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Return To Credit Article Archive   Search the Article Archives Credit Score - indicates your credit worthiness By Gagandeep Dhaliwal A credit score symbolizes individuals financial trustiness. It gives an idea to providers that how probably you make your credit payment. Your credit score is calculated with the help of a statistical model. The credit score is totally based on your credit report. Credit scores help lenders to decide who is eligible for a loan and also in assigning interest rates and credit limits. Whether you are eligible for a loan or it depends upon your credit score. Firstly, the lenders check your credit score and then decide your credit limit, interest rate. Good credit score can ease your monetary dealings, which in turn saves your money. FICO system is the most commonly used system that helps in calculating credit scores. Fair Isaac Corporation develops the FICO system. Its scores range between 300-850 and higher FICO score means higher credit worthiness. The interest rate charged by lender depends upon your FICO score. Higher FICO score means the lender charge lower interest rate and higher rates are charged on lower credit score. There are many different types of credit scores developed by credit reporting agencies or lenders. Each company has its own way to calculate credit score because your credit history for each agency is different. Mainly the credit card or auto loan decision is based on a single agencys score. The increase or decrease in your credit score depends upon your credit report. Now-a-days, different sources are available through which you can easily calculate your credit score to examine your financial strength. The different sources to check credit score are provided through Internet, telephone or U.S. Mail. You have to pay a small amount for these services. About the Author: Author presents a website on credit score http://www.highcreditscore.info/. This website provides information about meaning of credit score, FICO credit score, importance of credit score and the different sources to know exact credit score. You can visit his site http://www.123freecreditscore.com/

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