1. What is a Credit Score

A credit score is an indicator of how likely you are to default on a loan or credit card in the next 24 months. This information is used by credit grantors when evaluating your credit for approval. Your BEACON®, FICO® or EMPIRICA® score is based solely on information in your credit file maintained by the credit reporting agencies. Other scores may be based on a combination of credit information and other information that you supply on your credit application.

2. How are scores calculates

35% payment history

30%Amounts owed

15% Length of Credit

10% New Credit / Inquiries

10% Type of Credit Healthy mix

3.How do I check my credit or obtain a credit report free

www.annualcreditreport.com is the only free credit report no hidden fees no monthly fees

We do recommend www.mycreditkeeper.com since they give you a free 30 trial with a complete credit report and your 3 credit scores.  Important they do have a monthly fee of 9.99 but you can cancel before the 30 days to avoid it.  We recommend your keep subscription since it is an amazing tool to monitor your credit report every single month.

4.How often should I check my credit

At least two times a year

5. If I have no credit how do I obtain credit for the first time( how do I build credit)

There are several companies and banks that guarantee approval for small lines of credit to start building credit.

6. If I find errors in my credit report what should I do?

Analyze your credit report carefully or have a professional assist you with that,

Contact the three credit bureaus to open an investigation and correct errors.

Hire a Credit Repair company to assist you

7. What is a Credit Repair Company?

A credit repair company helps consumer’s dispute accounts that are inaccurate, obsolete or outdated to remove them or have them report correctly into your report.

8. How can bad credit affect my life?

Credit these days is used for almost everything from something as simple as a cell phone to obtain a job having bad credit could mean several thousands of dollars lost on high interests and deposits.  Or even worst hold you back from obtaining the job you always dreamed of due to security clearance.