Credit Worthiness Instructions

Purpose of this tool

This tool is intended to give you a quick general assessment of your credit worthiness. In other words, how good of a credit risk, in general, are you to various lenders such as banks, credit card companies, and mortgage brokers.

Disclaimer

This tool is only a guide. This tool does NOT give your actual credit score as calculated by a credit bureau.

Individual circumstances may vary, and this tool cannot guarantee that your actual credit score will reflect the result given here. You are strongly advised to seek the help of a financial professional (such as a Certified Public Accountant, Certified Financial Planner, or tax attorney) to review your particular financial circumstances.

How to use this tool:

Late Payments

The first section asks questions regarding your late payment history.

Late Payments have a strong negative impact upon your credit score. Generally speaking, the more "Late Payments" you have, or the later you are in making your payments, the more negatively your credit score will be affected.

For the first question, add up the number of times in the last 3 years you have made payments late on all of your credit cards or consumer loans (such as car loans), in each of the three time categories: "30 to 59 days late", "60 to 89 days late", and "90 days or more late". Enter the totals in the appropriate box.

For the second question, add up the number of times in the last 3 years you have made a late mortgage or rent payment, in each of the three time categories: "30 to 59 days late", "60 to 89 days late", and "90 days or more late". Enter the totals in the appropriate box.

Legal Actions

The second section asks questions about bankruptcy, foreclosure, and liens.

These items have an even greater negative impact upon your credit score than late payments, and the more recently these things have occurred, the greater the negative impact.

Bankruptcy – check the approriate boxes if you have had a bankruptcy petition or discharge (whichever has happened most recently) within the specified time period ("last 2 years", or "last 3 to 7 years").

Foreclosure – check the approriate boxes if you have had an actual foreclosure (where the mortgage lender actually takes back possession) within the specified time period ("last 2 years", or "last 3 to 7 years").

Leins – check this box if you have any open liens against you, such as Tax liens, Mechanics liens, or unsatisfied court judgements against you.

Analyze

Click the "Analyze" button to determine your general credit worthiness.

Based on the answers you give, you will be rated "Good", "Fair", or "Poor".

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