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Credit mix (10%): Evaluates the variety of credit types you have, such as mortgages, student loans and credit cards. This shows your ability to manage different kinds of credit responsibly.
Although all the four credit information companies have developed their individual credit scores, the most popular is CIBIL credit score. The CIBIL credit score is a three digit number that represents a summary of individuals' credit history and credit rating. This score ranges from 300 to 900, with 900 being the best score.
The classic FICO credit score (named FICO credit score) is between 300 and 850, and 59% of people had between 700 and 850, 45% had between 740 and 850, and 1.2% of Americans held the highest FICO score (850) in 2019. [15] [16] [17] According to FICO, the median FICO credit score in 2006 was 723 [18] and 721 in 2015. [19]
A credit score is primarily based on a credit report, information typically sourced from credit bureaus. [2] Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt.
This means even if your credit score is around 750 you might qualify for the same rates and products as someone with an 800 credit score. This doesn’t mean you should stop using credit ...
If you had a fair credit score of 600, you would pay $101 more each month and a total of $3,637 more in interest over the three-year loan term.
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