Credit score is the most important aspect in determining the availability of a loan to any individual. It plays such a vital role that most of the loan lending companies remove the people who have a bad report from their list terming them as 'ineligible' to apply for a loan in their companies.
People with bad report often wonder how their bad history report is going to affect their chances of obtaining a loan and how their score is evaluated. There are certain factors that loan lending companies employ in determining the fico of an individual. Though each company has its own set of attributes and criteria, almost all the companies would take the following factors into consideration while evaluating the activity of history report from an individual.
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The first and the foremost factor that the companies look in an individual is the payment history. It is estimated that this factor weighs approximately 35 percent of the total score. Duration of the credit is the other factor that these companies considered and it is estimated that this factor weighs around 30 percent of the total fico. In addition to these, there is also another factor that affect the credit score-type of you opted. This stands up to 10 percent of the total score. Factors like the total loan amount, inconsistencies etc constitute the remaining part of the credit score.
As one can notice the weight age that each factor weighs in determining one's fico score, it is highly recommended that one should give one's due concern to this.
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