A credit score is a mathematical calculation based on
items included in the credit report such as account
payment history, account balances, inquiries, and the
length of history.
In general, a score of 700 is considered a healthy
score and usually a score of 660 is what you required
for conventional mortgages. The credit scores are
updated as the data are accessed. Since the scores
are based on credit report the frequency of updates
are based on the timing of credit report updates.
The credit reports are typically updated monthly.
Before you decide to build your credit history, it
is a good idea to evaluate your current finance
position. Check your credit reports to see if you
may have an old account or some records in your name
already. Keep in mind that if you are not financial
stable enough to use credit responsibly it may be
best to wait until your situation improves before
opening an account.
Using your new credit card responsibly each month
will help you build a healthy credit score. The best
way to build your credit score is to use your first
card for a small monthly bill and pay the bill on time.
Request Free Quotes to improve your credit