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A PLUS Score ranges from 330 to 830; a high score indicates a lower credit risk to credit grantors. This score along with your annual salary and length of employment are important factors used by creditors to determine your credit worthiness. A high PLUS Score could mean that you pay your bills on time, have high credit limits and low balances, have few credit application inquiries, and have a long history of good credit payment habits.
On the other hand, a low score could indicate negative financial data in the public records section including judgments, foreclosures, suits, wage attachments, bankruptcies, state and federal tax liens, and past-due child support. Such delinquencies can have a negative impact on your credit score, so it is important to keep this section spotless or to develop a plan to pay off the debts or make the minimum payments required. A low score could also indicate something much less serious, such as a short credit history. Creditors are more likely to loan money to those who have an established history of using credit and making regular payments than those who have only used credit for a short time.
In short, a PLUS Score can give you a sense of how you rate in terms of credit worthiness in the eyes of potential creditors. If you’re interested in securing a copy of your report, you can do so online by entering one of the three major credit reporting agencies—Experian, Trans Union, or Equifax—into your Internet search engine. If you have specific concerns about your credit history, consult with a trusted financial advisor or credit consultant today.
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