About Algorithms

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About Algorithms

Algorithms are known as one of the best known
processes to count the credit scores, and different
well known top ranking credit scores companies use
different methods to have their credit scores done,
FICO is the best well known scoring method

-- BEACON score is being used by Equifax,and the
Experian has the Experian/Fair Isaac Risk Model and
Trans Union mostly use EMPIRICA score, it is also in
different algorithm form.

More or less it work like a school progress report
chart where different percentages are given for fixed
category of work you have done, your score will count
your standard finally with the total percentages you
received.

Approximately 35% is counted according to the payment
procedure you have paid back to the bankers, they
would see the time, date means how many was left out
of collections and how many late payments were done.

Next 30% goes for the debt, that is how much you owe
to them, that it how much debt you have for car and
home, your score will be less if you have more card.

Everything is good at a long-term prospective and it
will help you to get a long term benefit and time will
give other necessary approximations about your
payment.

This time factor deals with only 15%, another 10%
deals with your applications and information about
your other credit cards, why you have applied, and how
many credit cards you have now. That means you need a
loan at any cost so it can hamper your credit
evaluation. Last but not the least percentage deals
with all the recent credits you are dealing with.

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