There are also specific details that are not part of the calculation. There are various factors that are used in calculating your credit score. Most lenders get reports and scores from all 3 and use the middle score to evaluate your ability to repay. Each of them has their own calculation, so the score reported may be different depending on which agency is reporting. They are Equifax, Experian and TransUnion. There are 3 agencies that calculate, and report your credit scores. Where do credit scores come from and how are they calculated? Your credit score changes based on how much debt you have and how well you manage that debt. Beyond that, the lower the score, the higher the interest rate. Most companies require a minimum score to extend credit. If you want to purchase or lease a car, then credit scores play a couple of roles.In addition, most credit card companies review your score periodically and may adjust your rate upward if your credit score goes down. Each company has it’s own rules about the role of credit scores, but nearly every company considers them. When you apply for a credit card, your credit score will be one of several factors considered in whether to grant credit.If they do rent to you, your deposit for the apartment, as well as your utilities, may be higher than someone with a good credit score. If your credit score is low, they may decide not to rent to you.
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