When you apply for a loan or a mortgage, the first thing the lender does is to check your credit score. Based on your credit score, the lender decides the amount of finance you are eligible for and the interest rate at which you will be charged. So what is this credit score and how does it influence your capacity to take fresh credit?
Your credit score is a number that reflects on the likelihood at which you will pay back a loan. Credit scores generally range between 300 and 800. In general, a score of above 620 is needed to avail of a loan at lower costs. If you have a low credit score, it would indicate high risk and would make it difficult for you to obtain fresh credit at reasonable costs.
So what goes into the calculation of your credit score? Credit scores do not take into consideration your income or how much savings you have. Instead, your credit score is primarily influenced by your current debt level, your credit history and how many times your credit report is pulled up by various agencies.
Sameer S Panjwani - Homes For Sale / Homes For Rent - Real Estate Listings
Nearly 20 years ago I worked for a small consumer... Read More
Most of us want a good credit report to obtain... Read More
Have you ever been told you were over your credit... Read More
The good thing about bad credit is that you can... Read More
There are a lot of questions about using credit cards.... Read More
1. Payment History -- 35%The number of accounts paid as... Read More
There are many of us that have been badly stung... Read More
What is trade credit?One of the major differences between consumer... Read More
Whether you have no credit or damaged credit, secured credit... Read More
Your credit score may just be a little number, but... Read More
Let's be crystal clear, right up front. Paying someone to... Read More
YOU SCRATCH MY BACK, AND I'LL BUY SOME MORE BEER!Let's... Read More
So you ordered a copy of your credit report to... Read More
Having credit education is like knowing how to read. It... Read More
A recent amendment to the federal Fair Credit Reporting Act... Read More
When credit cards are used wisely they can be very... Read More
When you are deciding what type of credit card to... Read More
ChexSystems is a company that maintains a subscriber membership service... Read More
Imagine opening your credit card statement one morning and discovering... Read More
Credit cards can be a very quick way of getting... Read More
We have all heard the rumors?from neighbors, relatives or friends.... Read More
Here are some useful credit card tips for you to... Read More
Credit needed for real estate mortgage financing differs from credit... Read More
Collection agencies are businesses that collect past-due bills and accounts... Read More
Many employers are now looking at an applicant's credit report... Read More
Anywhere you go online nowadays, you will see a multitude... Read More
I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!Note: The... Read More
If you are married, establish separate credit accounts.Try to finance... Read More
Even if you think you have a wonderful credit report,... Read More
Someone impersonating you could be spending your hard-earned money.Impossible! Not... Read More
"I think money was stolen from my card" or "I... Read More
Listed below is a useful guide to credit card terms.... Read More
What FACTA means is that if you, as an individual,... Read More
Ever wondered what is a credit report? If you've ever... Read More
It is important to know your credit rating for a... Read More
Your credit file may not reflect all your credit accounts.... Read More
So what do you look for when applying for a... Read More
Most consumers are aware that there are companies that keep... Read More
You hear people talk about credit reports all the time... Read More
With all my bills who would possibly want my credit?... Read More
What you might not know about credit.Some people don't know... Read More
One of the easiest ways to borrow money of a... Read More
Which of the following is the biggest threat to your... Read More
It is estimated that billions of dollars in delinquent commercial... Read More
Credit score is the key factor determining approval of almost... Read More
Most of us get a credit card on our name... Read More
"Cut Your Payments in Half!" the headline screams. "Consolidate Your... Read More
Debt collection agencies are often a viable option for receiving... Read More
When you apply for a loan or a mortgage, the... Read More
You're interested in getting the best credit cards for your... Read More
Your credit report is a very important piece of the... Read More
There are many different ways to borrow money. Outlined below... Read More
Chances are you have received your share of "pre-approved" credit... Read More
If you were to tell someone that they can have... Read More
If you are married, establish separate credit accounts.Try to finance... Read More
Credit card debt is a growing sickness in the United... Read More
Building a good credit history is important. If you have... Read More
If you have a bad credit rating, then you might... Read More
Credit cards can be a very quick way of getting... Read More
What is trade credit?One of the major differences between consumer... Read More
Finance is a big word for some of us. It's... Read More
In addition to the APR (annual percentage rate) and the... Read More
The Credit Report is like your scorecard in the lending... Read More
A good credit history is critically important for the consumer.... Read More
Most people who carry major credit cards are well aware... Read More
Sometimes life lands you in a situation that causes your... Read More
Credit |