Basic Questions About Credit Scores

Last week we looked at how credit scores and estate planning can sometimes be connected. The more we thought about the issue, the more we thought that we should cover the credit score topic in a little more depth. Any time you deal with financial and estate planning issues, knowing some basic facts about credit scores can be helpful. So, today we wanted to cover some basic questions about credit scores. What affects a credit score? As we discussed in our previous blog post, credit scores are numbers that tell lenders how reliable a borrower has been when using credit in the past. Credit scoring companies make their own determinations about what goes into a score, but they generally use the same basic factors. These are: past credit payment history, current amount of credit used, current types of credit accounts, average length of current accounts, and the number of new credit lines or applications. What does it have to do with financial planning? Credit scores are also important becau
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