Credit scoring and how it works? In short, your credit score is based on your financial behaviour towards your creditors and these include things such as: 1. Have you paid your creditors back in time and in full? Balance owing on all your credit accounts, what type of accounts and how they have been handled are taken into account when scoring. 2. For how many years have you been a borrower? If you have a longer credit history it tends to positively impact on your score. 3. How much of your available income is allocated to paying your debt to creditors? 4. Retail stores and banks’ default listings will remain on a credit profile for two years and any judgment against someone will remain on their profile for five years. 5. A score of 660 or higher is considered to be a very good score. 6. Consumers with credit scores in this bracket have a higher chance of gaining finance. 7. Consumers with scores below 620 will find it more difficult to get credit as they will
“The road to success is always under construction” Lily Tomlin