Credit Repair Case Studies
What Should My Credit Score Be?
Clients often ask us what their credit should be in order qualify for finance. In order to answer this question it’s important to understand the basics of credit scoring.
A credit score is displayed on a Veda Advantage Credit Report and represents the risk profile of an applicant to a potential credit provider. Other than a bankruptcy or formal debt agreement, the lowest credit score is -200 with the highest being 1200. The lower the score, the higher the risk is considered to be by a credit provider.
A credit score can be affected by a number of factors such as a change of address, change of employment, credit enquiries and of course negative listings such as payment defaults. Once a credit score falls below a certain level it can be very difficult to secure finance.
Typically a credit provider will look at three things on a credit report when assessing an applicant’s risk profile:
- The credit score
- Past credit applications/enquiries
- Negative listings such as defaults etc.