Do you know that when you apply for credit card, a car loan, a mortgage, borrow some money to bank or other lenders, they will determine your credit risk by take a close look at your credit report, checking your credit history & view your credit score?
Most credit scoring will be calculated based on your total amount outstanding debt compared with your overall credit limits from all your lenders. Your score will be based on information of your bills payment history, your credit card, your loans or other bills (credit) you ever have.
Do you know that there are credit bureaus that keep file of every payment you make on all your debt to every creditor you have?
That’s all facts should make you understand why actually you need to have a good payment history to keep your credit score high.
And for your information, under a new Federal Law, you have the right to receive a free copy of your credit report once every 12 months from each of the 3 nationwide consumer reporting companies.
By always knowing & improving your credit score, you will qualify yourself for better rates & amount on loans from lenders.
But please understand that each bank & lender have their own scoring system to determine your credit risk. Credit score will range from 300-850. Most people will have score between 600-00. And if you have a score 720 or higher you will be in a better position when you need a mortgage, or any other loan you need.
A survey released by Consumer Federation of America found that lots of American consumers don’t have a good understanding of the importance of their credit report and how it could affect them.
By those facts above, you should give more attention to your credit score by using any credit you have on a high responsibility. You will never know that someday you will need your score, who will ever know that you will ever have to ask for additional card, additional loans (credits)? So, why you put risk on yourself?
What you need to do is actually be your best to pay your every bill on time. It’s that easy. You just need to be responsible of managing your credited amount.
Even if right now you are in a bad credit position, you don’t need to have a low confidence, your credit score will constantly change every month based on your debts, payments and all your credit activity.
Thus now there are many companies that will help you analyze your credit score & help you improving your credit rating. So just get help if you couldn’t help yourself.
Additional fact you should know:
Fritz Elmendorf, the vice president of communication for the Consumer Bankers Association, once said, “If you have a credit score of 700 or higher, you can be confident of qualifying for the best rates. And if you are below 680, you are going to have trouble qualifying for the best rate. But you should still shop for the best rate you qualify for.”
Most credit scoring will be calculated based on your total amount outstanding debt compared with your overall credit limits from all your lenders. Your score will be based on information of your bills payment history, your credit card, your loans or other bills (credit) you ever have.
Do you know that there are credit bureaus that keep file of every payment you make on all your debt to every creditor you have?
That’s all facts should make you understand why actually you need to have a good payment history to keep your credit score high.
And for your information, under a new Federal Law, you have the right to receive a free copy of your credit report once every 12 months from each of the 3 nationwide consumer reporting companies.
By always knowing & improving your credit score, you will qualify yourself for better rates & amount on loans from lenders.
But please understand that each bank & lender have their own scoring system to determine your credit risk. Credit score will range from 300-850. Most people will have score between 600-00. And if you have a score 720 or higher you will be in a better position when you need a mortgage, or any other loan you need.
A survey released by Consumer Federation of America found that lots of American consumers don’t have a good understanding of the importance of their credit report and how it could affect them.
By those facts above, you should give more attention to your credit score by using any credit you have on a high responsibility. You will never know that someday you will need your score, who will ever know that you will ever have to ask for additional card, additional loans (credits)? So, why you put risk on yourself?
What you need to do is actually be your best to pay your every bill on time. It’s that easy. You just need to be responsible of managing your credited amount.
Even if right now you are in a bad credit position, you don’t need to have a low confidence, your credit score will constantly change every month based on your debts, payments and all your credit activity.
Thus now there are many companies that will help you analyze your credit score & help you improving your credit rating. So just get help if you couldn’t help yourself.
Additional fact you should know:
Fritz Elmendorf, the vice president of communication for the Consumer Bankers Association, once said, “If you have a credit score of 700 or higher, you can be confident of qualifying for the best rates. And if you are below 680, you are going to have trouble qualifying for the best rate. But you should still shop for the best rate you qualify for.”
from : http://www.my-pp.info/
