Credit rating. What goes into the analysis that results in credit rating? by Habibat Raheem

INTRODUCTION

habibatraheem1 — 2024-04-02 21:40:28 UTC

After a lot of research i will appreciate you coming along with me as we discuss things that affect our credit scores. i will be discussing things that affects it positively and negatively and how best we can monitor it

Videos

habibatraheem1 — 2024-04-02 22:26:52 UTC

https://youtu.be/ozbGWLtZdoY?si=J6Tq4ARHKKzFCcKN

after carefully reviewing this video I must say it gives a break down in a short. the video talked about how the credit report contains payment history, credit to debt ratio, credit history length, diversity of an individual credit and how new line credit forms a credit report

i used this video as it states the detailed form of what an individual credit report contains. it talked about everything a beginner needs to know and it is a video I will always recommend to someone who is new to the credit report system.

Videos

habibatraheem1 — 2024-04-02 22:56:46 UTC

this video is also something i find informative and interactive at the same time the video talks about the 5 things a credit report entails and also stated some facts like not using your credit card is as bad as overusing it. it talks about how credit report just wants to how an individual can manage it credit.

picked this video as its able to use a good captivating introduction. the video also stressed on how the report just goes between 300-850 and how an individual cant have a credit report of 1000. which clarified it properly.

Images

habibatraheem1 — 2024-04-02 23:01:49 UTC

looking at this image it talks about how our credit report also contains our personal details, accounts we own, when people and how many times people have ,made enquiry about our credit report, our public reports and summary of collection items

i picked this image as explains that our personal information are also available on the report which others didn't mention

Videos

habibatraheem1 — 2024-04-03 21:22:32 UTC

looking at this video i can say it is one of my all time favorite. the video did not only entail what is included in the credit report but also gives a good break down on how each factors affects the account. it made mention on how the 5 factors can be arranged on its level of importance and mentioned how the credit report also end up affecting interest rates

I see this as a very nice video as it is the only one wh9ich mentioned how 0-5 credits can actually be poor but also m4ntioned on how you shouldn't open over 22 credits all at once. it also gives a good breakdown on how hard inquiries affects a credit report which i think is a good one.

Website

habibatraheem1 — 2024-04-03 21:37:37 UTC

using this website it talked on how the credit report is also known as a FICO credit score which depends on five main things: paying on time (35%), how much you owe (30%), how long you've had credit (15%), any new credit (10%), and the types of credit you have (10%). it talks about how it is important to pay bills on time and not use too much credit. Having a long credit history and different types of credit is good.

I picked this website because it has been able to analyze how applying for lots of new credit can hurt your score temporarily and it mentioned that bankruptcy hurts ones score for a long time it also mentioned how Utilities usually don't count. I can say understanding these things can help you improve your credit and get better deals.

Website

habibatraheem1 — 2024-04-03 21:49:47 UTC

this website talks about how an individual credit report is super important for finances because it helps lenders decide if they can trust you to borrow money. it also mentions how you can get it for free from Equifax and TransUnion, which are the main credit bureaus in Canada. It shows things like your personal info, credit history, and other financial stuff.

i picked interest in this site as it also mention things that are not included in the credit report like discrimination information, medical history, or business debts. the website also stress how it is really important to make sure your credit report is accurate so you can keep good credit scores and get better deals when you borrow money.

Website

habibatraheem1 — 2024-04-03 22:04:25 UTC

looking at this website it analyze how credit scores are like school grades an individual get but it is for an individual finances. it show how trustworthy an individual is to lenders and affect things like getting approved for credit cards or mortgages. it mentions how the key factors include paying bills on time, how much you owe, having different types of credit, recent credit inquiries, and how long you've had credit accounts. It's important to pay bills on time and keep an eye on your credit. By understanding and working on these factors, you can improve your credit score and get better financial opportunities.

Images

habibatraheem1 — 2024-04-04 17:40:56 UTC

This image does not only explain what an individual credit report is, it also talks about factors that affects credit reports like bankruptcy, tax liens credit cards e.t.c

i picked this image as its the only one which listed enough factors that affects credit reports including the credit alien and also give a quick but detailed step on how it is made

Website

habibatraheem1 — 2024-04-04 17:57:15 UTC

This website talk about how your credit report is like a detailed credit history, and it also state your credit score is a number that represents how you manage credit. it mentions how Equifax and TransUnion are the main credit bureaus in Canada that collect this information. it also mention that an individual credit score is influenced by things like how long you've had credit, your payment history, and the types of credit you use. Lenders use this info to decide if they'll lend you money or offer credit.

i picked this website because it gives a detailed list of who can access an individual credit report in canada and how they use it. It also states how important it is to check your credit report regularly for signs of identity theft, which can harm an individual credit score. it mentions how by using credit responsibly and monitoring your report, One can protect theirself from fraud and improve financial situation.

Reflective Questions

habibatraheem1 — 2024-04-04 18:20:58 UTC

looking at this topic I am completely surprised and i learned a lot of things. from understanding the things that are entailed in my credit report and the people who have access to it. understanding the hard pull and soft pull and how it all affects a credit report
as an international student having just one credit line I'm always worried abut paying the minimum payment but i realized that is not just help with my credit report looking at the other 4 things that makes up the credit report will help improve my credit scores. so I can say this topic is really important to me
after reviewing all information's making it clear to my relative on how they should always check their credit report, making sure there is no fraudulent transaction and not closing some line of credit as they have been existing for long will help them

Videos

habibatraheem1 — 2024-04-04 21:46:56 UTC

Looking at this video i can say it is amazing. it shows the things affect the credit report and how best an individual can analyze it. It mention how lenders can use it for things like students loans or even buying a car. this video talks about how we can create an Inuit account to check our credit report

It shows a good breakdown of everything needed and this is why I picked it. if trying to catch an individual attention in the space of a short time you can use this video as it not only talks about it but gives a good breakdown but also shows it.