What is a Credit Score and How is it Calculated?

elements of fico score



    I usually pay cash for stuff I buy.however i have quite a bit of debt due to my low income , how is that viewed when applying for a credit card. My credit score is constantly on a roller coaster and now severely suffering because my cousin has not been paying her monthly note as expected and myself has been skipping few bills.I applied for an American Express card ,the application was denied.Though i had one many years ago,and i use it to pay my minor expenses on time. This is the second time that I got denied.i have been monitoring my score and now i have My credit score at about 610 but i needed it to be upgraded for a CAR loan,just last week i saw a review on Facebook about this hacker who helped a lady to boost her credit score.i took his contact and mailed him asking him if he can help me fix my credit,Expectantly it was fixed and raised to 795 and all my debts has been rolled out. ***(Email was removed by the administrator)***,Thats his email,should in case you need your credit fixed just like mine.

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    1. Peter

      Emily – thank you for your comment. In your situation I would recommend that you try for a secured credit card as a means of building up your credit. With most rewards cards you’re not going to get approved until you’ve got somewhere in the neighborhood of a >720 credit score. Building credit is a process, and it does take time. Also, paying on time, and not missing payments will go a long way towards improving your overall score as payment history is one of the largest factors in deciding your credit score. Lastly, I would *NEVER* recommend that you resort to unsavory means (in this case employing a “hacker”) to try and boost your score. At best it is shortsighted and at worst it is illegal.

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