Learn How It Will Affect Your Credit Score!
New Vantage Score, Experian, Equifax and trans Union have announced a new scoring system that all three will use in arriving at your credit score. This is the first time all 3 have used the same system.
Just recently something new has come out when it comes to your credit score - the Vantage Score. While in the past the various credit bureaus, TransUnion, Experian, and Equifax, all had there own name for the credit score, now they are all going to what is called the VantageScore.
Although each bureau will still be providing consumers with an individual score, they will all be using the same name and the same type of scoring system.
Instead of the old FICO scoring where you were rated as fair, poor, excellent, or good, a new type of credit grading system is used with the Vantage-Score. With this new scoring system that is going to be used by the credit reporting bureaus, now your credit score will be labeled as A, B, C, D, or F.
Also, while the old system had scores going from 300-850, the new scoring system goes from 501-990.
Now that there is a new credit grading system on the block, you definitely want to do what you can to make sure that you make a good grade
While right now this type of credit scoring system is only available to businesses, you still want to make sure that you are making the grade. So, what can you do to make sure that you score well with this new scoring system? Well, there are a number of things you can do.
First of all, you can still work on improving your current credit score. Get a copy of your FICO score and see where it is. Then start taking measures to improve it, which will help to improve your Vantage Score as well.
One of the best things to improve your overall credit score is to make sure that you are paying your bills on time. Late payments can wreck havoc with your credit score, no matter which score you are looking at.
Another thing you can do to keep your credit score looking good is to avoid maxing out your credit. In fact, for the best scores, you really should not use up more than 30% of the credit you have available.
You will also want to make sure that you are not constantly moving around your debt, but you should work on paying it off for good, which will raise your scores as well.
While the new Vantage Score may be a bit different than what you are used to, the same principles for having a good score will pretty much remain the same.
Avoid having too much debt, make sure to pay your bills on time, and pay off as much as possible. If you keep these simple tips in mind, no matter which score a business looks at, your credit should be looking great.
NOW! Just imagine what you will feel like, when you wake up one morning and absolutely know that all of your debts have been eliminated and your credit score is over 700.
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