What is a PLUS Score?

A PLUS score is a type of credit score that was created by the credit reporting company Experian. You may be familiar with the more commonly used FICO score. The FICO score is the score that most lenders use. FICO is an acronym for Fair Issac Corporation. The FICO score uses several mathematical models and a number of factors to determine the credit risk of consumers. Some of these factors include payment history, current amount of debt, types of credit being used, length of credit history, and new credit.

Typically, the FICO score ranges from 300 to 850. A score ranging from 650 – 850 indicates a “good” score. Scores within this range communicate to potential lenders that your credit history is favorable. This is not to say that consumers with scores under the favorable 650 FICO score have poor credit. Scores in this range simply make it a tad bit more difficult to find reasonable financing. The better your credit score, the more willing lenders will be when it comes to financing.

FICO scores are not the only score creditors use, so it is difficult to determine your eligibility for financing. Every lender has different needs but they use the same information to determine your score. PLUS scores, are determined by Experian. Another leading company TransUnion has a specialized score as well. The last of the three trusted companies, Equifax has a score as well.

The take home message is that the actually number or score should not be the information that sticks out in your mind. The meaning attached to your score is what truly matters whether your score is a PLUS score or a FICO score.  To find out your credit score or to receive a free credit report refer to the following link: annualcreditreport.com.

A credit report from each of the trusted companies listed earlier will give you a well-rounded look at your credit history. This information will be important for future financing and the meaning behind each score should be your primary concern. For more information about credit scores refer to the following link: www.ftc.gov/credit.

Sybria White

Sybria White

Sybria White is a senior at the University of North Carolina at Chapel Hill. Upon graduation in May 2010, she will leave Carolina with a Bachelor’s Degree in Sociology, a Certificate in Career Development and will be awarded a Public Service Scholar. She plans to attend graduate school to pursue a Master’s Degree in Public Health following taking a year off to contribute to a National Service Program, such as AmeriCorps. Her undergraduate career has taught her the value of a sociological perspective, which has influenced her dedication to public service. She is a volunteer for W.D. Hill Recreation center, Peer mentor for minority students and has served as an active member of several campus organizations such as Sociology club, North Carolina Health Careers and Access Program, Community Government, and Minority Advising just to name a few.

Apart from contributing public service and active involvement on campus, Sybria is very passionate about creative writing and writing in general and hopes to bring a sociological point of view to her articles. Her interests outside of writing and public service include reading books concerning fashion and spending time with her family.

A well rounded curriculum involving Business and English academics in addition to sociology, have helped shaped this young writers’ unique voice. She is eager to share her newly acquired skills and looks forward to helping others approach every day problems from a new, and perhaps, sociological outlook.
Sybria White

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