What's your Credit Score?
There are several ads out there concerning your credit score. Do you know your credit score? This is an often asked question, and few people can probably answer it positively. They go on to talk about what it is and why it's important.
Unfortunately, just knowing your credit score is not enough. First, you need to know what it is and why it should be as high as possible. Until your score hits the maximum, you should always shoot for a higher score. Your credit score is your grade on your credit history. Your credit history can be found in a statement called a credit report. There are three different credit reports and if you are interested in getting a free copy of all three, check out the link below.
If you pay your bills on time every time, it will show in your credit history. If you rarely pay your bills on time or at all, that will also show in our credit history, and negatively. Your report shows a history of how well you are in paying back lenders. This goes for any loan from car loans to student loans, credit cards to home mortgages. They all count and any of them can make or break your credit.
Credit reports are critical in the lending process. When you apply for a loan, the creditors will get a copy from 1 or more of the three credit bureaus that issue credit reports to see if you are credit worth. For any kind of loan or credit, they want to know if you'll pay them back.
You credit score is critical when getting alone. Sure, they look at your income and job stability, but it's your credit that is the deciding factor as to whether or not they'll lend you the money. You must have good credit to get a loan.
Risk has a lot to do with lending. Creditors want to be sure that you are a very low risk, and they see that you never pay people back, they will not lend you any money. You have to prove yourself before anyone will give you a penny, no matter what you're using it for.
Even if you get a loan with a not-so-good credit history, the terms of the loan will be pretty bad. For example, you might show that you make a lot of late payments, so they give you a loan with a high interest rate and they only give you a small amount of money.
If you ever think you will need a loan, you must watch your credit. You can get one free copy of each of your credit reports every year. Check the link below for your free copies.
Unfortunately, just knowing your credit score is not enough. First, you need to know what it is and why it should be as high as possible. Until your score hits the maximum, you should always shoot for a higher score. Your credit score is your grade on your credit history. Your credit history can be found in a statement called a credit report. There are three different credit reports and if you are interested in getting a free copy of all three, check out the link below.
If you pay your bills on time every time, it will show in your credit history. If you rarely pay your bills on time or at all, that will also show in our credit history, and negatively. Your report shows a history of how well you are in paying back lenders. This goes for any loan from car loans to student loans, credit cards to home mortgages. They all count and any of them can make or break your credit.
Credit reports are critical in the lending process. When you apply for a loan, the creditors will get a copy from 1 or more of the three credit bureaus that issue credit reports to see if you are credit worth. For any kind of loan or credit, they want to know if you'll pay them back.
You credit score is critical when getting alone. Sure, they look at your income and job stability, but it's your credit that is the deciding factor as to whether or not they'll lend you the money. You must have good credit to get a loan.
Risk has a lot to do with lending. Creditors want to be sure that you are a very low risk, and they see that you never pay people back, they will not lend you any money. You have to prove yourself before anyone will give you a penny, no matter what you're using it for.
Even if you get a loan with a not-so-good credit history, the terms of the loan will be pretty bad. For example, you might show that you make a lot of late payments, so they give you a loan with a high interest rate and they only give you a small amount of money.
If you ever think you will need a loan, you must watch your credit. You can get one free copy of each of your credit reports every year. Check the link below for your free copies.
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What is a credit report? Find out how to get a free copy of my credit report and what your credit report has to do with you.
posted by Credit Counseling at
2:54 AM
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