorporated in the assessment of
your credit score.

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