Beacon Score

1
Beacon Score

• A beacon rating is a three digit number between
  three hundred and 850. It is utilised to help
  determine an individuals credit worthiness
  whenever they apply for a loan or credit card.
  This rating is based off the data found in an
  individuals Equifax credit statement.
• A beacon score can be broken down in to five
  main groups payment history, credit utilization
  ratio, length of credit history, new queries for
  credit and the different kinds of credit used.
  These are also all essential elements in the FICO
  score that the beacon credit rating is based on.
• Payment record stands out as the biggest factor
  in figuring out the score, accounting for an
  enormous 35. Any sort of overdue or defaulted
  debt obligations will hurt and a record of paying
  promptly will increase your beacon credit score.
• Your credit utilization is responsible for 30
  percent of the beacon credit score. This is
  calculated if you take the sum of credit used
  dividing it by the total amount of credit
  available. Anything in between 0.1 0.3 is
  positive for your credit score whilst any thing
  outside this range will lower it.

2
Equifax

• Length of credit history accounts for 15 of your
  beacon score, the longer the better. Recent
  queries for credit amounts to 10 percent,
  generating a number of inquiries in a short
  period of time is going to badly have an impact
  on your credit score. Kinds of credit utilised
  accounts for the last 10, there are two main
  types of credit installment revolving. Having
  a mix boosts your credit score.
• If you need to boost your beacon score then its
  important to focus on the issues of which you can
  change, such as decreasing your credit
  utilization ratio to the 0.1 to 0.3 range. One
  more thing well worth undertaking is to obtain
  your report from the credit bureau Equifax then
  verify it to make sure there are no clerical
  blunders or problems. Whenever you do find an
  blunder youll need to amass evidence then
  submit this as an Equifax dispute.
• In the event that you struggle with paying bills
  on time then the best thing you can do is to get
  started paying them on time, this may mean
  building a budget or setting up an text reminder
  with the biller to ensure you dont forget about
  money outstanding.

3
Conclusion

• It is vital to realize what a beacon score is and
  then the factors that affect it. The greater the
  credit score the more likely you will be
  authorized for personal loans. For those who have
  a better credit score you could also qualify for
  lower interest rates.