How Credit Scores Work

In this article, we'll find out how this formerly secret number is used and how it affects how much you pay for credit, insurance and other life necessitiesThis article is completely wrong.1. Credit scores stop at 850 (not 900) unless youre using the new vantagescore bs (which stops at 990)2. Credit inquiries stay on your record for two years (not one). There are ways to get them off before hand though (but only for transunion and equifax, not experian)3. You can still have a high credit score and be denied for a card. CC companies don't just look at your score and how much you make, but they also look at your existing credit lines, amount of inquiries you've done, how much debt you have, how many cards you already have with them, etc. You can have a 750, but if you show too many inquiries, you will get denied, I know from experience.4. Keep your cards at no more than 25% of the limit? I've heard and read on lots of places that 50% (and 85% on a single card) is when they start getting nervous and kill your score.Overall, a decent article.

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