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Showing posts from May, 2012

What Is a Good Credit Score

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What Is a Good Credit Score

Your credit score has a profound effect in terms of the interest rate you will be paying when you apply for a loan. This is the basis that lenders use to determine if you will be able to pay for the amount in the future and if you need money to pay for college or renovate the home, it is good to know what it means to have a good credit score?

The credit score ranges from 340 to 850. Creditors determine this by reviewing your payment history, amounts that you owe, the length of your credit history, the types of credits you have used and new credit.

If your credit score is over 700, then you have a good credit score. This means you are more likely to receive other financing options and better interests compared to someone who scored lower.

Majority of Americans approximately 60% of them have a good credit score. This means that while many of us are doing well, there are others who need to improve theirs. Should you be one of those who got a lower rating, d…

Understanding Your Credit Report Score

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Understanding Your Credit Report Score

Understanding your credit score is important since it may help you determine your chances of being approved on your credit applications. Your credit reports score usually will help lenders and credit institutions to determine if you are good enough for credit that you have applied for. Lenders would need to be ensured that people they lend money to are able to pay back their loans. That is the purpose of a person's credit report.

When a person applies for a personal loan or mortgage on their homes, lenders would usually check upon a person's credit history to see if one is a good borrower in that he or she pays back on credit dues on time.

A person's credit history would help lenders determine the risk of that they put themselves in when approving a person's credit. In a way, credit institutions are trying to protect their own investments (in terms of handing out credit) by checking out a prospective borrower's credit report …

How to Raise Your Credit Score

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How to Raise Your Credit Score

A credit score is an important part of your financial profile. This is because a credit score will determine whether lending institutions and banks will let you borrow money or not. This is especially important to people who would want to borrow money to put up a business. With a bad credit score, it is not only a business loan that you will have no access too. You can even be rejected when you apply for a car loan, a school loan, a housing loan and even a credit card.

A credit score is the result of your whole credit history. It is determined by the way you handle your debts and credits. Do you pay them early and regularly? Have you had a lot of bad and late payments? Do you have a lot of credit cards and have big debts in all of them.

These will all determine just how high or low your credit score will be and whether you like it or not, these things are being recorded and filed by credit bureaus and credit reference agencies such as Equifax, TRansUn…

Improving Your Credit Score

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Improving Your Credit Score


There are many things that you need to know on how to improve your credit score. This is especially useful and valuable if you wish to get the best deals on the various credit options that can be offered to you. A high credit score can ensure you that at least your credit applications have higher chances of getting approved.

A credit score can help lenders decide if you are good enough to extend credit to in terms in your ability to pay it off on time. Credit institutions are involved in a business where they aim to earn from the money that they lend as credit to borrowers. Providing the credit to people who are responsible enough to pay them on time would serve their best interests. And for them to determine who these people are, there is the individual's credit score to tell them.

A credit score is a calculated score based on a designed formula that would help lenders determine your credit risk. Your credit score would tell them if you have a good re…

Check Your Credit Score

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Check Your Credit Score

If you are thinking of applying for a loan, it will be a good idea to first check your credit score. This will give you an indication whether your request will be approved or not and how much interest you will have to pay.

So how do you check your credit score? For that, you will need to get it from a credit agency. These three are namely Experian, Equifax or Transunion. People can log in to their site and request a copy which is absolutely free.

Your credit score could range from 350 to 750 points and the higher it is, the better. If your score is below 700, then you need to improve on it.

You do that by knowing your current credit score and then reviewing it. Look for errors and if there happens to be some, take the appropriate steps to fix them. You should call the credit agency to report the error and then send the supporting documents by mail.

Never send the original copies because if they lose it, you have nothing left to support your claims so send …

A Good Credit Score

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A Good Credit Score

 What is credit score? It is a three digit number that tells creditor whether you can avail of a loan at a high or low interest rate. If your credit score is very low, there is also a possibility that your application will be disapprove. Naturally, you don’t want that to happen and this can only be achieved if you have a good credit score.

A good credit score as experts have put it should be 700 or higher. It is not unrealistic to achieve as 60% of the population is able to do it. The only thing you have to do is pay your bills on time which includes credits cards and other loans that you have had in the past. Doing so will avoid incurring any penalties that will be reflected in your credit report.

But how come some people are not able to get a good credit score? It is perhaps because they are unable to pay the money back and many of them continue to accumulate this amount. This happens due to their uncontrollable urge to shop and the interest that grows.
Some p…

Fixing Your Credit Score

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Fixing Your Credit Score

It is time to fix your credit score when you begin to find it hard to get your credit applications approved. In fact, the best thing that you would have done is by trying to maintain a good credit score. But if you end up with a low credit score, it is not the end of the world. There are ways in which you may still be able to fix it up. But doing so would take a lot of effort and may take some time.

The reason why a credit score is important for lenders is that it provides them with an assessment of how you have been doing on your past credit. Your credit score may show them how responsible you've been on your finances. It is a way for them to ensure that their own business in terms of providing credit to borrowers would not end up badly.  It would also help them determine if you are worthy enough for the loan that you have applied for.

This will give you a pretty good idea on how a good credit score will affect your credit standing. A high credit score wo…