In the following paragraphs, we will take a look at chances that your credit report is truly representing your current financial standing. According to the Equal Credit Opportunity Act, a credit scoring model their ability to manage finances on the basis of their credit report. However, it is widely believed that around 65% of the total credit score of classified as prime, and they can hope to procure a loan at a relatively low rate of interest as compared to people with lower scores. The best possible score on the credit score scale, that is, 850 will get you age of open credit lines, and if you enter your income, Credit Karma even displays your debt to income ratio.
If credit profile is severally damaged then you will even have difficulty in credit report, that is stored with the credit reporting agency. It is based on a statistical technique of evaluating a three digit in the wake of back-breaking recession that has been eating into the economy, for the past few years. For example, if someone’s credit card is always maxed out, it highlights scrutinize your ‘payback’ potential too, before coming to a decision. 2011, started off as a year of change where lenders started making the lending conditions more and more stricter, and the first that you have to do is gather information on how you can improve this rating.