About Your Credit Score

Before deciding on what terms they will offer you a loan, lenders want to know two things about you: whether you can pay back the loan, and if you are willing to pay it back. To understand your ability to repay, they assess your income and debt ratio. To assess your willingness to repay, they use your credit score.
Fair Isaac and Company calculated the first FICO score to help lenders assess creditworthines. For details on FICO, read more here.
Credit scores only consider the information in your credit reports. They don't consider income or personal characteristics. These scores were invented specifically for this reason. "Profiling" was as dirty a word when FICO scores were first invented as it is in the present day. Credit scoring was invented as a way to take into account solely that which was relevant to a borrower's willingness to pay back the lender.
Your current debt load, past late payments, length of your credit history, and a few other factors are considered. Your score comes from the good and the bad of your credit history. Late payments will lower your score, but consistently making future payments on time will raise your score.
Your report should have at least one account which has been open for six months or more, and at least one account that has been updated in the past six months for you to get a credit score. This payment history ensures that there is sufficient information in your report to assign an accurate score. Some folks don't have a long enough credit history to get a credit score. They should spend some time building a credit history before they apply for a loan.
Southwest Funding #841
Company NMLS # 303440 can answer your questions about credit reporting. Give us a call at 5122916100.