Credit agencies rank consumers on a nine-point scale.
Here's what the ratings mean:
R0 - Too new to rate; approved but not used
R1 - Pays within 30 days of billing, or as agreed
R2 - Pays in more than 30 days but less than 60 days, or one payment past due
R3 - Pays in more than 60 days but less that 90 days, or two payments past due
R4 - Pays in more than 90 days but less than 120 days, or three or more payments past due
R5 - Account is at least 120 days overdue, but not yet rated R9
R6 - no R6 exists
R7 - Making regular payments through a consolidation order or similar arrangement
R8 - Repossession
R9 - Bad debt; placed for collections or bankruptcy
Source:http://www.credit-factor.com
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Credit Help Statistics
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What does your credit rating mean?
Comments
Re: What does your credit rating mean?
by
Managing Your Credit
on Sat 19 Mar 2005 08:13 PM PST | Profile | Permanent Link
The most important thing you can do to improve your credit is to check it a couple of times a year to make sure there's no inaccuracies. And one of the most important things you need to do is to make sure you pay your bills on time. If you're late even once, your rating takes a huge hit.
from: http://www.managingyourcredit.com Trackbacks
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