How is a Credit Score Calculated?

If you have ever purchased a house or a car, you are probably familiar with the importance of a credit score. Lenders use this number – personalized for each individual based on a variety of factors – to determine how likely you are to repay a loan. A few scoring methods exist, but the most prevalent system is the Fair-Isaac Corporation Credit Score (FICO). The FICO score assigns each individual a number between 300 and 850, with the latter being a perfect (but rarely achieved) credit score.

If you are experiencing financial difficulties, the West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates, P.A., may be able to help. Our attorneys have over ten years of experience in bankruptcy law and are ready to put this experience to work for you. Take charge of your financial future; call 561-353-2800 today.

What Affects Your Credit Score?

The FICO score comes from information found in a credit report, which explores the five following questions regarding an individual’s financial past:

Are the payments for your accounts on time?

How much do you owe on your accounts?

Is your credit history long or short?

Do you frequently open new accounts?

How many and what kind of accounts do you hold?

If you are having trouble making payments on your debt and you are wondering how this will affect your credit score, contact an experienced bankruptcy lawyer for more information on what you can do.

Contact Us

Dealing with financial difficulties can seem overwhelming, but fortunately, you do not have to go through this time alone. The West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates, P.A., are here to help. For experienced legal guidance, contact us at 561-353-2800.