Posts Tagged: good credit score

Credit Score — No Comments
14
Aug 09

Tips on How to Improve your Credit Score

So you can’t get a loan. It was probably your credit score that clinched the deal to the wastebasket. You see, when you apply for a loan, financial institutions and lending companies look at your credit score for guidance. People with low credit scores are more likely to be rejected for a loan or at best be given a small amount for a loan, with a high interest rate and a shorter time frame to pay the loan.

In contrast, people with high credit scores are given higher amounts of money for a loan, lower interest rates and longer time frame to pay the loan. This is because people with a good credit score are perceived as less of a risk, more responsible, more able to handle their finances and worthier to be given a loan.

Here are some tips that can help you improve your credit score.
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Credit Score — No Comments
10
Jun 09

What is 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.
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Credit Score — No Comments
5
Jun 09

What is a Bad Credit Score?

There is a lot of discussion about credit reports and ratings, but exactly what is a bad credit score? Why do some people constantly get turned down for loans while others, who don’t have any more money, are instantly approved with no trouble?

Credit ratings are an important part of everybody’s life these days. Even if you don’t want a loan, your credit score can affect your application for credit cards, apartment leases, and even some jobs. It can also affect anything that involves you committing to monthly payments - auto financing, some insurance schemes, even having a phone hooked up in your house.

FICO or Fair Isaac Corporation is the best known credit score calculator in the USA. The exact mathematical formula or algorithm of the FICO credit calculation is very complex, but it is based on all the financial information they can get about you. This includes your credit history, loan and mortgage applications, missed payments if any, and many other details.
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Credit Report / Credit Score — No Comments
30
May 09

How to Get a Copy of My Credit Report

credit-report

A lot of people ask us, ‘How to get a copy of my credit report?‘ There are many things in life these days that require having a good credit score, including applying for a loan, renting an apartment, applying for credit cards and even certain jobs. If you are thinking of taking out a mortgage you should definitely check your credit score before you start looking at real estate even if you never had any debts in your life. You may find some surprising things on it.

A credit report contains a person’s credit score or rating and all of their credit history. It shows whether a person has missed payments on a credit card or loan, whether payment of certain bills was made on time, and any outstanding debts such as unpaid court judgments and tax liens. Of course bankruptcy also shows up too.
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