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Beacon Score

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Information on the beacon score and what it is used for – PowerPoint PPT presentation

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Title: Beacon Score


1
Beacon Score
  • A beacon rating is a three digit number between
    three hundred and 850. It is utilised to help
    determine an individuals credit worthiness
    whenever they apply for a loan or credit card.
    This rating is based off the data found in an
    individuals Equifax credit statement.
  • A beacon score can be broken down in to five
    main groups payment history, credit utilization
    ratio, length of credit history, new queries for
    credit and the different kinds of credit used.
    These are also all essential elements in the FICO
    score that the beacon credit rating is based on.
  • Payment record stands out as the biggest factor
    in figuring out the score, accounting for an
    enormous 35. Any sort of overdue or defaulted
    debt obligations will hurt and a record of paying
    promptly will increase your beacon credit score.
  • Your credit utilization is responsible for 30
    percent of the beacon credit score. This is
    calculated if you take the sum of credit used
    dividing it by the total amount of credit
    available. Anything in between 0.1 0.3 is
    positive for your credit score whilst any thing
    outside this range will lower it.

2
Equifax
  • Length of credit history accounts for 15 of your
    beacon score, the longer the better. Recent
    queries for credit amounts to 10 percent,
    generating a number of inquiries in a short
    period of time is going to badly have an impact
    on your credit score. Kinds of credit utilised
    accounts for the last 10, there are two main
    types of credit installment revolving. Having
    a mix boosts your credit score.
  • If you need to boost your beacon score then its
    important to focus on the issues of which you can
    change, such as decreasing your credit
    utilization ratio to the 0.1 to 0.3 range. One
    more thing well worth undertaking is to obtain
    your report from the credit bureau Equifax then
    verify it to make sure there are no clerical
    blunders or problems. Whenever you do find an
    blunder youll need to amass evidence then
    submit this as an Equifax dispute.
  • In the event that you struggle with paying bills
    on time then the best thing you can do is to get
    started paying them on time, this may mean
    building a budget or setting up an text reminder
    with the biller to ensure you dont forget about
    money outstanding.

3
Conclusion
  • It is vital to realize what a beacon score is and
    then the factors that affect it. The greater the
    credit score the more likely you will be
    authorized for personal loans. For those who have
    a better credit score you could also qualify for
    lower interest rates.
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