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Time and time again we have preached on this website the importance of your credit score. We have given you tips and tricks to make your credit score as high as your can possible get it. You are probably blue in the face and tired of your credit score talk. Well don’t be! You always need to be aware of your score. In order to help you better, the following are some of the terms you will see when you look at your credit score.
Learn These Words!
Credit Bureau – This is the company that collects your credit information. It will issue your credit report that show how you end up managing your credit.
Credit Header – It is important to make sure this information is always correct. This is the portion that has your name, address, social security number, etc.
Credit History – This shows the record of how you have used your credit since you have been eligible.
Credit Report – This is the document that shows all your debts, all your missed payments, available credit, credit used, credit inquiries, among other things
Credit Score – This is the all information three digit number. This will derive from your credit report. The higher the number the better.
Delinquencies – This is what they call a missed payment. This will not show up right away. It generally takes 30 days and will be updated every 30 days after that.
FICO Score – This is just like your credit score. This score will use previous information from your credit report to predict the likelihood that you will repay your debts.
Hard Inquiry – This happens when someone requests a copy of your credit report. These inquiries happen when you apply for credit, a mortgage, an auto loan, a credit card or application for rental.
Public Record – On your credit report you will see a list of your court records, bankruptcies, judgments, and liens.
Revolving Credit – this happens when an account needs a minimum payment each month plus a service charge. The more you pay off the less of a service charge you owe.
Soft Inquiry – This also happens when someone asks for a copy of your credit report. But this is just for people who want to review your credit. You are not actually applying for anything at this time.
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