Credit.com Tip: Credit scoring has been around for quite awhile now but the method was kept secretive for many years. Banks didn’t want customers to know that a mathematical formula determined if someone could qualify for credit. Now this is common knowledge. What isn’t well understood is the credit score analysis. Understanding credit scores is not complex when you realize that most of your credit history is included. From the amount of debt you have to the number of times you seek new credit. These are used to determine credit scores, which are then used by banks to indicate if you are a good risk to provide additional credit. The higher your score, the lower credit risk you have and the more likely a lender will offer you a loan.

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