Reports Score

This entry was posted by on Friday, 11 October, 2019 at

The effect on your credit after filing for bankruptcy report isn’t simple, but depends on a number of factors. Creditors use the information in your credit report to assess credit risk facing loan you money or give you a line of credit to you. To better understand how it affects a bankruptcy your first credit score need to understand how your credit score. Generally the calculation of your credit score is calculated based on: 1) the past payment history – 35% of the total of your credit score is based on your payment history, including late payments and bankruptcy. (2) The amount of its debt – 30% of the total of your credit score is based on your debt. The amount of debt that you have on the credit cards, mortgages and loans, compared with credit that is still available affects how creditors see if you can manage your debt responsibly. (3) Credit history – 15% of the total of your credit scoring examines the length of your credit history, which takes into account the time that an account has been opened and the most recent activity in the account.

. (4) Mixing of credit – 10% of the total of your credit score looks in general, its combination of credit. This area examines the type of accounts that you have available. You have a good mix of the different types of credit accounts is favorable in its credit assessment. Have a mix of accounts as loans term and credit cards help you. 5) Reports of credit – 10% of your total credit score this based on themes as investigations of credit that have been made on your credit report. Revisions to its credit to open a new line of credit or obtain a loan, can adversely affect you your score if too many new investigations are underway. The effect of bankruptcy: 1) his past history of payments – although you will get a mark on your credit report for bankruptcy, bankruptcy will stop the creditors report in future on the accounts that are discharged in the bankruptcy.

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