This credit score help discussion explains you the positive and negative factors that influence your score .You can get your credit score from different agencies that are there around you.It has different names with a different agency .
1.In Equifax it is named as Equifax Canada Beacon.
2.With Experian it is called as Experian/Fair Isaac Risk Model
3.And with the official name is TransUnion, TransUnion Canada Empirica or FICO Risk Score, Classic
What you will get free from each agency once in a year is the credit report and you are not going to get your FICO score free. You have to pay some thing for this score. One of the prominent web location for your score is MyFICO.com and it is a a joint venture between Fair Isaac and Equifax. You can get give your credit reports and FICO scores from each of the three bureaus for $47.85.
In Canada, you can get your FICO score from Equifax Canada.Having a 770 score will definitely put you ahead of the others and if this score alone is criteria to get a loan, your application will never will be rejected.
The most important positive factors that influence your report is
1.Not having late payments.
2.Having a long credit history.
3.The money that you are using is less than half of available credit.
The negative factors that makes a difference to your report are
1.A bankruptcy or collections action or other serious delinquency is most negative factor that influence your report.
2.Seeking for many loans will lead to inquiries about you and it affects your score.
3.Many consumer finance company accounts.
4.Has used lot of credit limit available.
5.Has low credit history and have relatively new to the credits.
Adding the name of your spouse or son/daughter will help them in boosting their credit score. Though they have small history, your long history helps them to make their own better.
As the time passes by the three credit beau roes joined together to create a new credit system called vantage scoring system. The ranges of classical regular score varies form 300 to 850, the new score called vantage one varies from 501 to 990. Still the major system that is followed is the old and good one who ranges from 300 to 850.
If you want your credit score, you can get it separately from the agency. Any way the tested and proved method is regular FICO score system and people are still using it all over the globe and in particularly the USA.
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