Credit Bureau – Your Credit Score

Credit Bureau – Your Credit Score Bankruptcy Credit Score

Your credit score is a summary of various factors that are compiled by Equifax.  Your highest score possible is 850 and is reduced by any negative factor in your history.  In an ideal situation, your score should be over 620.  If the score drops below 500, chances are you will be denied credit.  Between 500 and 620, you might still get credit but it will be at a higher than normal interest rate due to the risk factor.  You will also be borrowing from a lender that is not a chartered bank.  Your credit score is calculated as follows:

35%            Payment history

30%            Utilization (how much of your authorized maximum credit limit are you using)

15%            Length of credit history

10%            Type of credit products

10%            Inquiry segment (i.e. – 30 days of mortgage inquiries, 14 days of Car loan inquiries, etc.)




If you find out that you have a low credit score, you should obtain a copy of your credit report.  When you are told the score by a lender, they are normally prohibited from giving you a copy of the information they received.  When you get your credit report, review it to make sure it is accurate.  When you receive your credit report, you will receive a form called a “Consumer Update.”  If there is an error on your credit report, you must fill out the Consumer Update form and return it to the credit reporting agency with any supporting documents.  The credit reporting agency will confirm your error and report back to you in about 30 days what they have done.  Also, look for the negative aspects on the credit  report so you can set up a plan to improve your credit score.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.  

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