Credit ratings are given when one borrows money and make a promise to pay it back. The rating is the probability that the person will pay the money back on time. According to Investopedia, credit bureaus calculate credit rating on payment history, debits, length of credit history, credit type mix and how often one applies for new credit. The three U.S. credit bureaus Equifax, TransUnion, and Experian sometimes rate the same person differently.
A FICO score is the same thing as a credit score; it simply stands for the Fair Isaacs Corporation, an inventor of credit score calculating software. Scores are between 350 and 850. The U.S. and Canada also use a scale of 0-9 to rate credit. This scale involves two letters, an I for installment credit, like home or auto, and an R for revolving credit, such as a credit card.
To keep good credit, pay loans and bills when they are due and do not overuse credit. If you cannot pay them, make a payment schedule with your creditor. Stay aware of your credit and what type of credit you have. Financing companies are especially harmful. Be sure your debit remains low. Control the number of times you apply for credit. Each time you apply for credit, it lowers your credit score. A longer number of years of good credit is more favorable than a short period of good credit.
Score-Up is a credit management company with point deduction technology, which analyzes credit points and tells the consumer what points are being deducted for which account. This allows the staff, available nationwide and in Canada, to tell the consumer which specific actions to take to gain those points back. Each consumer is assigned to a staff member and the service, connected to Equifax and TransUnion is available 24/7. Its CEO, Patricia Giankas, was recently named one of the most influential women in a Canadian Mortgage Broker magazine. She also was appointed CEO and director of a leading online credit management company in the U.S., Crednology Holding Corp, according to Marketwatch. Score-up is not credit repair, but credit management and consumers can work with their credit counselors to establish or reestablish their credit.
Patricia Giankas began as a bank teller, and then became a personal banker and branch manager. She eventually relocated to Associates Financial Services of Canada, Inc. as the Manager, According to Marketwatch. She was awarded two Leader of Distinction awards in one year. The Associates Financial Services of Canada, Inc. was eventually sold to CITI Financial, and Ms. Giankas created Centum Metrocap Mortgage Corporation. Now, Centum Metrocap Mortgage Corp. is one of Canada’s fastest growing mortgage brokerage companies. It was nominated for the Business Entrepreneur Award two years in a row. Toronto Residence in Partnership (T.R.I.P Awards) has been awarded to Metrocap as well.
Feature. “10 Most Influential Women.” Mortgage Brokers News Canada. June 2013. http://www.mortgagebrokernews.ca/ Web. 11 July 2013.
Horne, Don. “Techie Tools.” Mortgage Brokers News Canada. May 2013. http://www.mortgagebrokernews.ca/ Web. 11 July 2013.