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Credit Education
Getting Credit Education Having credit education is like knowing how to read. It will be necessary throughout your life. Once you learn it, you will know it forever. Once you establish good skills, they will help you to get ahead throughout...
How To Establish Credit
It's been a Catch-22 dilemma, especially for young people, since
the dawn of the Credit Age. You want credit, but you can't get
credit because you've never had credit before. It's a situation
everyone faces as they begin to try to become...
The Advantages Of Department Store And Gas Station Credit Cards
If you are attempting to rebuild damaged credit, department and gas station credit cards may be a good solution. As opposed to bank credit cards, gas and department store cards are easier to be approved for and even if your credit is damaged, you...
The True Value Of Credit Rating
The concept of credit rating is as important as any other aspect of credit cards. Well, maybe even more important than a lot of other features. As you use your credit card, the credit card supplier maintains not only the history of the transactions...
Things to know about credit cards
A credit card is a card that allows you to borrow money for paying your purchases but bound to a certain limit. At the end off every month either you have to repay the whole amount or a minimum amount. A planned credit strategy will enable you to...
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What Does Your Credit Score Tell You?
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.
- A high debt level would lower your scores
considerably as it means that you are already financially burdened with many loans and would not have the capacity to take on fresh credit.
- Your credit history would take into consideration your track record at paying past and present dues. Timely payment of such dues would ensure a higher credit score as compared with late payments.
- The more frequently your credit report is pulled up by various agencies, more the points docked off your credit score. However, your checking of your own credit report will not affect your credit score as you are entitled to doing so.
To ensure you maintain a decent credit score it’s most important that you pay all your bills in a timely and consistent manner and also that you not take more debt than you can handle. If you’re able to do that, your credit score shouldn’t be able to trouble you too much in life. Take care and be wise with your finances.
About the Author
Sameer S Panjwani - Homes For Sale / Homes For Rent - Real Estate Listings
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