Creditors use a point system to evaluate your credit. The more points you have, the better your credit is. These are some typical scoring methods used by most creditors.

* Age -Under 21= 0 points -24-64 = 2 points -65+ = 0 points

* Marital Status -Single = 0 points -Married = 1 point -Divorced = 0 points

* Number of Dependants -None = 0 points -1-3 = 1 point -Over 3 = 0 points

* Current Residence -Living with family or friends = 0 points -Living in an apartment = 1 point -Living in a home that you are buying = 3 points -Living in a home that is paid for = 4 points

* Previous Residence (Varies with creditors) -0-5 years = 0 points -5 or more = 1 point

* Employment History (Each creditor determines whether the job is considered skilled, unskilled or professional) -Unskilled job = 1 point -Skilled job = 2 points -Professional job = 3 points

* Income per Month (Varies with creditors) -$800.00 = 1 point -$100.00 = 2 points -$1500.00 = 3 points -$1800+ = 4 points

* Current Debt per Month -0 - $300.00 = 1 point -$301.00 - $500.00 = 2 points -$500 or more = 3 points

* Previous Credit

-A loan in good standing with the agency you are now applying with = 4-5 points

-A loan in good standing with any other agency = 2-3 points

* Savings or Checking Account Information

$500.00 in a checking or saving that has been open for 6 months or more = 2 points

* Having a phone in your name is worth another 2 points.

When you add these up you should have anywhere from fifteen to twenty points in order to secure a loan. If one creditor turns you down, keep trying. Each creditor has a unique set of guidelines they use to determine whether or not a loan is given. If you need to boost your credit score, try getting a loan using a co-signer or a secured loan and pay it back before it is due, or apply for a credit card.