{"id":254,"date":"2022-09-20T15:51:18","date_gmt":"2022-09-20T15:51:18","guid":{"rendered":"https:\/\/www.ebwmtg.com\/blog\/?p=254"},"modified":"2022-09-20T16:04:26","modified_gmt":"2022-09-20T16:04:26","slug":"credit-scores-explained","status":"publish","type":"post","link":"https:\/\/www.ebwmtg.com\/blog\/credit-scores-explained\/","title":{"rendered":"Credit Scores Explained"},"content":{"rendered":"
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Let’s face it, most of us don’t have a couple hundred thousand dollars under our pillow to buy a home or even a new vehicle. We need banks to loan us large amounts of money for big-ticket items. How do banks determine who qualifies for a loan by calculating our credit score?<\/p>\n\n\n\n

Your credit score is 100% up to you. How does it work?<\/p>\n\n\n\n

First, we explain how the banks obtain your scores. Loan institutions use three credit bureau agencies: TransUnion, Equifax, and Experian, to get your score. They submit your social security number, and each company gives a score from 300-850. The higher the score, the better.<\/p>\n\n\n\n

The three credit bureau agencies use FICO and Vantage Score to determine your score. Below are the five items FICO uses to determine your score:<\/p>\n\n\n\n