|
|
| Prepared for: JOHN CONSUMER |
Report Date: Nov 27,
2001 |
 |
| A Credit Score is a numerical
representation of your credit worthiness. The majority of
lenders use some sort of credit scoring model to help predict
what kind of credit risk you may be. For each bureau’s score
and personalized analysis, click on the colored tabs below.
| |
|
|
|
This Credit Score is based on information
from your Equifax credit
report.
Your credit score is
calculated using the information in your credit report. Since
information often differs among your three credit reports,
your credit scores based on those reports will also
vary. |
| Your Score is: 768 on a scale of
350 - 850 |
Click
here for 0-100 scale |
Your Credit Category
is:
|
| Percentile: Your credit rating
ranks higher than 80% of U.S. consumers.
|
 |
 |
| About your Credit
Score: |
| Credit
scores are based on the information in your credit bureau
record. The majority of CreditXpert Credit Scores(tm) are
between 350 and 850. Higher scores are better. With a high
score, you have a good chance of getting the credit and
loan(s) you want. Keep in mind that when lenders consider a
loan or credit application, they generally ask for more
information because credit scores are not the only factor they
use in making decisions. Typically, this includes personal
data (such as income and monthly payments) used to determine
your ability to pay. |
| What your Credit
Score means: |
| Thanks
to your very high CreditXpert Credit Score(tm), you are likely
to get the very best credit and loan offers available from
lenders, such as those with the lowest rates and the lowest
(if any) fees. While you may still be able to increase your
credit score, it will probably not make much of a difference
on the type of offers you will get. The distinction between
offers will come from the additional information you provide
as part of your application(s), such as income and monthly
payments. These factors will determine whether you can get the
extra special low interest rate, high loan amount, and/or
other great features. |
| What this Means to
You: |
| Both
negative and positive factors influence your credit score. The
most important factors of each are listed below, in order of
importance. Remember that these factors vary in how strongly
they impact your credit score. For example, if you have a very
high credit score, the negative factors in your analysis are
likely to have a small impact. The same is true for positive
factors if you have a very low credit score. |
| What factors lower
your credit score: |
Length of Credit History : You opened your
first credit account 4 years and 11 months ago.
This may
not include accounts you closed more than 7 years ago.
This
is making your score lower. Having had credit accounts for a
long time is a positive factor because your history gives
lenders information to evaluate how you typically use credit
and repay your debts. Credit reports with approximately 30
years of history are considered optimal. Meanwhile, up to 7
years of credit history is considered short, and less than 3
years of history is considered too little. It is worth noting
that your accounts may have been open longer than your report
suggests, if lenders were slow to report them to the bureaus.
What matters is how long your accounts have been in your
report.
Credit Accounts : The average amount of
your credit accounts is $1,441.
This includes loan amounts
for fixed-payment ("installment") loans as well as limits on
your revolving accounts (such as credit and retail
cards).
This is making your score lower. Having a high
amount of credit is a positive factor because it indicates to
lenders that other lenders have trusted you by lending you
money in the past. Meanwhile, having a low amount of credit is
a negative factor because it indicates that either you are
just starting to use credit or you have missed payments in the
past. If you are just starting to use credit, lenders do not
have information to evaluate how you typically use credit and
repay your debts. If you have missed payments, you have
demonstrated that you do not pay on time, and lenders may
worry that you will not repay them.
|
| What factors raise
your credit score: |
Payment History : You have never missed a
payment, and no negative public records are listed on your
credit report.
This is making your score higher.
Missing payments is a negative factor. Some cases are worse
than others. For example, if you have not missed any payments
recently, lenders may think you are (or have become)
responsible and do not (or will no longer) miss payments.
Also, missing payments on only a few accounts is not as
harmful as missing payments on most or all of your accounts,
because lenders realize that many people miss a payment (or
pay late) once in a while. Also, missing a single payment is
not as harmful as missing several consecutive payments because
many lenders consider missing 3 or more consecutive payments
as an indication that you may never repay them. Finally, it is
not as harmful to miss payments on accounts with low balances
as it is on accounts with high balances because lenders stand
to lose less money on low balances if they remain
unpaid.
Credit Usage : On average, you currently
owe $32 on each of your credit cards.
This only includes
your open accounts.
This is making your score higher. High
balances are a negative factor (except for some types of
installment loans such as mortgages and auto loans), because
lenders worry that you are living beyond your means and may
not be able to repay them. This is particularly true with
credit card debts. Lenders do evaluate how much you owe (your
debt) in relation to how much you earn (your income). However,
changes in your employment and income, or certain life events
(such as divorce or illness), may cause difficulty for you to
pay your monthly bills. Meanwhile, low balances are a positive
factor because lenders do not stand to lose too much if you
become unable to repay them. However, never using your credit
cards may be considered a negative factor. First, it does not
provide lenders with information about how you typically use
credit and repay your debts. Second, it also means that you
have a lot of available credit, which you may decide to use if
you experience financial trouble.
Credit
Applications : You did not apply for credit in the past 6
months.
This is making your score higher. When you
apply for any type of credit (such as a mortgage, auto loan,
credit card, department store card, etc.), your credit history
is checked by the lender considering your application, and it
is noted on your report as an "inquiry." Although inquiries
are a natural result of applying for credit, lenders dislike
seeing many within a short period of time. This is because it
is hard for them to determine whether you are applying with
different lenders in a search for the best offer or if you are
desperately trying to obtain credit because of financial
trouble. Remember, making many applications in a short period
of time could hurt your credit score. Therefore, try to limit
your comparison to a small number of lenders when "shopping"
for the best offer.
|
DISCLAIMER
The CreditXpert
Credit ScoreTM 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. Each lender has specific
underwriting standards, so you should not assume that you will
receive the same evaluation from each lender. As part of the
underwriting process, they will incorporate additional
information you provide and may obtain references. In
addition, even if you are approved, the terms and conditions
of loans vary from lender to lender. The higher your credit
score, the better. With a better credit score, you are more
likely to be eligible for the best credit card and loan
offers, including terms and conditions, such as interest,
fees, benefits, etc.
The information used to determine your CreditXpert Credit
ScoreTM comes from one of the
major credit bureaus. Credit reports are a compilation of
credit information that is reported to the bureaus by the
various lending institutions with which you have accounts. The
information contained in your report reflects the latest
information provided. If you recently made a payment, opened a
new account, or authorized an inquiry, it may not yet be
reflected in the credit report you receive. Likewise, it will
not be reflected in your CreditXpert Credit ScoreTM or CreditXpert Credit
AnalysisTM. Also, disputed
items are not incorporated in the assessment of your
CreditXpert Credit ScoreTM. Be
aware that your credit score will change each time new
information is captured in your record. In addition, the
CreditXpert Credit ScoreTM you
receive is only as accurate as the information it is based
upon. CreditXpert Inc. is not responsible for misinformation
(incorrect or missing information) provided by lenders, which
might lead to a counter-intuitive or even incorrect analysis.
Carefully review all the information in your credit report to
make sure it is accurate and current. If you need advice about
how to handle financial problems, seek help from a non-profit
credit counseling organization.
The CreditXpert Credit ScoreTM is calculated based on many of the same
criteria considered by the leading consumer credit scoring
companies, producing in most cases a consumer credit score
that duplicates or closely approximates the typical consumer
credit score utilized by banks, mortgage lenders, and loan
companies when determining creditworthiness.
CreditXpertTM is not connected
in any way with Fair, Isaac and Company; the CreditXpert
Credit ScoreTM is not a
so-called FICO score. Neither CreditXpert Inc. nor Neuristics
LLC represent that the CreditXpert Credit ScoresTM are identical in every respect to any
consumer credit scores produced by any other company.
|
COPYRIGHT
Copyright ?2001 CreditXpert
Inc., a subsidiary of Neuristics LLC. All rights reserved.
CreditXpertTM is a trademark of
Neuristics LLC, used under license.
 | | |
